Global Public Safety and Security Market Expected to Reach New Record Highs 2031

According to a new report published by Allied Market Research, titled, "Public Safety and Security Market," The public safety and security market was valued at $405.7 billion in 2021, and is estimated to reach $832.1 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.

The public safety and security market is driven by factors such as rise in criminal activities, natural disaster, cross-border terrorism, need for stringent government policies & regulations for public safety, and an increase in attacks on critical infrastructures & public utilities. Furthermore, rising instances of terrorist activities & security breaches and surge in government regulations & policies regarding public safety drive the growth of public safety and security market.

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Surge in instances of terrorist activities & security breaches and increase in government regulations and policies about public safety have boosted the growth of the global public safety and security market. However, lack of interoperability of systems and high installation cost hinder the market growth. On the contrary, advent of big data analytics in public safety and security would open new opportunities in the future.

Moreover, the increasing number of security breaches in healthcare institutions and other organizations is boosting the public safety and security market size. However, high installation and maintenance cost and lack of advanced infrastructure in underdeveloped economies and lack of inter-operability of systems for public safety and security systems restrict the growth of public safety and security market. On the contrary, emergence of big data analytics in public safety and security is expected to offer remunerative opportunities for expansion during the public safety and security market forecast.

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Depending on the industry vertical, the government & public sector segment holds the largest sensor data analytics market share owing to rise in adoption of IoT & connected devices across a wide range of operations such as traffic, identity management, and others. However, healthcare industry in public safety and security market is analyzed to witness the fastest growth due to rapid increase in medical treatment expenses, growth in demand for improvement in clinical outcomes, significant need for improved patient care, and surge in demand for public safety & security.

Depending upon the application, the public safety and security industry was dominated by surveillance and security in 2021 and is expected to retain its position during the forecast period as it helps organizations address and manage any cyber-attack, security breach, or any other type of breaches across the organization. However, disaster management is expected to witness significant growth during the forecast period, owing to potential losses from hazards, assure prompt and appropriate assistance to the victims of a disaster, and achieve rapid and effective recovery.

By industry vertical, the government & public sector segment accounted for the largest share in 2021, holding more than one-fourth of the global public safety and security industry, due to rise in the adoption of various technologies by the government & public sector for predicting and analyzing criminal activities across nations. However, the healthcare segment would manifest the highest CAGR of 9.2% during the forecast period, owing to rise in need for various incident and surveillance systems in the healthcare sector for monitoring critical conditions of patients.

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Major market players:

• Ambee
• Atos SE
• Cisco Systems, Inc
• Carbyne
• Esri
• General Dynamics Corporation
• Hexagon AB
• Honeywell International Inc.
• Huawei Technologies Co., Ltd
• Idemia
• IBM Corporation
• L3Harris Technologies
• Motorola Solutions Inc.
• NEC Corporation
• Siemens AG
• Thales Group

The report analyzes these key players of the global public safety and security market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, product portfolio, and developments by every market player.

Future Trends:

1. AI and Machine Learning Integration: Utilizing these technologies for predictive policing, threat detection, and anomaly recognition.

2. IoT (Internet of Things) for Security: Connecting devices and sensors for real-time monitoring and response.

3. Cloud-Based Solutions: Enhanced scalability, accessibility, and cost-efficiency.

4. Privacy Concerns and Regulations: Balancing security with individual privacy rights.

5. Biometric Advancements: Improving accuracy and reliability of biometric identification methods.

6. Smart Cities Integration: Public safety becoming a crucial aspect of smart city development.

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