Meticulous Research®, a prominent market research firm, released a study named, ‘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 the most recent report by Meticulous Research®, the global public safety and security market is projected to surge to $514.1 billion by 2031, up from an estimated $234.2 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.9% during the forecast period. This growth is attributed to the increasing adoption of AI, ML, and analytics in public safety applications, rising awareness and initiatives for public safety, and governmental efforts to address the needs of expanding urban populations. However, substantial initial investments needed for implementing safety solutions act as a barrier to market growth. Opportunities for market expansion lie in the integration of cloud computing and big data analytics into safety solutions, as well as the growing instances of security breaches and terrorism. Nonetheless, challenges persist in the form of complexities in deploying advanced safety systems and the escalating instances of data breaches, posing significant hurdles for stakeholders in the market.
The public safety and security market worldwide is divided into segments based on offerings, technologies, applications, end-users, and geographical regions. Additionally, the report assesses competitors in the industry and provides analysis at both country and regional levels.
Based on offering, the global public safety and security market is categorized into safety devices, safety software, and safety services. By 2024, it is anticipated that the safety services segment will hold the largest portion of the market. This dominance is linked to the rising need for tailored safety services to tackle specific safety and security issues. Services like safeguarding critical infrastructure, emergency medical assistance, firefighting, and disaster management play pivotal roles in ensuring the safety of individuals and vital assets. Furthermore, the safety services segment is forecasted to exhibit the highest compound annual growth rate (CAGR) throughout the projected period.
Based on technology, the global public safety and security market is segmented into several technologies including the Internet of Things, artificial intelligence, cloud computing, machine learning, cybersecurity, and others. By 2024, it is anticipated that the Internet of Things segment will dominate the market. This is primarily due to the increasing need for real-time data insights and enhanced situational awareness. Additionally, the Internet of Things segment is expected to experience the highest compound annual growth rate (CAGR) throughout the forecast period.
Based on application, the global public safety and security market is divided into various applications such as data gathering, mapping, and 3D imaging, threat detection, security and incident management, monitoring, fire and explosion examination, network security, and others. By 2024, it is expected that the security and incident management segment will hold the largest portion of the market. This is mainly because of the imperative to efficiently respond to emergencies, the growing uptake of smart city technologies, and the incorporation of IoT devices. Furthermore, the security and incident management segment are forecasted to demonstrate the highest compound annual growth rate (CAGR) throughout the forecast period.
Based on end use, the global public safety and security market is segmented into various end uses, including warehouses and depots, workplaces, shopping malls and retail stores, schools and universities, hospitals and healthcare facilities, residential areas, transportation, and others. By 2024, it is expected that the transportation segment will hold the largest portion of the market. This dominance is attributed to increasing concerns about terrorist threats and passenger safety. The adoption of modern transportation security solutions is being propelled by advancements in contactless ticketing and facial recognition for identity verification. Additionally, the deployment of AI-based video analytics for crowd monitoring is contributing to the growth of this segment. However, the hospitals and healthcare segment is forecasted to exhibit the highest compound annual growth rate (CAGR) during the forecast period.
Based on geography, in the public safety and security market, regions are categorized into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By 2024, it is anticipated that North America will hold the largest market share globally. This dominance is attributed to the increasing adoption of digital technology and data, driven by various factors such as the need to enhance decision-making, promote digital inclusivity and equity, foster collaborative ecosystems, prioritize citizen safety and health, ensure trust and transparency, and develop resilience and adaptability to manage change effectively. However, Europe is projected to experience the highest growth rate, measured by a compound annual growth rate (CAGR), during the forecast period.
Key Players
Major players in the global public safety and security market include 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.).
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Key Questions Answered in the Report:
• What are the segments experiencing significant growth in terms of offerings, technology, applications, end-users, and geographical regions?
• What is the past market size of the global public safety and security market?
• What are the projected market forecasts and estimations for the period spanning from 2024 to 2031?
• What are the primary factors propelling, hindering, offering opportunities, and posing challenges in the global public safety and security market?
• Who are the key players in the market, and what is their respective market presence?
• What does the competitive scenario look like in the global public safety and security market?
• What are the latest advancements or updates observed in the global public safety and security market?
• What are the various approaches taken by the leading players in the market?
• What are the significant geographical patterns, and which countries are exhibiting notable growth in the market?
• Who are the emerging local players in the global public safety and security market, and how do they fare against their counterparts?
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