Exploring the Global Public Safety And Security Market: A Comprehensive Overview

The public safety and security market size has grown rapidly in recent years. It will grow from $557.69 billion in 2023 to $628.89 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to natural disasters impact, terrorism and threats evolution, public safety investments, community policing initiatives, shifts in crime patterns..

The public safety and security market size is expected to see rapid growth in the next few years. It will grow to $1039.86 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to resilience planning, integrated command centers, remote monitoring solutions, data privacy solutions, ai-powered analytics.. Major trends in the forecast period include ai and machine learning integration, internet of things (iot) adoption, biometric authentication, cybersecurity measures, smart surveillance systems..

Market Overview -
Public safety and security refer to providing safety, security, and welfare to citizens, communities, and organizations against cyber threats, terrorism, frauds, criminal activities, natural calamities, national and international terrorism, and other emergency disaster situations.

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Escalating Transnational And Regional Instability Fuels Growth In The Public Safety And Security Market
The rising instances of transnational and regional instability are expected to propel the public safety and security market. Transnational and regional instability refers to the political instability in neighboring countries. Public safety and security protect citizens and infrastructure from threats and danger nationally and internationally. For instance, according to the Global Peace Index from the Institute for Economics & Peace (IEP), a Sydney-based organization dedicated to studying peace, in 2020, political instability increased, with twice as many countries deteriorating than improving. The economic impact of violence increased in 2021 to $15.1 trillion due to an increase in global military expenditure, which rose by 0.9% over the previous year. Hence, the increasingly transnational and regional instability is expected to drive the public safety and security market.

Competitive Landscape -
Major companies operating in the public safety and security market report are AGT International, Atos SE, BAE Systems plc, Cisco Systems Inc., Elbit Systems Ltd., Ericsson, Fotokite, L3Harris Technologies Inc., Hitachi Ltd., Huawei Technologies Co. Ltd., Northrop Grumman Corporation, NEC Corporation, Teltronic S.A.U., Thales Group, Halma plc, Brady Corporation, Securitas AB, ADT Inc., Allegion plc, Federal Signal Corporation, Honeywell International Inc., Motorola Solutions Inc., International Business Machines Corporation (IBM), General Dynamics Corporation, CentralSquare Technologies LLC, Hexagon AB, Environmental Systems Research Institute Inc. (Esri), Sun Ridge Systems Inc., Telstra Corporation Limited, Axis Communications AB, Bosch Security Systems, Genetec Inc., Hanwha Techwin Co. Ltd., Johnson Controls International plc, Nice Ltd., Panasonic Corporation, Qognify Inc., Verint Systems Inc., Zhejiang Dahua Technology Co. Ltd. .

Product Innovations Transforming The Public Safety Sector
Product innovations have emerged as a key trend gaining popularity in the public safety and security market. Major companies operating in the public safety and security sector are focused on developing innovative products to strengthen their position in the market. For instance, in September 2022, Teledyne FLIR LLC, a US-based provider of thermal imaging cameras and sensors, launched SIRAS, an industrial inspection and public safety drone. It is designed for data security, performance, and affordability and is optimized for industrial and utility inspection, public safety, firefighting, and search and rescue missions. SIRAS features a quick-connect payload system that allows users to easily swap between the dual radiometric thermal and visible camera payload and other payloads, such as lidar and multispectral sensors. It is equipped with front collision avoidance sensors that help prevent accidents.

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Key Segments -

The public safety and security market covered in this report is segmented -
1) By Component: Services, Solutions
2) By Vertical: Homeland Security, Emergency Services, Critical Infrastructure Security, Transportation Systems, Other Verticals

Subsegment : Critical Communication Network, Biometric and Authentication System, Surveillance System, Emergency and Disaster Management, Cyber Security, C2/C4ISR Networks, Scanning and Screening System, Public Address and General Alarm, Backup and Recovery Systems, Professional Services, Managed Services

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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