North America, the Largest Revenue Producer in Public Safety and Security Market
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North America public safety and security market had the largest revenue, of about $160 billion, worldwide in 2021. This is attributed to the existence of numerous vendors and strict government regulations. Additionally, the rise in the usage of smartphones, as well as high internet penetration, and high evolution in the e-commerce industry are other major driving factors. For example, there were approximately 300 million internet users all around the U.S. in the year 2021.
Conversely, the APAC public safety and security market will register the highest growth, of around 12%, by the end of this decade. This can be credited to the surging acceptance of advanced surveillance systems in numerous countries of the region. Furthermore, the existence of a large count of mobile internet users also pushes the growth of the market. According to the experts of the industry, China contains approximately 64% of the 1.5 billion total mobile internet connections, thus enhancing the requirement for public safety and security solutions.
The Peoples Republic of China is progressively accepting surveillance systems to connect all security cameras in the nation through a cloud, which has a database of every individual's financial ID and personal details. It assists in the identification of personal details within a few seconds, with about 90% efficacy. Furthermore, 90% of the most monitored cities in the nation, and over 50% of the surveillance cameras globally, are in China.
Homeland security had the major share of sales, of about 35% of the public safety and security market, in 2021. This is majorly because of the increase in numerous research activities and continuous innovations in the public safety and security industry around the globe. Developed countries are putting numerous efforts to lessen events of terrorist attacks in the future. For example, the federal government spends about $100 billion yearly on homeland security solutions including emergency, state, local law enforcement, and federal services.
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Recently, players in the public safety and security market are involved in mergers & acquisitions for attaining a significant position. For example, Honeywell International Inc. in December 2021, publicized the acquisition of US Digital Designs Inc. to develop Honeywell's business fire and connected life safety business.
The demand for the public safety and security market is on the rise because of the surging implementation of advanced technologies.
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