The Public Safety and Security Market is projected to grow from USD 365.0 billion in 2020 to USD 516.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast period. The rising number of terror attacks and increasing investment in public safety measures for smart cities to drive the market growth.
By solution, the emergency and disaster management segment to register the highest growth rate during the forecast period
Emergency and disaster management solutions are used by government and private organizations to rescue the public from man-made or natural disasters, such as hurricanes, typhoons, earthquakes, cyclones, or tsunamis. E Such systems are web-based, easier to manage, and offer quick responses, disaster recovery solutions, and simulation. systems such as traffic simulation, hazard propagation, and incident evaluation. Therefore, detection service segment holds the highest growth rate during the forecast period.
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Based on vertical, the transportation system to grow at the highest CAGR during the forecast Period
The transportation systems vertical includes airports, seaports, railways, and others (traffic management, parking management, and subways and tunnels management). Urban transportation plays a vital economic and social role, enabling large numbers of people to travel safely and quickly at very cheap rates. Road, rail, and metro networks are physically integrated with each other and the other modes of transportation. Concerns such as terrorist attacks, natural disasters, and accidents have increased the security challenges in terms of threat response and prevention. Public safety and security solutions for the transportation systems vertical can help prevent unnecessary consequences Therefore, the transportation systems register the highest growth rate during the forecast period.
Major vendors covered in the market report include AGT International (Switzerland), Alcatel-Lucent Enterprise (France), Atos (France), BAE Systems (UK), Cisco Systems (US), Elbit Systems (Israel), Ericsson (Sweden), Esri (US), General Dynamics (US), Harris (US), Haystax Technology (US), Hexagon (Sweden), Honeywell (France), Huawei (China), IBM (US), IDEMIA (France), Motorola Solutions (US), NEC (Japan), NICE (Israel), Rave Mobile Safety (US), Siemens (Germany), Teltronic (Spain), Thales Group (France), Tyco (Johnson Controls) (Ireland), and Verint Systems (US).
These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions to expand their presence in the Public safety and security market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2018 to 2020 to innovate their offerings and broaden their customer base.
Cisco (US) is a prominent provider of Public safety and security solutions. Cisco’s core strategy is to offer integrated solutions and services to solve today’s complex business challenges related to security. The company is a leading and renowned provider of networking solutions, but in recent years, the company has also made substantial developments in other areas, including public safety and security. In the coming years, the company is planning to further accelerate its pace of innovation, increase the value of the network, and deliver the right solutions to its customers. The company is looking forward to enhancing its capabilities in public safety and security through improved analytics and easy deployment of policies. The company enhances the protection of critical information and public through the periodical launch of public safety and security solutions. Cisco offers a wide variety of products, related to public safety and security, which is categorized into two groups: Cybersecurity, and Connected Safety and Security. The Cybersecurity category contains products for network security, email security, secure access, and AMP. The Connected Safety and Security has products that are required for video surveillance, platforms, IP cameras, access controls, and incident response. Cisco also offers a wide range of services, including advisory services, implementation services, training, optimization, managed services, and support and maintenance. The pre-sales support, provided by Cisco Systems, includes a product demo, SRS, and proof of concepts. Cisco Systems’ post-sales support services include technical support, security support, sales support, and customer support. Cisco Systems enhances the protection of critical information and public through the periodical launch of public safety and security solutions.
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Honeywell (US) is another top player in the Public safety and security market. Honeywell is one of the leading players in the field of access control, security management, and automation systems. The company has succeeded in the physical security solutions market due to its strong image of the affordability of services and quality functionality of its products. The company invests significantly in R&D to drive profitable growth and optimize the manufacturing capability. It aims to design equipment that enhances the safety, performance, and durability of its products. This factor contributes to the company’s success in the public safety and security solutions market. The company has adopted a mix of organic and inorganic growth strategies for enhancing its position in the physical security market. The company focuses on the development of innovative, flexible products, and partnerships to meet the needs of its customers worldwide. For instance, in June 2020, Honeywell announced the launch of Honeywell Forge Cybersecurity Suite and in May 2020, Honeywell launched an AI-driven temperature monitoring solution
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