Public and personal safety is an umbrella term as it refers to the security measures that are taken to provide safety from all types of criminal activities. TheĀ public and personal safety marketĀ is growing at a faster pace mainly due to the increase in the number of criminal activities, terrorism, and natural disaster. The growth of the market is also supported by safety features. The market growth is increasing as the vendors are offering advanced products consisting of innovative features at reasonable prices.
TheĀ global public and personal safety marketĀ is expected to reach a value of USD 518 billion by 2023. To reach this value, the market would have to obtain a CAGR of 13% during the forecast period. The growth of the market is also supported by a few major factors like population, increasing urbanization, and upgrading the economic conditions of the country. Along with this, advanced and user-friendly technologies have taken the market to another new level.
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Due to the sudden outbreak of the COVID-19 pandemic, governments in various countries imposed strict lockdown and social distancing norms. During this time, many industries were impacted. Among all industries,Ā public and personal safety businessĀ also felt a huge impact. Only the healthcare centers were earning a huge revenue as they were continuously fulfilling the people with medical supplies and life support.
During the outbreak of the COVID-19 pandemic, the CDC or the Centers for Disease Control and Prevention in the US and other such agencies all over the world have made certain recommendations to protect the people of their respective countries. Many technology companies are trying to help the first responders with various innovative and unique products to safeguard them as well as their families.
The speed at which new technologies are invented is increasing year over year. In order to protect some critical infrastructures from attacks, connected devices are trying to generate more information that can give actionable insights. The CCTV systems are now integrating advanced big data analytics.
Ensuring the security and safety of the public is a priority for every government across the world. TheĀ marketĀ provides a wide variety of not only hardware components but also its software solution along with it. The governments of different countries are installing various communication networks, surveillance systems, emergency and disaster management systems, biometric security and authentication systems, scanning and screening systems. The maintenance cost of such safety and security solutions is around 40% of the TCO or Total Cost of Ownership. Hence, with the rise in the population, the cost of installing such security systems is also increasing. Such high installing costs may restrain the growth of theĀ public and personal safety market.
The major challenge faced by theĀ public and personal safety marketĀ is the lack of enough storage and capacities for data management. The public and personal safety agencies are assimilating different digital solutions like in-car cameras, body-worn cameras, and high-quality video surveillance in order to give authentic evidence against the criminals and also to carry out sting operations. Though body-worn cameras provide enough benefits of public safety security they can also create challenges like data security.
TheĀ globalĀ public and personal safety marketĀ are expected to grow at a considerable rate in the forecast period, which is between 2021 and 2023. With the rising number of criminal activities, cross-border terrorism, and natural disasters, the necessity for surveillance systems and their authentication is also increasing. These factors are responsible for the constant growth of theĀ public and personal safety market.
TheĀ public and personal safety marketĀ relies upon mainly IP-based solutions for dispatch communications. With the introduction of 5G in the market and advancements in LTE, the growth of the public and personal safety market has increased. This report mainly focuses on theĀ Public and Personal Safety Market Trends, value at the company level, regional level, and global level.
According to theĀ Public and Personal safety analysis, the market of public and personal safety is segmented into four categories. They are ā by service, by solution, by component, and by industry verticals. Here are the sub-segments of the four divisions.
North America is leading theĀ global public and personal safety marketĀ due to its high demand for safety features and the continuous adoption of new advanced technologies. The growth opportunity for this market also enhances due to the BFSI industry in that region. Among other North American countries, the US is currently leading the growth in theĀ public and personal safety industry.
In terms of volume and size, the market for public and personal safety in Europe is quite large. The public and personal safety market of the Asia Pacific region is appearing to be a promising market due to its few best manufacturers and technological advancements. China, among all other Asia Pacific countries, has got one of the largest publics and personal safety markets.
TheĀ global public safety and security market industryĀ is coming up with new strategies as many new companies are joining the market which includes Cisco System, AGT International, Honeywell, Huawei, and many others.
This report is a detailed research based on the various other factors that are responsible for theĀ public and personal safety market growthĀ during the forecast period. This report also provides a qualitative and quantitative analysis of various segments that are related to theĀ public and personal safety market. The information in this report is gathered from both first-hand and second-hand sources. The public and personal safety research report will also give you detailed knowledge about the recent developments that took place. The factors that play a major role in the growth of the market are drivers, challenges, restraints, and opportunities.Ā
| Report Attribute/Metric | Details |
| Market Size 2027 | USD 518 Billion |
| Compound Annual Growth Rate (CAGR) | 13% (2020-2027) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Solution, Service, End-User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Countries Covered | The U.S, Canada, Mexico, Germany, France, UK, China, Japan, India, Australia, South Korea, UAE, and Brazil |
| Key Companies Profiled | Esri (US), AGT International (Switzerland), Honeywell (France), Haystax Technology (US), Huawei (China), IDEMIA (France), Teltronic (Spain), Verint Systems (US), Motorola Solution (US), Rave Mobile Safety (US), NEC (Japan), Hexagon (Sweden), Elbit Systems (Israel) |
| Key Market Opportunities | The speed at which new technologies are invented is increasing year over year. |
| Key Market Dynamics | Many technology companies are trying to help the first responders with various innovative and unique products |
Public and Personal Safety Market Highlights:
Frequently Asked Questions (FAQ) :
The global public and personal safety market is expected to record a substantial market valuation of up to USD 518 billion by 2023.
The global public and personal safety market is projected to register a moderate 13% CAGR in the forecast period.
The increasing demand for security measures due to the growing threats is expected to drive the public and personal safety market during the forecast period.
the lack of workforce is poised to hinder the public and personal safety market during the forecast period.
A few major market players operating in the global public and personal safety market are AGT International (Switzerland), Honeywell International, Inc. (U.S.), ESRI (U.S.), NEC corporation (Japan), among others.
Team Lead - Research she holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.
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