Public Safety and Security Market to Reach $461.8 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'Public Safety and Security Market by Offering (Safety Devices, Safety Software, Safety Services), Technology (IoT, AI, Cloud Computing, ML), Application (Data Gathering, Mapping, and 3D Imaging), End Use (Warehouses & Depots, Workplaces, Shopping Malls & Retail Stores) and Geography - Global Forecast to 2030.'

The global public safety and security market is expected to reach $ 461.8 billion by 2030 from an estimated $ 217.9 billion in 2023, at a CAGR of 11.3% during the forecast period (2023-2030). The growth of the public safety and security market is driven by the growing utilization of AI, ML, and analytics technologies in public safety and security applications, increasing awareness and initiatives for public safety and security, and government focus on managing the needs of the rising urban population. However, the significant initial investments required to implement public safety and security solutions restrain the growth of this market. The integration of cloud computing and big data analytics in public safety and security solutions and the rising incidence of terrorism and security breaches are expected to generate market growth opportunities. However, the complexities in implementing advanced public safety and security systems and the rising cases of data theft are major challenges for market stakeholders.

The global public safety and security market is segmented by offering, technology, application, end use, and geography. The study also evaluates industry competitors and analyses the country and regional-level markets.

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Based on offering, the global public safety and security market is segmented into safety devices, safety software, and safety services. In 2023, the safety services segment is expected to account for the largest share of the global public safety and security market. The large market share of this segment is attributed to the increasing demand for specialized safety services to address specific safety and security challenges. Safety services such as critical infrastructure security, emergency medical, firefighting, and disaster management services are critical in ensuring the safety and well-being of citizens and critical assets. Moreover, the safety services segment is projected to register the highest CAGR during the forecast period.

Based on technology, the global public safety and security market is segmented into the Internet of Things, artificial intelligence, cloud computing, machine learning, cybersecurity, and other technologies. In 2023, the Internet of Things segment is expected to account for the largest share of the global public safety and security market. The large share of the segment is attributed to the rising demand for real-time data insights and improved situational awareness. Moreover, the Internet of Things segment is projected to register the highest CAGR during the forecast period.

Based on application, the global public safety and security market is segmented into data gathering, mapping and 3D imaging, threat detection, security and incident management, monitoring, fire and explosion examination, network security, and other applications. In 2023, the security and incident management segment is expected to account for the largest share of the global public safety and security market. The large market share of this segment is attributed to the need to respond effectively to emergencies, the increasing adoption of smart city technologies, and the integration of IoT devices. Moreover, the security and incident management segment is projected to register the highest CAGR during the forecast period.

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Based on end use, the global public safety and security market is segmented into warehouses depots, workplaces, shopping malls & retail stores, schools & universities, hospitals & healthcare, residential, transportation, and other end uses. In 2023, the transportation segment is expected to account for the largest share of the global public safety and security market. The large share of this segment is attributed to the growing concern of terrorist threats and passenger safety. Advances in contactless ticketing and facial recognition for identity verification are driving the adoption of modern transportation security solutions. Furthermore, the implementation of AI-based video analytics for crowd monitoring contributes to the growth of this segment. However, the hospitals and healthcare segment is projected to register the highest CAGR during the forecast period.

Based on geography, the public safety and security market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global public safety and security market. The large share of this region is attributed to the rising adoption of digital technology and data due to the growing need for improving decision-making, promoting digital inclusivity and equity, creating a collaborative ecosystem, prioritizing citizen safety and health, establishing trust and transparency, and developing resilience and adaptability to manage change effectively. However, Europe is slated to register the highest growth at a CAGR during the forecast period.

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Key Players

The key players operating in the global public safety and security market are Hexagon AB (Sweden), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), Cisco Systems, Inc. (U.S.) Saab AB (Sweden), Airbus SE (Netherlands), Siemens AG (Germany), Intel Corporation (U.S.), Fotokite AG (Switzerland), CityShob (Israel), 3xLOGIC (U.S.), L3Harris Technologies, Inc. (U.S.), OnSolve (U.S.) and Haystax (U.S.).

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of offering, technology, application, end use, and geography?
What is the historical market size for the public safety and security market across the globe?
What are the market forecasts and estimates for the period 2023-2030?
What are the major drivers, restraints, opportunities, and challenges in the global public safety and security market?
Who are the major players in the market, and what are their market shares?
How is the competitive landscape for the global public safety and security market?
What are the recent developments in the global public safety and security market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the global public safety and security market, and how do they compete with other players?
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