Public Safety & Security Market to Hit $878 Billion by 2029
According to the latest information from Marketsandmarkets the Public Safety and Security Market is projected to grow from USD 520.8 billion in 2024 to USD 878.2 billion by 2029 at a compound annual growth rate (CAGR) of 11.0%.
The market for services and technology offered includes video surveillance, emergency management, cyber security, and biometric security. Due to the growth in terrorism and other crimes, governments are being pressed to take safety measures of a more advanced level. In addition, according to the researchers it seems evident that to the present day, the ever-evolving technological developments, from IoT and AI to Big Data, could back up more changes in strategies related to public safety. Analysts found that Covid-19 redefined public safety, with much investment going into health-related security measures. This would be contrasted with the increasing rate of urbanisation and infrastructure development, which, in turn, increases the demand for a holistic security solution, which amounts to smart city initiatives that enhance the quality of urban services and life.
Substantial growth in the services segment
The service segment is expected to be growing at the highest CAGR in the public safety and security market during the forecast period, mainly due to managed services. This segment is expected to witness substantial growth in demand with the increasing adoption of cloud-based delivery models, such as SaaS, which allows agencies to reduce upfront costs. This, in turn, demands specialised services in supporting programmes for digital transformation and laying innovative cross-domain security solutions that embed detection capacities of artificial intelligence (AI), the Internet of Things (IoT), and big data analytics. There is an increasing demand for constant monitoring, maintenance, and management of any public safety systems, as more and more agencies turn their attention and strategic priorities to their respective mission-critical applications. That double-digit growth rate of the service segment overall, and especially in managed services, highlights this major player in allowing the penetration of advanced public safety technologies.
Advanced expertise of professionals
The multiple services are offered through the professionals, specialists, and experts in supporting businesses. The professional services encompass design and consulting, training and education, support and maintenance, and installation and integration. Experts utilise advanced expertise, overall approach, and experience for meeting the organisation’s needs for security. The vendors of services provide individual implementation, risk assessments, and deployment of public safety and security solutions by following industry-proven best practices. IBM, Huawei, and Honeywell Technologies are just a few of the leading vendors in the public safety and security market offering professional services.
Regional variations
Security spending in the Asia Pacific region is rising, with the growing intensity of various threats. For example, researchers found that India, Japan, and Singapore have, each in their turn, established new national cyber-security policies against sophisticated threats. Increasing terrorist and cyber attacks have driven countries like India, China, Australia, Malaysia, and Singapore towards the adoption of advanced public safety and security systems.
Rapid urbanisation in China
Extensive surveillance and heightened perimeter systems are the options China can turn to in the pursuit of security in Xinjiang Uyghur Autonomous Region. Due to the rapid urbanisation in this region, the primary technologies that will be in demand are sophisticated surveillance, crowd management, and emergency response technologies. Besides, rising crime rates and economic growth help boost law enforcement and security infrastructure spending. In addition, disasters are quite common in the APAC region, so the compulsion toward disaster preparedness solutions is increasing. The ongoing massive infrastructure projects open opportunities for further security improvements in protecting airports, ports, and critical infrastructure. Governments are investing a lot in public safety and advanced technology and training, but the challenge now is to balance it with data privacy concerns. Smart city initiatives with complex security systems and traffic management are on the evolutionary path, with a thrust on cyber security due to growing digital dependencies. Improved border security and revamped emergency response services raise concerns regarding mitigating security threats of varied dimensions in this region.
Key players
Cisco, Honeywell, Motorola, Siemens, NEC, Thales, Hexagon, Ericsson, Huawei, Atos, Idemia, General Dynamics, ESRI, L3harris Technologies, Alcatel-Lucent, BAE, Verint, SAAB, Nice, Teltronic, Secure Passage, Fotokite, Onsolve, Barrier1, Iotas, Veoci, and Cityshob are some of the key players named as operating in the global Public Safety and Security market within the report.
