ID: MRFR/ICT/2022-CR | July 2018 | Region: Global | 100 pages
The Public Safety Solution for Smart City Market is expected to possess a growth at 24.8% in the compound annual growth rate. The estimated value that the market is supposed to be during the forecast period 2023 is 299.36 billion US Dollars. Indeed, the Public Safety Solution for Smart City Industry has valued 1,25,148.5 million US Dollars in the year 2019. Undoubtedly, this comparison of estimated values reflects the steady growth in the respective market.
Moreover, the increasing demands and use of technology and its advancements will be the responsible factors that drive the Public Safety Solution for Smart City Market size in the forecast period. The developed cities with the latest technology advancements are using IoT platforms. It helps them to maintains and monitors the infrastructural developments including water, air, parking, traffic, and other similar things. Furthermore, with the global rise in urbanization, the Public Safety Solution for Smart City Market shares will be also high in the forthcoming years.
Undoubtedly, these rising developments will be increasing the demands of developing assets and infrastructures. Thus, there will be chances of more investment in this sector that results in Public Safety Solutions for Smart City Market Growth. The growing Public Safety Solution for Smart City Market will aid the smart city officials’ interactions with the developing infrastructure as well as their communities. It will help in monitoring the evolving growth in the market sector.
Covid 19 Analysis
Undoubtedly, the covid 19 pandemics had a strong impact on all the industries prevailing in the market. This Public Safety Solution for Smart City Market Forecast report will depict the insights about the effect of covid 19 pandemics on smart cities and public safeties. Moreover, the pandemics make us realize that Digital connections are way too beneficial. Along with this, security and safety should be the best concern.
So, there will be demand for wide-range adoption of solutions such as smart cities, smart buildings, smart transport, and smart services to offer. To build these innovative smart cities, one needs to possess several effective solutions such as data analytics, network connections, cloud, and security, etc., However, the acceptance of IoT and such solutions in this area will be surely improving the need for Public Safety solutions for Smart City Market during the covid 19 situations.
Overall, the technological advancements and use of smart automation technologies will rise the Public Safety Solution for Smart City Market. There will be more need for the development of smart cities and public safety and security in the forthcoming years. So, the covid 19 situations have somehow positively affected this market growth.
These are basically the Public Safety Solution for Smart City Market Trends that shows the factors affective the growth and development in the markets. the responsible factors are mentioned with details below.
The main drivers of the growing market are the increasing demands for public safety and developments in infrastructures. However, other important factors lead to drive the Public Safety Solution for Smart City Market. Basically, the increasing globalization and urbanization that develop the market and offer public security. Also, the lack of skilled security employees and increasing rates of crimes globally increase the market growth.
The major restraining factor that is responsible for the decline of the Public Safety Solution for Smart City Market is the legacy systems. Moreover, there is a chief concern regarding privacy and security in these smart cities projects. However, to resolve these concerning issues the professionals, need to follow up certain safeguarding policies such as safeguarding the crucial data and progressions.
Growing environmental apprehensions and requirements for green ingenuities are the major factors that lead to Public Safety Solutions for Smart City Market Opportunities. The urban areas consume major shares of global energy and release an uncertain amount of CHG. This can hamper public safety with carbon emissions and energy dissipations for sure. So, the affecting global warming and ozone depletion gives birth to new opportunities to develop a smart city for public security and safety.
The most affecting and major Public Safety Solution for Smart City Market Challenges is the lack of funding and investments for building innovative and smart cities for public safety. Due to the public insecurities and global problems, the government wants to transform the cities into smart infrastructural cities. However, the lack of budget and fund allocation acts as a major challenge and hamper the Public Safety Solution for Smart City Market Growth.
This Public Safety Solution for Smart City Market report is estimating growth in CAGR with 24.8%. In the coming forecast period, the market will be valued at 299.36 billion US Dollars. However, the Public Safety Solution for Smart City Industry was valued at 1,25,148.5 million US Dollars during the year 2019. Undoubtedly, this denotes that the market shares are enhancing growth will increase positively in the forthcoming year. However, the estimation mainly depends upon the challenges and opportunities. It can increase or decrease depending upon the further situations.
Value Chain Analysis
The growing demand for technology, automation safety needs has increased the demands for Public Safety Solutions for Smart City Market growth. Furthermore, the increasing urbanization and globalization along with the need for building innovative smart cities have led to the ultimate increase in the market and are expected to increase more in the future. As the economy has suffered losses during the covid 19 situations, this growth is necessary for the balance.
The Public Safety Solution for Smart City Market is classified into 4 different segments. These are mainly solutions, services, applications, and regions.
According to the geographical regions, the Public Safety Solution for Smart City Market is distributed in several key regions. Moreover, these regions are segmented based on different factors such as revenues, sales, market shares, Compound Annual Growth Rate, and others. Some of the chief key regions are as follows:
Among all these geographical regions serving the Public Safety Solution for Smart City Market, Asia Pacific holds up the higher growth rate.
The Public Safety Solution for Smart City Market has grown exponentially in recent years and is expected to rise high in the coming years. Several industries along with new ideas and innovations are covering this market. There is cut-throat competition among the industries, in the market due to the presence of several market giants. All of them are investing in researches and developments to beat the highly growing competition.
Some of the important Public Safety Solutions for Smart City Market Key Players in the market are as follows:
This report depicts all the aspects that affect the Public Safety Solution for Smart City Market in any way. The report covers the advancements, growths, challenges, opportunities, and restraints across these industries. Moreover, it also offers a complete analysis and understandings of the market and its competitive landscapes. Lastly, the report covers the growth estimations in the next coming years.
Frequently Asked Questions (FAQ) :
Law Enforcement and Intelligence Agencies, Disaster Management, Firefighting Services, Medical Emergency Service, Critical Infrastructure Security, are the main applications covered in the report.
Asia Pacific, North America, the Middle East & Africa (MEA), Latin America, and Europe are the regions included in the geographical distribution of the market.
Public Address & General Alarm and Surveillance System, Biometric Security & Authentication System, Emergency & Disaster Management, Critical Communication Network, Backup & Recovery System are the market segments included in the report, solution-wise.
Harris Corporation (U.S.), Thales Corporation (France), Honeywell International Inc. (U.S.), Cisco Systems, Inc. (U.S.), Huawei Technologies (China), Northrop German Corporation (U.S.), NEC Corporation (Japan), Alcatel-Lucent (France), International Business Machines Corporation (U.S.), Motorola Solutions Inc. (U.S.), are the top companies in the market.
Huawei recently launched eLTE Multimedia Critical Communications System, which is a public safety solution that offers networking technology as well as devices that elevate the public safety as well as the organizations’ communication solutions.
Given the rapidly changing security scenario across the world, government bodies are focusing on advanced solutions that can help strengthen the already established information technology infrastructure as well as security systems, thus boosting the market demand.
Mounting popularity as well as adoption of Public Safety as a Service (PSaaS) model can stimulate the demand for managed services segment in the years to come.
With urbanization growing at a global scale and growing adoption of advanced technology, the market for Public Safety Solutions is expected to witness significant impact leading to exponential growth during the coming years. The global public safety solutions market, which valued USD 60.2 billion in 2016, is expected to exhibit a highly promising CAGR of 24.8% during the forecast period of 2017 to 2023, and reach an evaluation of USD 299.36 billion by the end of 2023.
One of the most significant factors driving market growth is the widespread urbanization and globalization which has led to industry growth and creation of employment. This has directly impacted and increased the demand for efficient public safety solutions. Citizens in urban areas are placing a high demand for clean and safe environments, with the advent of smart cities, and the growing migration to such cities is expected to increased demand. Smart cities carry a beneficial impact by reducing energy consumption and facilitating efficient management of natural resources. The integration of various advanced technology such as sensor technology to save time and manage space, and the growing inclusion of Internet of Things (IoT) in smart city infrastructure has escalated the requirement for well-developed public safety solutions. Additionally, with the growing global population and the dangers of police work has restrained the growth of security personnel. Use of public safety solutions to assist in the detection and management of emergency and disaster situations is expected to drive further demand. The U.S and the U.K have 250-300 police personnel for every 100,000 people. Meanwhile, emerging economies have a far poorer ratio thus strongly driving the need for public safety solutions, particularly in smart cities.
Presently, there is widespread use of outdated technology and systems, particularly in emerging economies. The updating of these systems and the implementation of advanced technology is expensive and will require additional training which is expected to restrain market growth. However, the demand for efficiency has led to the growth of the IoT market and is expected to impact the development of public safety solutions greatly. A study shows that by the end of 2021, the Internet of Things will have more than 200 billion connected devices helping organizations and personnel in their daily activities. These devices will transmit an enormous amount of data into the server and assist in covering the gap between appropriate personnel and public safety requirements.
The global public safety solution for smart city market is segmented on the basis of solution, service, application, and region. By solution, the market is segmented into the critical communication network, biometric security and authentication system, emergency and disaster management, backup & recovery system, public address & general alarm and surveillance systems. the critical communication network segment accounts for the largest share of the total market due to its extensive use in control mission-critical field communications traffic. The strong need for reliable connectivity between first responders and various agencies for seamless collaboration is driving the segment's growth. However, the surveillance segment is expected to grow at the highest CAGR of 27.5% during the forecast period due to the innovation in live streaming videos and camera surveillance.
By services, the market is segmented into professional service and managed service. Presently, the professional services segment dominates the market with a majority share due to the increasing demand for IoT which has led to the enhancement of the segment. Use of professional services in smart cities for intelligent lighting control, wireless positive train control, intelligent bus route monitoring and other solutions make it vital to the growth of the global market. Meanwhile, the managed services segment is expected to grow at the highest CAGR of 26.3% during the forecast period.
By application, the market is segmented into public transportation security, critical infrastructure security, disaster management, medical emergency service, firefighting services, law enforcement and intelligence agencies, and others. Public transport security leads the market with the largest share due to the high level of security and reliability required across public transport systems such as rail and road. This segment also includes the management of traffic systems and ensuring efficiency. The segment which valued USD 15.92 billion in 2016 is expected to reach an evaluation of USD 85.75 billion by the end of 2023.
North America, led by the U.S, accounts for the largest share of the global public safety solutions for smart city market. The technical advancements and rapid adoption of the latest in security solution in the region drives the market. Terrorist attacks and threats made to the region over the last few decades have prompted agencies to increasingly adopt cloud-based systems and IoT in an effort to increase the strength of security. The U.S which leads the market, valued at USD 15.74 billion in 2016.
Meanwhile, the Asia-Pacific is expected to be the fastest growing region in the global market. The increased foreign investments in the development of public infrastructure in emerging economies of the region such as India, China, and others are expected to drive regional growth. Global market leading players are actively providing public safety solution in the region in an effort to leverage the demand for such solutions. The stress on sustainable development in emerging economies and the planning of several smart cities across countries such as India and China are expected to promote better prospects for the market during the assessment period.
The report includes analysis of the following prominent market-leading players: NEC Corporation, Thales Corporation, Cisco Systems Inc., International Business Machines Corporation, Honeywell International Inc., Northrop German Corporation, Huawei Technologies and Motorola Solutions Inc. among others.
Public Safety Solution for Smart City Market: Competitive Landscape: NEC, IBM, Thales
The global public safety solution for smart city market is characterized by the presence of many global, regional, and local vendors. Growing urbanization and globalization are key factors that aid the market growth. The vendors compete based on cost, service quality, reliability, and aftermarket service. It is important for the vendors to provide cost-efficient, reliable and stringent security standards, in order to survive and succeed in an intensely competitive market environment. The growth of the market vendors is dependent on the market conditions, government support, and industry development. Thus, the vendors should focus on expanding geographically and improving services. Huawei Technologies Co. Ltd., Thales Group, NEC Corporation, IBM Corporation, and Cisco Systems are the major companies in the market, competing in terms of quality of software, service, and application. These companies primarily focus on service provisions while maintaining corporate relationships.
Although the international players are dominating the market, regional and foreign players with small market shares also have a considerable presence. The international players may strengthen their presence worldwide through acquisitions & partnership during the forecast period. It has also been forecasted that improvement of the global economic scenario combined with integration of existing and future smart city technologies and infrastructure, is fuelling the market growth, thereby making it an ideal time to launch products such as face recognition solutions, multi-biometrics, and access control systems and increase the global market share.
Huawei Technologies Co. Ltd. is one of the prominent players in the public safety solution market and holds a market 20% share. Recently, Huawei has launched eLTE Multimedia Critical Communications System, a public safety solution, providing networking technology and devices required to improve public safety and organizations’ communication solutions.
The vendors with better technical and financial resources can develop innovative products that render the competitors' products, obsolete and non-competitive even before they are launched, or costs are recovered. Therefore, manufacturers have to develop and expand their product portfolio so that could not affect the continuing competitiveness of their service in the market. The competitive environment in the market is likely to intensify further due to intensive research and development, strategic alliances, technological innovations, and collaborations