Meticulous Research®—a premier global market research firm—has released a comprehensive 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.’
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According to the report, the global public safety and security market is projected to surge from $234.2 billion in 2024 to an impressive $514.1 billion by 2031, representing a compound annual growth rate (CAGR) of 11.9%. This growth trajectory is primarily driven by the escalating integration of artificial intelligence (AI), machine learning (ML), and analytics technologies within public safety and security frameworks. Additionally, heightened awareness and initiatives concerning public safety, alongside government efforts to manage the demands of an expanding urban population, contribute significantly to this market expansion. However, the substantial initial investments required for deploying public safety and security solutions pose a challenge to market growth. Conversely, the increasing integration of cloud computing and big data analytics into safety solutions, coupled with a rise in terrorist threats and security breaches, presents substantial growth opportunities. The complexities associated with implementing advanced safety systems and growing incidents of data theft remain significant obstacles for market participants.
The report details the market segmentation by offering, technology, application, end use, and geography, providing an in-depth analysis of industry trends and competitive dynamics at the country and regional levels.
Offering: The market is categorized into safety devices, safety software, and safety services. By 2024, the safety services segment is expected to dominate the market, capturing the largest share. This dominance is attributed to the increasing demand for specialized services that address specific safety and security challenges. Safety services—including critical infrastructure protection, emergency medical services, firefighting, and disaster management—play a crucial role in ensuring the safety of both citizens and essential assets. Furthermore, this segment is anticipated to register the highest CAGR during the forecast period, driven by the growing need for tailored safety solutions.
Technology: The technological landscape of the public safety and security market includes the Internet of Things (IoT), artificial intelligence (AI), cloud computing, machine learning (ML), and cybersecurity. In 2024, the IoT segment is expected to account for the largest market share, driven by increasing demand for real-time data insights and enhanced situational awareness. IoT technologies facilitate accurate and timely information delivery, which is critical for effective safety and security management. Additionally, the IoT segment is projected to exhibit the highest CAGR throughout the forecast period, reflecting its growing significance in the market.
Application: The market applications are segmented into data gathering, mapping and 3D imaging, threat detection, security and incident management, monitoring, fire and explosion examination, network security, and other applications. The security and incident management segment is expected to lead the market in 2024, due to its significant share. This segment’s growth is driven by the need for effective emergency response, the rise of smart city technologies, and the integration of IoT devices. Moreover, it is anticipated to register the highest CAGR during the forecast period, highlighting its critical importance in public safety.
End Use: The public safety and security market is segmented by end use into warehouses and depots, workplaces, shopping malls and retail stores, schools and universities, hospitals and healthcare facilities, residential areas, transportation, and others. In 2024, the transportation segment is projected to capture the largest share, driven by heightened concerns about passenger safety and advances in modern security technologies such as contactless ticketing and facial recognition. AI-based video analytics for crowd monitoring also contributes to the segment’s growth. Additionally, the hospitals and healthcare segment is expected to register the highest CAGR during the forecast period, driven by increasing security needs in healthcare settings.
Geography: The geographical segmentation covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America is expected to lead the global market in 2024, owing to its substantial adoption of digital technologies and a data-centric approach to enhancing public safety. The region’s leadership is further supported by efforts to promote digital inclusivity, improve decision-making, and prioritize citizen safety. However, Europe is anticipated to register the highest growth rate during the forecast period, driven by the region’s focus on public safety and the increasing adoption of advanced safety technologies across various sectors.
These insights highlight the evolving nature of the global public safety and security market, emphasizing the need for stakeholders to adapt to technological advancements and emerging challenges while leveraging growth opportunities.
Key Players
The key players operating in the global public safety and security market are 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.).
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/public-safety-and-security-market-5661
Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of offering, technology, application, end use, and geography?
- What is the historical market size for the public safety and security market across the globe?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, opportunities, and challenges in the global public safety and security market?
- Who are the major players in the market, and what are their market shares?
- How is the competitive landscape for the global public safety and security market?
- What are the recent developments in the global public safety and security market?
- What are the different strategies adopted by the major players in the market?
- What are the key geographic trends, and which are the high-growth countries?
- Who are the local emerging players in the global public safety and security market, and how do they compete with other players?
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