iCrowdNewswire Nov 5, 20201:00 AM ET
According to a new market research report “Public safety and security Market by Component, Solution (Critical Communication Network, Biometric & Authentication System, Surveillance System, Emergency & Disaster Management, Cyber Security), Service, Vertical, and Region – Global Forecast to 2025″, published by MarketsandMarkets, the market is projected to grow from USD 365.0 billion in 2020 to USD 516.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The rising number of terror attacks and increasing investment in public safety measures for smart cities to drive the market growth.
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By solution, the emergency and disaster management segment to register the highest growth rate during the forecast period
Emergency and disaster management solutions are used by government and private organizations to rescue the public from man-made or natural disasters, such as hurricanes, typhoons, earthquakes, cyclones, or tsunamis. E Such systems are web-based, easier to manage, and offer quick responses, disaster recovery solutions, and simulation. systems such as traffic simulation, hazard propagation, and incident evaluation. Therefore, detection service segment holds the highest growth rate during the forecast period.
Based on vertical, the transportation system to grow at the highest CAGR during the forecast Period
The transportation systems vertical includes airports, seaports, railways, and others (traffic management, parking management, and subways and tunnels management). Urban transportation plays a vital economic and social role, enabling large numbers of people to travel safely and quickly at very cheap rates. Road, rail, and metro networks are physically integrated with each other and the other modes of transportation. Concerns such as terrorist attacks, natural disasters, and accidents have increased the security challenges in terms of threat response and prevention. Public safety and security solutions for the transportation systems vertical can help prevent unnecessary consequences Therefore, the transportation systems register the highest growth rate during the forecast period.
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North America to hold the largest market share during the forecast period
North America has the presence of several prominent market players delivering public safety and security solutions to all end users in the region. The US and Canada both have strong economic conditions and are expected to be major contributors to the growth of the Public safety and security market. The geographical presence, significant Research and Development (R&D) activities, partnerships, and acquisitions and mergers are the major factors for the deployment of Public safety and security and services. The major vendors such as Cisco Systems, Esri, General Dynamics, Harris, Haystax Technology, IBM, Motorola Solutions, Rave Mobile Safety, and Verint Systems are headquartered in the US.
Major vendors offering Public safety and security software include AGT International (Switzerland), Alcatel-Lucent Enterprise (France), Atos (France), BAE Systems (UK), Cisco Systems (US), Elbit Systems (Israel), Ericsson (Sweden), Esri (US), General Dynamics (US), Harris (US), Haystax Technology (US), Hexagon (Sweden), Honeywell (France), Huawei (China), IBM (US), IDEMIA (France), Motorola Solutions (US), NEC (Japan), NICE (Israel), Rave Mobile Safety (US), Siemens (Germany), Teltronic (Spain), Thales Group (France), Tyco (Johnson Controls) (Ireland), and Verint Systems (US).
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