SecurityWorldMarket

10/09/2020

Public safety & security market predicted to hit $516.5 billion by 2025

Northbrook, Il (USA)

The public safety and security market is projected to grow from USD 365.0 billion in 2020 to USD 516.5 billion by 2025, at a CAGR) of 7.2% during the forecast period.  This is according to the latest information from Marketsandmarkets, whose analysts suggest that it is the rising number of terror attacks and increasing investment in public safety measures for smart cities that will be the main drivers for market growth.

By solution, the emergency and disaster management segment is estimated to register the highest growth rate during the forecast period. These solutions are used by government and private organisations to rescue the public from man-made or natural disasters, such as hurricanes, typhoons, earthquakes, cyclones, or tsunamis. Such systems are web-based, easier to manage, and offer quick responses, disaster recovery solutions, and simulation. systems such as traffic simulation, hazard propagation, and incident evaluation. 

Based on vertical markets, the highest growth over the forecast period is attributed to the transportation systems vertical, which includes airports, seaports, railways, and others (traffic management, parking management, and subways and tunnels management). Urban transportation plays a vital economic and social role, enabling large numbers of people to travel safely and quickly at very cheap rates. Road, rail, and metro networks are physically integrated with each other and the other modes of transportation. Concerns such as terrorist attacks, natural disasters, and accidents have increased the security challenges in terms of threat response and prevention. Public safety and security solutions for the transportation systems vertical can help prevent unnecessary consequence.

With the presence of several prominent market players delivering public safety and security solutions, the US is predicted to hold the largest share geographically. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the public safety and security market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of public safety and security and services in the sector. Major vendors such as Cisco Systems, Esri, General Dynamics, Harris, Haystax Technology, IBM, Motorola Solutions, Rave Mobile Safety, and Verint Systems are all headquartered in the US.

Other major vendors offering public safety and security software in this sector and mentioned by the researchers include, AGT, Alcatel-Lucent, Atos, BAE, Elbit Systems (Israel), Ericsson, Hexagon, Honeywell, Huawei, Idemia, NEC, Nice, Siemens, Teltronic and Tyco.


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