Pune,India, Jan. 24, 2023 (GLOBE NEWSWIRE) -- The global Public Safety and Security Market Size was USD 394.40 billion in 2020. The market is projected to grow from USD 434.73 billion in 2021 to USD 867.92 billion in 2028 at a CAGR of 10.4% in the 2021-2028 period. Fortune Business Insights™ publishes this information in its report, titled, “Public Safety and Security Market forecast,2023-2028.”
Public safety and security are essential for financial expansion and the welfare of the public. Its development can only be executed when the government accepts the infrastructure and technologies that permit intelligence departments to collect, comprehend, evaluate, and identify real events.
Industry Development
Elbit Systems Ltd. signed a contract with Korea Aerospace Industries Ltd. (KAI) to enlarge backing in the field of Unmanned Aircraft Systems (UAS).
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 10.4% |
| 2028 Value Projection | USD 867.92 Billion |
| Base Year | 2020 |
| Public Safety and Security Market Size in 2020 | USD 394.40 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 150 |
| Segments covered | Component, Vertical, |
| Public Safety and Security Market Growth Drivers | Digital Transformation in Security Operations to Propel Market Growth |
| Cyber Risk and Law Enforcement Liability Might Hamper Market Growth |
Key Takeaways
- Public Safety and Security Market is expected to flourish & reach USD 867.92 Billion in 2028
- Smart cities projects are being deployed in many parts of the world to protect people's lives through advanced devices.
- Digital transformation has digitized security operations due to a more networked and data based approach.
- The transmission system is expected to post the highest CAGR in the coming years.
- Public Safety and Security Market Size in North America was USD 138.36 Billion 2020
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Drivers and Restraints
- Increasing Smart City Missions Set to Fuel Demand for Public Safety and Security
- Alongside the rising financial, political and traditional actions, the criminality and risks such as trafficking, violence, industrial mishaps, and natural calamities are also rising at a rapid pace.
Regional Insights
North America held the largest public safety and security market share and is projected to remain a dominant region in the worldwide market owing to recurrent government funds to progress the security infrastructure to confront and solve unlawful migration and violence.
The Asia Pacific is prospective to be the quickest developing region in the proximate future. Rising crime proportions, prompt urbanization, cross-border violence, and illegitimate migration are the prominent factors powering the growth of the Asia Pacific market.
Europe is responsible for a substantial amount of market share owing to escalating financing done by governments in refining their interaction and investigation systems for protection and security purpose.
Market Segmentation
Based on components, the global market has been segregated into solutions and services. The solution segment is categorized into the critical communication network, cyber-security, emergency and disaster management, C2/C4ISR system, surveillance system, scanning, and screening system, biometric security, and authentication system, public address, and general alarm systems, and backup and recovery system.
In terms of region, the market is segmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
On the basis of vertical, the market has been classified into homeland security, emergency services, critical infrastructure security, transportation systems, and others.
Among these, the homeland security segment holds the maximum market share owing to the incessant struggles by the government of every country to augment their nationwide safety and security.
Competitive Landscape
Incessant Expansions is Significant Approach to Reinforce Corporation’s Position
The important players in the market struggle to deliver advanced public safety and security solutions to the government to develop their competencies to efficiently match up with the disasters. Corporations are also capitalizing on research and development accomplishments to improve cutting-edge technology systems.
List of Key Players Mentioned in the Report:
- Kroll, LLC (New York, U.S.)
- Cisco System (California, U.S.)
- Hexagon AB (Stockholm, Sweden)
- SAAB (Stockholm, Sweden)
- Alcatel-Lucent Enterprise (Boulogne-Billancourt, France)
- BAE Systems (Farnborough, U.K.)
- Elbit Systems (Haifa, Israel)
- Ericsson (Stockholm, Sweden)
- General Dynamics (Virginia, U.S.)
- Harris (Florida, U.S.)
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Public Safety and Security Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled
- Overview
- Key Management
- Headquarters etc
- Offerings/Business Segments
- Key Details
- Employee Size
- Key Financials
- Past and Current Revenue
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Public Safety and Security Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (USD)
- Solution
- Critical Communication Network
- Cybersecurity
- Emergency and Disaster Management
- C2/C4ISR System
- Surveillance System
- Scanning and Screening System
- Biometric Security and Authentication System
- Public Address and General Alarm Systems
- Backup and Recovery System
- Services
- Professional
-
- Training, Certification and Consulting
- Design, Installation and Integration
- Support and Maintenance
-
- Managed
- Managed Security Services
- Managed Network Services
- Virtual Contact Center Services
- Professional
- Solution
- By Vertical (USD)
- Homeland Security
- Emergency Services
- Critical Infrastructure Security
- Transportation Systems
- Others (Public Places, Stadiums, and Commercial Offices)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (USD)
- Global Public Safety and Security Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
TOC Continued…!
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FAQ:
How big is the Public Safety and Security Market?
The public safety and security market is projected to grow from USD 434.73 billion in 2021 to USD 867.92 billion in 2028 at a CAGR of 10.4% in the 2021-2028 period.
How big is Public Safety and Security Market In North America?
The market in North America stood at USD 138.36 Billion in 2020 and is expected to gain a huge portion of the market share in the coming years.
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