At 14.2% CAGR, Global Public Safety and Security Market to Surpass US$ 777.72 Bn By 2025, Forecast Report By Zion Market Research

Global demand public safety and security market was valued at around USD 307.2 Billion in 2018, and is expected to reach approximately USD 777.72Billion in 2025, at a CAGR of slightly above 14.2% between 2018 and 2025.

Public safety includes emergency medical and services; law enforcement and others. Public security is functioned by government to protect territory, citizens, organizations and institutions against any threats.

The public safety and security market is expected to witness growth in the projected period. The rising government mitigation plans to reduce the response time and damage caused by man-made and natural disasters is anticipated to boost the market growth. Rising smart city projects, rising trend of IoT for safety and security along with increasing criminal activities are some of the drivers for the public safety and security market in the forecast period. Rising use of IoT enabled devices to share and connect the information for coordinated decisions and rising terrorist attacks are some of factors fostering market growth. Furthermore, government across all regions is heavily investing in safety and security by pooling the funds for communication and surveillance systems. Owing to the budget constraints, the public service organizations are opting cloud based applications instead of on-premises as it will require a huge cost for the setup and maintenance.

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The cloud based type will exclude the requirement of infrastructure needed by the public service organizations eventually reducing the expenses incurred on software infrastructure, like SQL licenses, which is why cloud based deployments is preferred by the organizations. Market players are also offering new software delivery models, like PSaaS (Public Safety as a Service) to public safety organizations with on premises and cloud based deployment options, eventually letting agencies focus on keeping property and people safe rather than handling complex infrastructure. Other market divers such as cheaper cost of utilizing SaaS mode and advancement of cloud security is anticipated to help the law enforcement agencies and also end users of the market which includes medical, transportation and firefighting. All these factors will stimulate market demand and protect & serve public in an effective way. However, the high installation and maintenance cost of public safety and security systems are anticipated to hinder market demand in the long run.

The public safety and security market is segmented to the basis of solution, services and vertical. The service segment is further divided into managed service and professional services. Managed service is anticipated to hold a higher CAGR of public safety and security market in comparison to professional services, as organizations are expanding their network to install the public safety and security solutions across the globe. However, the professional services are estimated to hold a significant share during the predicted period.

On the basis of region the product analytics market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East and Africa. North America will hold a substantial share during the forecast period, owing to the early adoption of public safety and security solution along with the presence of key market players are the factors behind high market growth in this region.

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Renowned public safety and security market players are: