The report, now available on ASDReports, "Public Safety and Security Market by Solution (Critical Communication Network, Biometric and Authentication System, Surveillance System, Emergency and Disaster Management, Cyber Security), Service, Vertical, and Region - Global Forecast to 2021", The public safety and security market size is estimated to grow from USD 247.53 Billion in 2016 to USD 456.56 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 13.0%.
Public safety and security is the first priority of governments across the world to ensure safety of citizens, organizations, and financial institutions. Citizens and enterprises face continuous threats from cybercriminals, natural disasters, and terrorist attacks. This has increased the demand for public safety and security solutions.
Managed services is expected to grow the fastest in the public safety and security market
Professional services in public safety and security market is expected to have the largest market in terms of size, during the forecast period. However, managed services are expected to grow with the highest CAGR form 2016 to 2021 in the public safety and security market. As cyberattacks and security breaches are increasing, organizations are moving towards specialized security vendors who are able to effectively manage security systems.
Critical communication networks segment to hold the largest market share
Critical communication networks is expected to have the largest market share and dominate the public safety and security market from 2016 to 2021, as more and more public and organizations are adopting critical communication networks solutions for better mission-critical communications. Emergency and disaster management is expected to play a key role in changing the public safety and security landscape, and is projected to grow at the highest growth rate during the forecast period, as government and security agencies are highly deploying security solutions for emergency situations.
North America is expected to contribute the largest market share, whereas APAC is expected to grow the fastest
North America is expected to have the largest market share and dominate the public safety and security market from 2016to 2021, due to the presence of large number of public safety and security vendors across this region. On the other hand, Asia-Pacific (APAC) offers potential growth opportunities in the public safety and security market. In APAC, the factors driving the deployment of public safety and security solutions include increasing public safety spending and development of major infrastructure projects in the emerging economies of regions such as China, Australia, and India.
Major vendors in the public safety and security market include Cisco Systems, Inc. (U.S.), NEC Corporation (Japan), Thales Corporation (France), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Huawei Technologies (China), Northrop Grumman Corporation (U.S.), Alcatel-Lucent (France), AGT International (Switzerland), and ESRI (U.S.).
Source: ASDReports - Market Research
Date: Nov 21, 2016