Public Safety and Security Market Value
Rising threats, technological innovation, and the need for cybersecurity are key drivers propelling growth in the Public Safety and Security market.
PORTLAND, OREGON, UNITED STATES, September 12, 2023/EINPresswire.com/ — The Public Safety and Security Market, which was valued at $405.7 billion in 2021, is anticipated to increase at a CAGR of 7.5% from 2022 to 2031 to reach $832.1 billion.
Increased criminal activity, natural disasters, cross-border terrorism, the necessity for strict government laws and regulations for public safety, and an increase in attacks on vital infrastructure and public utilities are some of the causes driving the public safety and security sector. Additionally, the market for public safety and security is expanding due to an increase in terrorist attacks, security breaches, and government legislation and policies pertaining to public safety.
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Depending on industry vertical, the government & public sector segment holds the largest sensor data analytics market share owing to rise in adoption of IoT & connected devices across a wide range of operations such as traffic, identity management, and others. However, healthcare industry in public safety and security market is analyzed to witness the fastest growth due to rapid increase in medical treatment expenses, growth in demand for improvement in clinical outcomes, significant need for improved patient care, and surge in demand for public safety & security.
The integration of advanced technologies, such as artificial intelligence (AI), machine learning, and facial recognition, is revolutionizing public safety and security. These technologies enhance threat detection, incident response, and overall situational awareness. Smart surveillance systems, predictive analytics, and real-time data analysis are becoming crucial tools for law enforcement and emergency responders.
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As the world becomes increasingly interconnected, cybersecurity is paramount in public safety and security. The rise of cyber threats poses significant risks to critical infrastructure, public data, and emergency communication systems. Consequently, there’s a growing emphasis on cybersecurity solutions and practices to safeguard these assets.
The proliferation of Internet of Things (IoT) devices and the development of smart cities are driving demand for comprehensive security solutions. These systems integrate data from various sources, including traffic cameras, environmental sensors, and wearable devices, to enhance public safety, streamline emergency responses, and improve overall urban living. Geopolitical tensions, natural disasters, and public health crises have intensified the focus on public safety and security worldwide. Governments and organizations are investing in robust emergency management systems, crisis communication platforms, and disaster recovery solutions to address these challenges effectively.
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Depending upon application, the public safety and security industry was dominated by surveillance and security in 2021 and is expected to retain its position during the forecast period as it helps organizations address and manage any cyber-attack, security breach, or any other type of breaches across the organization. However, disaster management is expected to witness significant growth during the forecast period, owing to potential losses from hazards, assure prompt and appropriate assistance to the victims of a disaster, and achieve a rapid and effective recovery.
The key players that operate in the public safety and security market analysis are Ambee, Atos SE, Cisco Systems, Inc, Carbyne, Esri, General Dynamics Corporation, Hexagon AB, HoneyWell International Inc, Huawei Technologies Co., Ltd, Idemia, IBM Corporation, L3Harris Technologies, Motorola Solutions Inc., NEC Corporation, Siemens AG, Thales Group, Telefonaktiebolaget LM Ericsson These players have adopted various strategies to increase their market penetration and strengthen their position in the public safety and security industry.
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