London, April 06, 2023 (GLOBE NEWSWIRE) -- The Federal Trade Commission (FTC) reported 45% growth in instances of ID fraud in 2020 alone, which strongly underscores the alarming rate of increase in the risk factor in form of identity threats, security breaches, and frauds. 2021 has also seen a significant rise in such instances. The COVID-19 pandemic came in as a challenge in disguise for global public safety and security market and in fact created a favorable environment for ID frauds and similar activities. A new report of Fairfield Market Research provides detailed growth tracking and insight into the public safety and security market that would reach pas revenue worth US$713.4 Bn in 2026.
“The ubiquity of connected technology tends to raise the risk of exposure of exorbitant volumes of critical information to security breaches. Organizations are thus showcasing interest in adopting big data analytics. A majority of players in public safety and security space will thus now eye an opportunity residing in the rise of big data analytics,” concludes an analyst at Fairfield Market Research.
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Key Research Insights
- Worldwide public safety and security market size poised to see 10.6% expansion between 2021 and 2026
- Demand for cloud-enabled security solutions maximum
- North America expects nearly 10% revenue growth in global public safety and security market by 2026 end
Insights into Segmentation Analysis
The number of cyberattacks continues to climb up has been on the rise. Identity theft incidences remain prominent, marks the report. The analysis of public safety and security market based on component reveals demand for services will continue to be higher than that for solutions. Moreover, among professional services, and managed services, latter is more likely to remain sought-after throughout the forecast period as suggested in the report.
Key Report Highlights
- Demand for proactive public safety and security solutions and services has been on the rise
- A growing number of public safety organizations are emphasizing big data analytics
- Role of governments as they prioritize national security will remain significant
Insights into Regional Analysis
North America has at the forefront of witnessing an exceptional rise in cybersecurity related instances over the recent past. The report anticipates around 10% rise in the region’s public safety and security market revenue over the period of projection. While demand for effective safety and security services and solutions remains on an uptrend here, on the other hand, the region also has the first mover’s advantage when it comes to adoption of cyber technology, and infrastructure.
The fastest CAGR is however expected for Asia Pacific that represents a highly lucrative public safety and security market led by China, Singapore, India, and Japan. Exponential smartphone penetration will continue to boost Asian markets, further complemented by the compliance regulation. “The initial capital investments remain on a higher side and this will continue to pull several potential businesses likely to opt for public safety and security solutions and services” says the analyst.
Leading Market Players
IBM, Cisco Systems, Thales Group, NEC Technologies India Private Limited, Honeywell International Inc., AGT Group GmbH, General Dynamics Corporation, Huawei Technologies Co., Nokia, Motorola Solutions
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2026 | |
| Market Size in 2019 | US$361.2 Bn | |
| Estimated Market Size in 2026 | US$713.4 Bn | |
| CAGR | 10.6% | |
| Key Players | Cisco Systems, IBM, NEC Technologies India Private Limited, Thales Group, Honeywell International Inc., AGT Group GmbH, Nokia, Motorola Solutions, General Dynamics Corporation, Huawei Technologies Co. | |
The Global Public Safety and Security Market is Segmented as Below:
By Components Coverage
- Solutions
- Services
By Verticals Coverage
- Homeland Security
- Emergency Services
- Critical Infrastructure Security
- Transportation Systems
- Other Verticals
By Solution Coverage
- Critical Communication Network
- C2/C4ISR Networks
- Biometric Security and Authentication System
- Surveillance System
- Scanning and Screening System
- Emergency and Disaster Management
- Cybersecurity
- Public Address and General Alarm
- Backup and Recovery System
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Cisco Systems
- IBM
- NEC Technologies India Private Limited
- Thales Group
- Honeywell International Inc.
- AGT Group GmbH
- Nokia
- General Dynamics Corporation
- Huawei Technologies Co.
- Motorola Solutions
Inside this Report you will find:
1. Executive Summary
2. Market Overview
3. Global Public Safety and Security Market Outlook, 2018 - 2026
4. North America Public Safety and Security Market Outlook, 2018 - 2026
5. Europe Public Safety and Security Market Outlook, 2018 - 2026
6. Asia Pacific Public Safety and Security Market Outlook, 2018 - 2026
7. Latin America Public Safety and Security Market Outlook, 2018 - 2026
8. Middle East & Africa Public Safety and Security Market Outlook, 2018 - 2026
9. Competitive Landscape
10. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/public-safety-security-market/more-information
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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