The Public Safety and Security Market expected to grow from USD 277.02 billion in 2017 to USD 532.39 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period.
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Public safety and security solutions allow the public safety agencies to keep both the public and citizen spaces safe. The public safety and security solutions are segmented into critical communication network, Command, Control, Communications, Computers, Intelligence, Surveillance, and Reconnaissance (C2/C4ISR system), biometric security and authentication system, surveillance system, scanning and screening system, emergency and disaster management, cybersecurity, public address and general alarm, and backup and recovery system. For instance, the critical communication network enables the emergency service responders to connect and monitor the situation during natural disasters and terrorist attacks.
Currently, the public safety and security market is in the growth stage and is expected to exhibit moderate growth in the coming years. Major factors driving the public safety and security market are smart city initiatives that drive the public safety and investments, the growing trend of IoT in public safety, and the increasing incidents of criminal activities and terrorist attacks. Furthermore, due to the emergence of big data analytics in public safety and security, the adoption of cloud computing technologies in the public safety industry, and the Artificial Intelligence (AI) innovations in border and public safety, the public safety and security market is expected to provide significant growth opportunities over the next 5 years. However, lack of efficient storage and data management capacities may restrain the market growth.
The public safety and security market by solution includes critical communication network, C2/C4ISR system, biometric security and authentication system, surveillance system, scanning and screening system, emergency and disaster management, cyber security, public address and general alarm, and, backup and recovery system. The emergency and disaster management solution segment in the public safety and security market is expected to grow at the highest CAGR, as it enables the public safety organizations and government agencies to coordinate with rescue missions and work efficiently, and also allows sharing the logistics quickly and broadcasting the information to citizens as well as informing those outside the disaster zone about the ways they can help.
The public safety and security market has been segmented based on verticals into homeland security, emergency services, critical infrastructure security, and transportation systems. The transportation systems vertical is expected to grow at the highest CAGR during the forecast period. Meanwhile, the homeland security vertical is expected to dominate the market with the largest market share during the forecast period. Moreover, to address the sophisticated threats to the public and critical infrastructures, the critical communication network solution is expected to hold the largest share in the public safety and security market during the forecast period.
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APAC is projected to grow at the highest CAGR during the forecast period. The countries in the region are rapidly digitizing and adopting smart technologies to make the business operations effective. Cybercriminals target cyber infrastructure to access the confidential data for personal gains. North America is expected to hold the largest market share in the global public safety and security market.