Public Safety and Security Market Set to Surge, Forecasted to Hit $461.8 Billion by 2030-Pioneering Insights Unveiled by Meticulous Research®

[Redding, California, 19-03-2024]: Meticulous Research®, a leading provider of cutting-edge market intelligence, has released an exclusive report projecting a remarkable growth trajectory for the global public safety and security market. 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," the report forecasts the market to skyrocket to $461.8 billion by 2030 from its estimated value of $217.9 billion in 2023. This represents a substantial compound annual growth rate (CAGR) of 11.3% during the forecast period spanning from 2023 to 2030.

The surge in the global public safety and security market is propelled by several key factors. These include the escalating adoption of cutting-edge technologies such as Artificial Intelligence (AI), Machine Learning (ML), and analytics in public safety applications, alongside an upsurge in awareness and initiatives aimed at enhancing public safety and security. Furthermore, governmental emphasis on addressing the evolving needs of burgeoning urban populations is driving market growth.

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Despite these promising trends, significant initial investments required for implementing public safety and security solutions pose challenges to market expansion. However, the integration of cloud computing and big data analytics into these solutions, coupled with the rising incidences of terrorism and security breaches, are poised to unlock new growth opportunities. Yet, complexities in deploying advanced public safety and security systems, along with the escalating instances of data theft, remain formidable hurdles for stakeholders.

The report segments the global public safety and security market based on offering, technology, application, end use, and geography. Notably, the safety services segment is anticipated to dominate the market, attributed to surging demand for specialized safety services addressing specific safety and security challenges.

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Moreover, the report identifies the internet of things (IoT) segment as the frontrunner in terms of technology, owing to the rising demand for real-time data insights and enhanced situational awareness. Meanwhile, security and incident management emerge as the dominant application segment, underscoring the imperative of effective emergency response mechanisms and the integration of smart city technologies.

Geographically, North America is anticipated to command the largest share of the global public safety and security market in 2023. This is attributed to the region's increasing adoption of digital technology and data, aligning with objectives such as enhancing decision-making, promoting inclusivity, and prioritizing citizen safety and health.

Key players in the global public safety and security market landscape include Hexagon AB (Sweden), Fujitsu Ltd. (Japan), Robert Bosch GmbH (Germany), Atos SE (France), and Cisco Systems, Inc. (U.S.), among others.

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