Increasing risk factor that accompanies with the growing ubiquity of security breaches, and rising threat of identity-related frauds predominantly drive the growth of public safety and security market as suggested by the latest published report of Fairfield Market Research. The report further highlights the fact that COVID-19 pandemic has played out as a booster to market expansion as there has been a reported increase in ID theft instances in 2020 and 2021. Estimated to demonstrate more than 10.6% growth over 2021 – 2026, global public safety and security market is all set to reach the revenue of US$713,459 Mn toward the end of forecast period.
Public Safety and Security Services Remain Sought-after
An explosive growth in the number of cyberattacks, especially identity thefts are expected to drive public safety and security market ahead. While national security, and public safety remain the top priorities of governments, the role of governments in shaping the market for public safety and security will be instrumental. In terms of component, the report considers public safety solutions and services as the key market segments. Among these, demand for services is likely to remain dominant throughout the period of projection. Managed services are further expected to gain prominence over professional services, indicates the report.
Market Players to Spot an Opportunity in the Rise of Big Data Analytics in Public Safety and Security
Advent of technology has been shaping several new markets and one of the breakthrough tech innovations has been that of the connected technology. As connected devices tend to generate an exorbitant amount of information, the same information can also be used to obtain actionable insights for protection of critical infrastructure from attacks. Here is when big data analytics aids in the analysis of massive amounts of structured, as well as unstructured data generated from a range of security devices. Growing interest of the various public safety organisations, and security offices in this technology aid will largely favour the growth of public safety and security market.
North America Continues to Surge Ahead, Demand for Public Safety and Security Solutions Upbeat in Asia Pacific
North America has been the highest affected region in terms of the number of cybersecurity incidents. The region is likely to generate the maximum demand for public safety and security solutions and services, experiencing nearly 10% growth in revenue through 2026. The market here also benefits from faster cyber technology adoption, and infrastructure. On the other hand, the market in Asia Pacific is slated to exhibit the fastest growth, led by the key Asian markets like India, China, Singapore, and Japan. Deepening Internet penetration, expanding smartphone user base, and compliance regulation will collectively uphold public safety and security market growth in the region. High initial investments may however remain the longstanding challenge facing adoption dynamics across the Asian subcontinent.
Leading Market Players
The report covers some of the significant players under its competitive analysis section to reveal some exclusive insights into the strategic and financial profiles of leading companies. A few of the profiled names include Cisco Systems, NEC Technologies India Private Limited, IBM, Thales Group, AGT Group GmbH, Honeywell International Inc., Nokia, Huawei Technologies Co., Motorola Solutions, and General Dynamics Corporation.