The report "Public Safety and Security Market by Solution, Service, Vertical (Homeland Security, Emergency Services, Manufacturing, and Others), and Region (North America, Europe, Asia Pacific, Middle East and Africa and Latin America) - Global Forecast to 2020", The public safety and security market size is estimated to grow from USD 220.82 Billion in 2015 to USD 370.64 Billion by 2020, at an estimated Compound Annual Growth Rate (CAGR) of 10.9% from 2015 to 2020.
Public safety and security solutions offer effective measures to ensure the safety of citizens, organizations, and critical infrastructure against threats such as terrorist attacks, illegal arms and drugs trafficking, and illegal immigrations. Modernizing public safety policies and regulations across the globe is driving the market; hence, it is expected to gain traction in the next 5 years.
Increasing rate of natural disasters in Asia-Pacific (APAC) will drive the public safety and security market
The major forces driving the public safety and security market are rise in the rate of natural disasters in APAC, modernizing policies and regulations, and increasing need for security in critical infrastructure and utilities. According to reports published by UN Economic and Social Commission for Asia and the Pacific (ESCAP), approximately half of the world’s 226 natural disasters occurred in the APAC region in 2014 amounting a loss of USD 60 billion. As a reason, nations are collaborating to strengthen the regional cooperation in addressing cross-border disaster management by deploying critical communication network infrastructure, geospatial tools, and emergency management systems. Furthermore, increasing concerns over public safety and security have invited a fair deal of discussions and attention at the international forum. Countries around the world are realizing the importance of disaster and emergency management systems, crisis management, and public warning systems as natural disasters, criminal attacks, terrorist attacks, and cyber-attacks can impact the progress and development of a particular economy. Thus, governments are focusing more on renewing and upgrading regulations and standards for public safety.
Emergency and disaster management is expected to play a key role in the public safety and security market
The report defines and segments the global public safety and security market on the basis of solution, service, vertical, and region along with providing an in-depth analysis and market size estimations. The critical communication network for public safety and security is expected to contribute the largest market share; whereas, emergency and disaster management will play a key role in changing the public safety and security landscape during the forecast period.
Homeland security vertical contributes the maximum market share
Homeland security vertical is expected to contribute the largest market share in the public safety and security market. Verticals such as emergency services will be a key growing vertical during the forecast period. The report also covers the total public safety and security market by geographic regions. North America is expected to have the largest market share; however, APAC will grow with the highest CAGR from 2015 to 2020.
The scope of the report covers detailed information regarding the major factors influencing the growth of the public safety and security market such as drivers, restraints, opportunities, and challenges. A detailed analysis of the key industry players has been done to provide insights into their business overview, products and services, key strategies, new product launches, mergers and acquisitions, partnerships, agreements, collaborations, and recent developments associated with the public safety and security market.
Some of the major vendors in the public safety and security market are
- AGT International
- Northrop Grumman
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