Public and Personal Safety Market – Importance
In the current world, the crime rates have increased dramatically. Resultantly, the demand for safety is on an all-time high. Safety can be basically described as a physical state wherein an individual is completely safe from physical or mental harm of any manner. Recently, the crime rates have shot up like anything, people are concerned about the well-being of themselves and their near and dear ones. But there have been efforts made to curb such threats and dangers. And these efforts have taken the shape as the global public and personal safety market. This market has been gaining a lot of impetus lately.
It can be described as a set of various safety measures that can provide an individual safety against all kinds of situations. The circumstances may include, physical attacks like acts of violence, theft, verbal threats and many others.
Public and personal safety has two major aspects. Personal safety can be explained as liberation from physical abuse and threats of physical harm. On the other hand, public safety concerns protecting the masses. All in all, this industry has been attracting a lot of attention in recent times and will continue to do so in future as well.
Looking at the current instances of attacks and acts of violence, it can be positively concluded that the global public and personal safety market will grow by leaps and bounds in the coming years. During the forecast period of 2018-2022, the market is expected to reach a staggering value of above USD 517.78 billion. When it comes to CAGR, the market is expected to tread forward at the rate of 12.45%.
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There are a lot of factors that contribute towards the growth and development of this market. One of the major factors happens to be the sudden surge in criminal activities across the globe. Terrorism is spreading its wings which is why more and more people are choosing some or the other method of safety. This is a key growth factor for this market.
Apart from that, rise in natural disasters and cross border terrorism further foster the development of the industry. There are also minor additional factors like the upsurge in the need for security measures, the higher need for strict government policies & regulations.
However, the market can be hindered by certain restraints like shortage of skilled personnel in this field. But with time and progression, the market will get over such minor issues.
The worldwide Public and Personal Safety Market has been divided into four equal parts – end users, geographies, solutions and services.
On the basis of end users, the market has been separated into government, BFSI, Retail and commercial & residential.
Region-wise, the market has its reach across various areas like Europe, Asia Pacific, Americas and Rest of the World.
On account of solutions, the industry can be segmented into biometric security and authentication systems, emergency and disaster management, critical communication network, surveillance system, personal safety and general alarms, C2/C4ISR and scanning and screening systems.
Lastly based on services, the market is bifurcated into managed services and professional services.
One of the most important innovations that hit the market recently was the introduction of mobile public safety. This technology has helped in keeping individuals safe while they are on the go.
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Key Players & Growth Strategies
Some of the most renowned names of this industry can be listed as Alcatel-Lucent, Tyler Technologies Inc., ESRI, LM Ericsson and Honeywell International. The major strategies used by these players are strategic expansion and novel product development.
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