Surge in instances of terrorist activities & security breaches and increase in government regulations and policies about public safety have boosted the growth of the global public safety and security market. However, lack of interoperability of systems and high installation cost hinder the market growth. On the contrary, advent of big data analytics in public safety and security would open new opportunities in the future.
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By enterprise size, the large enterprises segment held the largest share in 2021, contributing to more than two-thirds of the global public safety and security market, and is anticipated to maintain its leading position during the forecast period. This is due to rise in adoption of AI-based solutions among the government and large organizations across the globe to prevent and predict crimes as well as to increase the security of organizations. However, the SMEs segment is estimated to register the highest CAGR of 8.6% during the forecast period, owing to increase in trend in developing nations to install IoT-enabled smart security systems to capture, store, and analyze continuous video streams.
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By offering, the service segment is estimated to register the highest CAGR of 8.3% during the forecast period. Public safety and security services provides professional services such as implementation, training & support, and consulting services. However, the solution segment dominated the market in terms of revenue, contributing to nearly two-thirds of the global public safety and security market in 2021, and is expected to continue its dominance throughout the forecast period. This is due to rise in demand of AI technology and IoT device among various governments across the globe to protect countries and citizens from various terrorist attack.
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By region, the global public safety and security market across North America held the largest share in 2021, accounting for around two-fifths of the market, and is projected to continue its dominance from 2022 to 2031, due to growing need to protect critical infrastructure and sensitive data government. However, the market across the Asia-Pacific region is projected to portray the highest CAGR of 9.0% during the forecast period, due to increasing economic advancement and various government initiatives.
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Covid-19 Scenario:
- During the pandemic, the demand for public safety and security solution and services increased owing to rise in investment in public safety solution to curb the spread of the virus.
- The crime rates and terrorist activities increased during the pandemic, which positively affected to the market.
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