Smart Technology to Assist IoT for Public Safety Market Obtain 14.75% CAGR During the Forecast Period 2023-2032: MRFR

Overview:

The internet of things (IoT) for public safety market is assured of healthy growth as it is intimately linked with the smart city initiatives across the globe. Residents’ security has always been of utmost importance for the administrators. Latest developments on technological front regarding safety reflect that concern. The global IoT for public safety market is expected to bank on this desire to provide safety and grow with an impressive 14.75% CAGR during the forecast period 2023-2033. With this speed, it seems quite possible for the IoT for public safety market to attain a valuation of USD 2010.44 million, more than double of its previous valuation in 2017 of USD 5.51 Billion, by 2032. The report published by Market Research Future’s (MRFR’s) is founded upon a detailed analysis of drivers such as rising demand for smart cities and increasing reliance on unmanned operations. IoT for public safety market can provide this in real-time with round-the-clock monitoring which increases decision -making capabilities by using analytics.

On the flip side, the IoT for public safety market can find it daunting to reach a wider-spectrum for better adoption rate. IoT for public safety initially incurs high cost which can strain the profit margin of the developers and deter them from seeking its application. However, if it happens then, the pullback cannot stay for long as end-users are making it a habit of integrating the IoT for public safety in their system.

Segmentation:

The IoT for public safety market can be segmented by component, application, and vertical.

Based on the component, the IoT for public safety market can be segmented into platform, solution, and services. Solution is expected to be the fastest growing segment whereas, services, at present, is dominating.

By application, the IoT for public safety market comprises emergency communication & incident management, critical infrastructure security, surveillance & security, disaster management. Surveillance & security segment, by far, is the leading segment. However, disaster management can record the fastest growth rate during the forecast period.

Based on vertical, the IoT for public safety market can be segmented into smart building & home automation, homeland security, smart utilities, smart healthcare, smart manufacturing, smart transportation, and others. Homeland security is dominating the segment by generating sizeable revenue. Meanwhile, smart building & home automation is all set to record the fastest CAGR over the review period.

Regional Analysis:

Geographically, the IoT for public safety market can be mapped in regards to regions such as North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

North America is doing remarkably well in the sector. The region has superlative technology to boost this kind of sector. At the same time, the excellent economic condition has got various industries inclined towards this market. Furthermore, a lot of the service providers are from this region which gives the IoT for the public safety market advantage in the competition.

Europe’s progress track resembles that of North America’s. The similarity these two regions share in terms of market drivers can tell how much Europe is gaining from the market. At the same time, development of smart cities is also on the rise which accentuates the regional market prospect.

The APAC region is experiencing astounding growth, all thanks to countries such as India, China, and others. These emerging nations are rapidly adopting smart technologies to protect properties and safeguard individual life which is promoting the IoT for the public safety market in the region.

Competitive Insights:

Prominent players in the IoT for public safety market are Hitachi Vantara (U.S.), NEC (Japan), Cisco Systems (U.S.), IBM (U.S.), Nokia Networks (Finland), Sierra Wireless (Canada), Telit (U.K.), West Corporation (U.S.), Microsoft Corporation (U.S.), Intellivision (U.S.), Iskratel (Slovenia), X-Systems (The Netherlands), Tibbo Systems (Taiwan), Star Controls (U.S.), Yardarm Technologies (U.S.), and others. Agreements, partnerships, and new product launches are strategies employed by these players to stay ahead in the market.

Insight Enterprises, recently in 2018, launched Project Edison, a solution accelerator, to help clients bring their IoT-enabled public safety solutions in the market faster. The project plans to tap into the power of Microsoft Azure and IoT technology.

In October 2018, Hitachi Vantara completed their acquisition of REAN Cloud, a global cloud system integrator, which provides solutions for cloud-based applications across big data, machine learning and emerging internet of things (IoT) spaces.