Global public safety and security market report is segmented by solutions (critical communication network, C2/C4ISR system, biometric security and authentication system, surveillance system, scanning and screening system, emergency & disaster management, cyber security, public address and general alarm (PA/GA), backup and recovery system) by service (managed services, professional services) by vertical (homeland security, emergency services, manufacturing) & by geography.
The global public safety and security market is estimated to grow from $ 234.57 billion in 2016 to $ 537.20 billion by 2024, with a CAGR of 10.91% between 2017 and 2024. The base year considered is 2016 and the forecast period is 2017-2024. Citizens and enterprises face continuous threats from cyber criminals, natural disasters, and terrorist attacks. This has increased the demand for public safety and security solutions across the world. Additionally, governments from across the globe have proactively boosted the use of public safety and security products and services.
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The global security market is segmented based on the solution, service, vertical, emergency services and manufacturing. The solution market is further sub-segmented as a critical communication network, surveillance system, biometric security, and authentication system, scanning and screening system, C2/C4isr system, emergency and disaster management, backup and recovery system, public address and general alarm, and cyber security. It is also segmented by service on the basis of Managed service, security service, professional service, design and consulting, installation and integration and support and maintenance and training and education. The market is also segmented by vertical on the basis of homeland security, law enforcement agencies, border control, public transportation security and critical infrastructure security. Also, the market is segmented by manufacturing on the basis of energy and chemicals, automotive & logistics and other manufacturing segments.
Geographically the market is bifurcated into North America, Europe, Asia-Pacific, and Rest of World (ROW). North America is the highest revenue-generating region in 2016. It has been observed that United States spends more on defense when compared to next seven countries and hence it is likely that in coming future that riot control equipment market will grow in the US. There has been a rise in the number of cases of violent related crimes in North America, especially US. This can be due to easy availability of guns and rise in violence among street gangs of United States. Also, Asia Pacific is expected to grow at the highest CAGR during the forecast period. Japan is one of the countries most affected by natural disasters. Japan has also been the site of some of the 10 worst natural disasters of the 21st century which have been a driving force for growth in public safety and security market in this region.
International Business Machine (IBM) Corporation, Cisco Systems, Inc., Thales Group, Honeywell International Inc., NEC Corporation, Huawei Technologies are some of the major players in public safety & security market. Thales group is one of the leading players in the security market and putting efforts to develop integrated solutions and services to protect countries, cities, critical infrastructure, and cyberspace.
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