Public Safety and Security Market Projected to Hit $461.8 Billion by 2030

 

Meticulous Research®, a global leader in market research, recently 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.'

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5661

The latest findings from Meticulous Research® reveal that the global public safety and security market is on a robust growth trajectory, expected to surge from $234.2 billion in 2024 to an impressive $514.1 billion by 2031, reflecting a notable CAGR of 11.9% over the forecast period. This significant growth is primarily driven by the increasing integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), and analytics into public safety and security applications. Additionally, growing awareness and proactive initiatives aimed at enhancing public safety, coupled with government efforts to manage the burgeoning urban population, further fuel the market's expansion. However, the substantial initial investments required for the deployment of public safety and security solutions present a notable challenge, potentially restraining market growth. Conversely, the incorporation of cloud computing and big data analytics into public safety solutions, along with the rising threat of terrorism and security breaches, is anticipated to unlock new avenues for market growth. Despite these opportunities, the complexity associated with implementing advanced safety systems and the increasing prevalence of data theft pose significant challenges to market stakeholders.

The global public safety and security market has been meticulously segmented based on offering, technology, application, end use, and geography, providing a comprehensive analysis of industry competitors and regional markets.

Offering: The market is segmented into safety devices, safety software, and safety services. The safety services segment is projected to dominate the market in 2024, accounting for the largest share. This dominance is attributed to the escalating demand for specialized safety services designed to address specific safety and security challenges. Services such as critical infrastructure security, emergency medical services, firefighting, and disaster management play a crucial role in safeguarding citizens and vital assets. Moreover, this segment is poised to experience the highest CAGR throughout the forecast period.

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), cybersecurity, and other emerging technologies. In 2024, the IoT segment is expected to hold the largest market share, driven by the growing demand for real-time data insights and enhanced situational awareness. Furthermore, the IoT segment is anticipated to witness the highest growth rate during the forecast period.

Application: The market's 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 specialized applications. In 2024, the security and incident management segment is expected to lead the market, accounting for the largest share. This segment's growth is propelled by the increasing need for efficient emergency response, the rising adoption of smart city technologies, and the integration of IoT devices. Moreover, this segment is projected to register the highest CAGR during the forecast period.

End Use: The 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 other sectors. The transportation segment is expected to dominate the market in 2024, capturing the largest share. This dominance is driven by heightened concerns over terrorist threats and the growing emphasis on passenger safety. The adoption of advanced transportation security solutions, including contactless ticketing and facial recognition technology, further fuels this segment's growth. Additionally, the use of AI-based video analytics for crowd monitoring is expected to contribute significantly to the transportation segment's expansion. However, the hospitals and healthcare segment is projected to register the highest CAGR during the forecast period.

Geography: The geographical segmentation of the public safety and security market covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to dominate the market, accounting for the largest share. This dominance is attributed to the region's rapid adoption of digital technologies and data-driven approaches aimed at improving decision-making, promoting digital inclusivity, and prioritizing citizen safety. However, Europe is poised to register the highest growth rate, with a robust CAGR expected during the forecast period.

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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