Public Safety and Security Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

Today, countries around the world are grappling with a versatile set of public safety challenges. The evolving trends of hyper-digitalization and globalization have significantly increased the connectivity among governments and the private sector. However, with enhanced connectivity and reliance on digital-first work environments, enterprises are now exposed to a multitude of cybersecurity risks. On the social and environmental front, governments are consistently finding new ways to better respond to human catastrophes, natural disasters, climate change, and socio-political problems. Consequently, there has been an increase in the demand for proactive public safety and security solutions. Due to these factors, the public safety and security market is expected to register novel growth prospects.

According to the publisher, the global public safety and security market is poised to be worth US$713 Bn by 2026. Considering that the market was valued at US$361 Bn in 2019, the expected overall market growth is a strong indicator of the lucrative business opportunities floating in the public safety and security market.

Key Trends and Insights Across Public Safety and Security Market

• During the forecast period, the public safety and security market is set to mature at a healthy CAGR of 10.6%. This favorable compound annual growth rate hints that the market is set to witness positive developments and growth throughout the forecast period.
• By 2026, North America is anticipated to register a value CAGR of 10% in the public safety and security market, cementing its position as the largest market. In this region, government commitments to bolster national security are driving the demand for modern public safety and security solutions.
• Between 2021 to 2026, the demand for cloud-enabled public safety and security solutions is projected to increase exponentially. This is majorly owing to the rising volume, intensity, and sophistication of cyberattacks.

Increase in Data Breaches and Identity Theft to Soar Demand for Cloud Computing and Services

Data breaches have been continually rising across the world. This has necessitated the need to develop resilient cybersecurity strategies that aid in building an impenetrable security net around an organization’s physical and digital assets - this is the foremost growth driver in the public safety and security market. This demand is expected to further augment due to the robust pursuit of digitalization initiatives by the public and private sectors alike. In the coming years, these factors are poised to intensify competition in the public safety and security market which will positively influence product differentiation, innovation, and strategic alliances. The cumulative force of these developments is set to open new gateways of opportunities in the public safety and security market.

North America Sustains Position as Dominant Market, APAC Fastest Growing Regional Market

Sound national support to improve public safety measures, rapidly rising incidents of cyber breaches, and robust adoption of frontier technologies are leading North America’s public safety and security market to the foremost position. On the other hand, APAC is on course to emerge as the fastest growing public safety and security market. This is majorly due to the rise in cybersecurity incidents, the presence of a flourishing IT industry, and promising developments related to digitalization.

Key Market Players

Prominent players present in the global public safety and security market include Honeywell International Inc., Cisco Systems, Thales Group, General Dynamics Corporation, IBM, and Huawei Technologies Co.