New York, US, April 05, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " IoT for Public Safety Market: By Component, By Application, By End-User Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 14.75% to attain a valuation of around USD 5.35 Billion by the end of 2030.
Key Players
Eminent market players profiled in the global IoT for public safety market report include
- Hitachi Vantara (U.S.)
- NEC (Japan)
- Cisco Systems (U.S.)
- IBM (U.S.)
- Nokia Networks (Finland)
- Sierra Wireless (Canada)
- Telit (U.K.)
- West Corporation (U.S.)
- Microsoft Corporation (U.S.)
- Intellivision (U.S.)
- Iskratel (Slovenia)
- X-Systems (The Netherlands)
- Tibbo Systems (Taiwan)
- Star Controls (U.S.)
- Yardarm Technologies (U.S.)
The IoT for public safety market is fragmented and intensely competitive as a result of the existence of numerous domestic and international industry participants. To stay competitive and fulfill the clients' growing needs, they have employed a number of strategies, such as joint ventures, partnerships, global expansions, new product releases, contracts, and more. Major companies are also extensively investing in R&D initiatives to strengthen their portfolios and gain a grip in the market.
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IoT for Public Safety Market Report Scope:
| Report Metrics | Details |
| IoT for Public Safety Market Size by 2030 | USD 5.35 Billion |
| Growth during 2022-2030 | 14.75% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | Impending public safety threats amid rising incidence of terrorism and vandalism is likely to drive the IoT for public safety market demand over the forecast period. |
Drivers
Increase in Smart City Projects to Boost Market Growth
There has been an increase in smart city initiatives implemented around the world, particularly in developing nations. Smart city initiatives throughout emerging countries are increasingly integrating technologically advanced communication network, IoT-enabled surveillance systems, cutting-edge cameras, and other IoT-based equipment and gadgets. This will boost market growth over the forecast period.
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Opportunities
Increasing Use of ML and AI in Security and Safety Solutions to offer Robust Opportunities
A number of advantages, including security, flexibility, scalability, and others, are provided to the many applications of IoT-enabled devices by the growing incorporation of artificial intelligence & machine learning into the IoT-enabled equipment & devices. The increasing use of traffic cameras, security cameras, cellphones, and other AI-based security systems helps governments track, predict, and stop criminal activity and crimes around the world. The use of AI and ML in such devices provides cutting-edge safety & security solutions that are anticipated to drive the worldwide IoT for public safety market during the course of the projected period.
Restraints and Challenges
Technical Complexity to act as Market Restraint
Technical complexity, power dependence, budget constraint, and high implementation cost may act as market restraints over the forecast period.
Market Segmentation
The global IoT in public safety market is bifurcated based on vertical, application, and component.
By component, the IoT in public safety market is segmented into services, solution, and platform.
By application, surveillance and security will lead the market over the forecast period.
By vertical, smart healthcare will domineer the market over the forecast period.
COVID-19 Analysis
Throughout the past few years, there has been substantial growth in the IoT industry for public safety. Nonetheless, the pandemic's propagation is directly to blame for the market's unexpected expansion. The Covid-19 epidemic has possessed an impact on a variety of global industries. On the industries, it has both beneficial and negative effects. Most likely, the pandemic has had a favorable impact on the market for IoT in public safety. The market is experiencing tremendous growth due to the widespread deployment of IoT devices in numerous sectors to enhance employee and organizational safety and security. The healthcare, public administration, manufacturing, and other industries have used the system most frequently. Installing thermal cameras and IoT-enabled monitoring devices to offer safety & security among the key industries in the covid-19 circumstance maintains market growth.
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Regional Analysis
North America to Head IoT for Public Safety Market
The North American market is estimated to expand significantly throughout the forecasted timeframe. Innovative IoT-based technologies are currently being rapidly embraced in this field. Also, emerging trends like IoT smart cities are causing the market sales to soar. Also, it has assisted many sectors in understanding the value of the safety & security which the IoT offers, including the government, public safety agencies, and enterprises. Due to the rapid deployment of numerous smart city projects and the rising government use of IoT devices for public safety and security in this region, North America is expected to dominate the IoT for public safety market during the forecast period. In 2019, North America held the largest market share globally. Progressions in IoT have encouraged government bodies & public safety corporations to coordinate IoT for public safety due to the increasing expansion of smart cities, expanding government expenditure on IT infrastructure, and the extension of smart cities. Over the forecast period, North America is anticipated to dominate the market and have the biggest market share. The adoption of IoT and smart cities, two trends the region is currently experiencing, have raised awareness among businesses, government agencies, and organizations about the need of IoT solutions & services for safety of the public.
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APAC to Have Admirable Growth in IoT for Public Safety Market
Asia Pacific is regarded as a lucrative market and has shown to be progressive and dynamic in the adoption of new technology. The market for IoT in public safety is anticipated to develop at the greatest CAGR in Asia Pacific in the forecast period. The demand for public safety solutions such as advanced surveillance systems, scanning & screening systems, high-tech communication networks, & advanced cameras is being driven by the region's intense focus on smart city projects. Throughout the forecast period, the market here is predicted to experience the highest CAGR. IoT-enabled gadgets are being widely used in the region, which is considerably propelling market growth. Smart city efforts and other new developments too have entered this market, increasing industry awareness of public safety and encouraging market growth. The region will experience significant growth in the forecast period for the increased deployment of various IoT devices, including high-tech communication networks, surveillance systems, advanced cameras, & others, all through the developing nations of the Asia-Pacific for including new smart city projects.
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