Pune, India, Dec. 15, 2021 (GLOBE NEWSWIRE) -- The global Public Safety and Security Market size was USD 394.40 billion in 2020. The market is projected to grow from USD 434.73 billion in 2021 to USD 867.92 billion in 2028 at a CAGR of 10.4% in the 2021-2028 period. Fortune Business Insights™ publishes this information in its report, titled, “Public Safety and Security Market, 2021-2028.”
Public safety and security are essential for financial expansion and the welfare of the public. Its development can only be executed when the government accepts the infrastructure and technologies that permit intelligence departments to collect, comprehend, evaluate, and identify real events.
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List of Key Players Covered in the Public Safety and Security Market
- Kroll, LLC (New York, U.S.)
- Cisco System (California, U.S.)
- Hexagon AB (Stockholm, Sweden)
- SAAB (Stockholm, Sweden)
- Alcatel-Lucent Enterprise (Boulogne-Billancourt, France)
- BAE Systems (Farnborough, U.K.)
- Elbit Systems (Haifa, Israel)
- Ericsson (Stockholm, Sweden)
- General Dynamics (Virginia, U.S.)
- Harris (Florida, U.S.)
Moreover, utilizing smart technologies such as artificial intelligence (AI), the internet of things (IoT), network apparatus, and technologies empowers societies to safeguard acute infrastructure, develop public security, and confidently influence the regime of the residents.
Restricted Budget for Defence and Homeland Safety amid COVID-19 Has Affected Market Growth
The COVID-19 pandemic is an unparalleled disaster that has forced cities and regional governments across the globe to experience harsh challenges in protecting their citizen and maintaining their safety.
The administration's protective measures, such as lockdown guidelines to regulate the curb of the virus, are remarkable and have imposed legal enforcement organizations to familiarize themselves with their systems, investigation methods, and resource management to confront the condition. Insensitive times like these, several corporations have initiated novel safety apparatuses to sustain safety experts in their work.
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Report Coverage
The report delivers a thorough study of the market segments and a comprehensive analysis of the market overview. An insightful estimation of the existing market trends and the forthcoming prospects is offered in the report. It further shares exhaustive scrutiny of the regional perceptions and how they help in establishing market growth. The COVID-19 impacts have been discussed in the report to assist business experts and stakeholders in visualizing the coercions better. The report focuses on the crucial players and their fundamental approaches to stay in the foremost place.
Segmentation
Based on components, the global market has been segregated into solutions and services. The solution segment is categorized into the critical communication network, cyber-security, emergency and disaster management, C2/C4ISR system, surveillance system, scanning, and screening system, biometric security, and authentication system, public address, and general alarm systems, and backup and recovery system.
In terms of region, the market is segmented into five major regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
On the basis of vertical, the market has been classified into homeland security, emergency services, critical infrastructure security, transportation systems, and others.
Among these, the homeland security segment holds the maximum market share owing to the incessant struggles by the government of every country to augment their nationwide safety and security.
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Drivers and Restraints
Increasing Smart City Missions Set to Fuel Demand for Public Safety and Security
Alongside the rising financial, political and traditional actions, the criminality and risks such as trafficking, violence, industrial mishaps, and natural calamities are also rising at a rapid pace.
Regional Insights
North America held the largest public safety and security market share and is projected to remain a dominant region in the worldwide market owing to recurrent government funds to progress the security infrastructure to confront and solve unlawful migration and violence.
The Asia Pacific is prospective to be the quickest developing region in the proximate future. Rising crime proportions, prompt urbanization, cross-border violence, and illegitimate migration are the prominent factors powering the growth of the Asia Pacific market.
Europe is responsible for a substantial amount of market share owing to escalating financing done by governments in refining their interaction and investigation systems for protection and security purpose.
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Competitive Landscape
Incessant Expansions is Significant Approach to Reinforce Corporation’s Position
The important players in the market struggle to deliver advanced public safety and security solutions to the government to develop their competencies to efficiently match up with the disasters. Corporations are also capitalizing on research and development accomplishments to improve cutting-edge technology systems.
Industry Development
- March 2021: Elbit Systems Ltd. signed a contract with Korea Aerospace Industries Ltd. (KAI) to enlarge backing in the field of Unmanned Aircraft Systems (UAS).
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