Growing adoption of IoT technology in various cameras, communication network, and other systems across the globe enhances the growth of the market. The key factor driving the IoT in public safety market trends include surge in number of smart cities projects across the developing nations and rise in adoption of machine learning and AI-based public safety solutions boost the growth of the global IoT in public safety market.
In addition, increasing number of natural calamities and terrorist attacks across the globe positively impacts the growth of the market. However, high implementation cost and budget constraint for deploying smart devices are expected to hamper the IoT in public safety market growth.
On the contrary, growing adoption of IoT technology among various industries is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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The government & public sector is expected to garner a significant share during the forecast period. This is attributed to rise in demand for various IoT technology enabled devices among the government for having a better idea about their economy and for predicting and analyzing the criminal activities across the nation.
However, the healthcare segment is expected to grow at the highest rate during the forecast period, owing to rising government initiatives in developing nations for promoting digital healthcare and surge in adoption of IoT devices for treatment of patients.
Region-wise, the IoT in public safety market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to surge in demand for digital transformation across numerous end users and increase in convergence of different technologies, such as IoT technology and artificial intelligence (AI), which have created an impact on the region and managed to increase its IT budget.
However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in adoption of various smart city projects in developing nations such as China and India.
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The outbreak of COVID-19 is anticipated to have a positive impact on the growth of the IoT in public safety market. This is attributed to increase in spending on IoT technology by healthcare service providers to collect large amount of patient information during the COVID-19 outbreak.
In addition, increase in spending on connected medical devices by people across the globe to protect themselves from coronavirus is considered as an important driver to boost the IoT in public safety market during the COVID-19 outbreak.
Furthermore, several governments across developing nations are investing heavily in IoT technology for increasing the security and safety features of the general public, which is driving the growth of the market.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of global IoT in public safety market forecast along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global IoT in public safety market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
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