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

Meticulous Research®-a premier global market research firm-has released a new 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 2031.'

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The report forecasts that the global public safety and security market will grow from $234.2 billion in 2024 to $514.1 billion by 2031, representing a compound annual growth rate (CAGR) of 11.9%. The market's growth is primarily driven by the adoption of advanced technologies such as artificial intelligence (AI), machine learning (ML), and cloud computing in enhancing public safety systems. The increasing focus on public safety and security, alongside government efforts to address the needs of expanding urban populations, supports this growth trajectory.
Nevertheless, the high initial costs associated with deploying public safety solutions could hinder market expansion. Opportunities for growth are expected to arise from advancements in cloud computing and big data analytics, and an increase in security threats and breaches. Challenges such as the complexity of implementing advanced systems and rising incidents of data theft also pose significant hurdles.

The report segments the public safety and security market by offering, technology, application, end use, and geography, and provides detailed analysis at the regional and country levels.

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Offering: The market is divided into safety devices, safety software, and safety services. Safety services are anticipated to dominate the market in 2024 due to their role in addressing specialized safety and security challenges. Services such as infrastructure protection, emergency medical services, firefighting, and disaster management are vital for ensuring public safety. The safety services segment is also expected to register the highest CAGR during the forecast period, indicating its growing significance.

Technology: The technology segmentation includes the Internet of Things (IoT), artificial intelligence (AI), cloud computing, machine learning (ML), and cybersecurity. The IoT segment is projected to lead the market in 2024, driven by the need for real-time data and improved situational awareness. The IoT segment is expected to show the highest CAGR during the forecast period, reflecting its crucial role in public safety and security.

Application: Market applications include data gathering, mapping and 3D imaging, threat detection, security and incident management, monitoring, fire and explosion examination, network security, and others. The security and incident management segment is expected to have the largest share in 2024, due to its importance in emergency response and the adoption of smart city technologies. This segment is also projected to experience the highest CAGR during the forecast period.

End Use: The market is segmented by end use into warehouses and depots, workplaces, shopping malls and retail stores, schools and universities, hospitals and healthcare facilities, residential areas, transportation, and others. The transportation sector is expected to lead the market in 2024, driven by increased concerns over passenger safety and advancements in security technologies. The hospitals and healthcare segment is anticipated to grow at the highest CAGR during the forecast period, reflecting rising security needs in these environments.

Geography: The geographical segmentation includes North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to hold the largest share of the global market in 2024, supported by its advanced use of digital technologies and data-driven safety solutions. Europe is projected to experience the highest growth rate during the forecast period, driven by increased public safety initiatives and technological advancements.
These comprehensive insights offer a detailed perspective on the public safety and security market, highlighting the growth opportunities and challenges that stakeholders will encounter.

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.).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/public-safety-and-security-market-5661

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 2024-2031?
• 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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This release was published on openPR.