Public Safety and Security Market Size, Trends, and Forecast 2024-2032

The global public safety and security market is projected to grow from USD 517.6 billion in 2024 to USD 1,214.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.4% during the forecast period.

This growth is driven by technological advancements, such as artificial intelligence (AI) and the Internet of Things (IoT), which enhance smart city initiatives and improve surveillance and emergency response systems. The increasing incidence of crime and catastrophic accidents necessitates robust security measures. Additionally, the persistent threat of terrorism compels governments and organizations to prioritize counter-terrorism efforts and the protection of critical infrastructure. Regulatory changes and increased funding have strengthened public safety infrastructure, further supported by heightened public awareness and demand for effective security solutions. Global collaboration in addressing security threats also fosters innovation toward a more integrated approach to public safety.

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Key Insights

Component Analysis:

o Solutions: In 2024, solutions are expected to account for a larger market share of 60%, attributed to their application in surveillance and alarming across various environments, including urban areas, commercial establishments, and critical infrastructure.

o Services: This segment is projected to grow at a CAGR of 12% during the forecast period, driven by the increasing need for professional and managed services to support the deployment and maintenance of public safety solutions.

Application Analysis:

o Homeland Security: This segment holds the largest revenue share, around 45% in 2024, driven by increased research activities and innovations in public safety and security globally.

o Emergency Services: The demand for efficient emergency response systems is propelling the growth of this segment, as rapid response to incidents is critical for public safety.

Regional and Geographical Trends:

o North America: This region holds the largest share of the public safety and security market, attributed to significant investments in advanced security technologies and infrastructure.

o Asia-Pacific: Anticipated to be the fastest-growing region, with a projected CAGR of around 12% during the forecast period.

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Technological Advancements Shaping the Market:

o Integration of Smart Technologies: The incorporation of IoT devices, AI, and machine learning into public safety systems enhances surveillance capabilities and emergency response effectiveness.

o Digital Transformation in Security Operations: Advancements in technology through digital transformation drive growth for public safety and security.

Competitive Dynamics and Major Players:

o The public safety and security market is characterized by a fragmented landscape with numerous key players contributing to its growth.

Major companies operating in this sector include:
1- Cisco Systems Inc.
2- Honeywell International Inc.
3- Motorola Solutions Inc.
4- IBM Corporation
5- NEC Corporation
6- Siemens AG
7- Thales Group
8- Huawei Technologies Co. Ltd
7- Hexagon AB

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This release was published on openPR.