Meticulous Research®, a prominent global market research firm, has published 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."
According to this recent publication from Meticulous Research®, the global public safety and security market is expected to grow from $234.2 billion in 2024 to $514.1 billion by 2031, with a compound annual growth rate (CAGR) of 11.9% during the forecast period. This growth is driven by increasing adoption of AI, ML, and analytics in public safety applications, heightened awareness and initiatives for public safety, and governmental focus on urban population management. However, significant initial investments required for these solutions may pose growth challenges. Opportunities include the integration of cloud computing, big data analytics, and the rise in security incidents and terrorism, while complexities in implementation and data security concerns remain key challenges.
The market is segmented by offering, technology, application, end use, and geography, with comprehensive evaluations of industry competitors and detailed analyses at regional and country levels.
Market Segmentation and Insights:
1. By Offering:
o Segments: Safety Devices, Safety Software, Safety Services
o Insights: In 2024, the Safety Services segment is expected to lead the market, driven by increasing demand for specialized safety services addressing specific challenges. This segment is also projected to achieve the highest CAGR during the forecast period.
2. By Technology:
o Segments: Internet of Things (IoT), Artificial Intelligence (AI), Cloud Computing, Machine Learning (ML), Cybersecurity, Other Technologies
o Insights: The IoT segment is anticipated to dominate the market in 2024 due to growing demand for real-time data insights and enhanced situational awareness. This segment is also expected to register the highest CAGR.
3. By Application:
o Segments: Data Gathering, Mapping and 3D Imaging, Threat Detection, Security and Incident Management, Monitoring, Fire and Explosion Examination, Network Security, Other Applications
o Insights: Security and Incident Management is forecasted to hold the largest market share in 2024, driven by increased adoption of smart city technologies and IoT integration. This segment is also expected to witness the highest growth rate.
4. By End Use:
o Segments: Warehouses & Depots, Workplaces, Shopping Malls & Retail Stores, Schools & Universities, Hospitals & Healthcare, Residential, Transportation, Other End Uses
o Insights: The Transportation segment is expected to dominate the market in 2024, fueled by concerns over terrorist threats and passenger safety. The Hospitals and Healthcare segment is projected to experience the highest CAGR.
5. By Geography:
o Regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
o Insights: North America is anticipated to lead the market in 2024, driven by rapid adoption of digital technologies and data-driven decision-making. Europe is forecasted to exhibit the highest growth rate throughout the forecast period.
Key Players:
• 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.)
• Haystax (U.S.)
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Key Questions Addressed in the Report:
• What are the high-growth market segments by offering, technology, application, end use, and geography?
• What is the historical global market size?
• What are the market forecasts and estimates from 2024 to 2031?
• What are the key drivers, restraints, opportunities, and challenges in the market?
• Who are the major market players, and what are their market shares?
• How is the competitive landscape evolving?
• What recent developments have impacted the market?
• What strategies are major players adopting?
• What are the key geographic trends and emerging high-growth countries?
• Who are the local emerging players, and how do they compete in the global market?
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