SecurityWorldMarket

07/04/2022

Public safety & security market could surge to over $700 billion

Northbrook, Il (USA)

Rising instances of terrorist activities and security, a need for security training and awareness, increasing law enforcement requirements for public safety amid Covid-19 are all factors that are currently boosting the growth of the public safety and security market across the globe.  Recent figures predict that this sector is expected to grow from USD 433.6 billion in 2022 to USD 707.2 billion by 2027, at a healthy CAGR of 10.3% over that period.

The public safety and security market is driven by powerful companies with big budgets, including huge international conglomerates such as Cisco, Honeywell, Motorola Solutions, IBM, NEC, Siemens, Thales, Ericsson, Huawei, Tyco (Johnson Controls), Aros, Hexagon, Idemia, General Dynamics, L3Hrris Technology, Alcatel Lucent, BAE Systems, Verint Systems, Haystacks, Elbit System, Teltronic, AGT International, Rave Mobile Safety and Nice.  The companies mentioned, amongst others, are all covered in the latest report and analysis from Marketsandmarkets on the public safety and security sector to 2027.

The component segment includes solutions and services required to safeguard the public and public infrastructure. Service providers offer these components to end users as a combined package of solutions and associated services or individually. The public safety services sector is constantly looking for new and better ways to protect cities, infrastructure, businesses, and citizens. The researchers have separated the analysis into managed services and professional services based on services. The managed services segment has been further segmented into managed security services (MSS) and managed network services. The professional services segment has been segmented into design and consulting, installation and integration, support and maintenance, and training and education.

Asia Pacific to deliver the highest CAGR

Asia Pacific countries have a particular focus on increased security spending due to the ever-growing threat landscape. India, Japan, and Singapore have updated or launched new national cyber security policies to deal with the increasingly sophisticated threats. The analysts expect organisations in the Asia Pacific region to spend large amounts of money to deal with cyber security breaches. The growing terrorist attacks and cyber attacks in the region have caused huge damage, leading India, China, Australia, Japan, Malaysia, and Singapore to adopt best-in-class public safety and security systems.

For example, the Australian Government has appointed the National Counterterrorism Coordinator to assist the Australian Prime Minister in setting up policies. China has made its security policies stricter and is setting up surveillance and perimeter security systems and solutions in the Xinjiang Uyghur Autonomous Region.

Smart cities

The Asia Pacific region is also witnessing a surge in smart city projects, creating a greater demand for public safety and security technologies such as surveillance systems, scanning and screening systems, and critical communication networks. The Indian Government is placing great focus on infrastructure development and enhancing the security systems at airports, ports, and refineries.


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