The steadfast growth of global economy in recent years has encouraged new urban and rural infrastructure development efforts in various parts of the world. The onset of smart city concept can be liked with these development agendas primarily to tackle many of the third-world issues with public safety being one of the top-priorities. Many of the fast-developing countries in Asia, Latin America and the Middle-East are making heavy investments in smart city concepts, which has also led to an increased sales of public safety solutions and systems. The market size for public safety solutions for smart cities is expected to surpass USD 299 Bn by the year 2023.
With urbanization growing at a global scale and growing adoption of advanced technology, the market for Public Safety Solutions is expected to witness significant impact leading to exponential growth during the coming years. The global public safety solutions market, which valued USD 60.2 billion in 2016, is expected to exhibit a highly promising CAGR of 24.8% during the forecast period of 2017 to 2023, and reach an evaluation of USD 299.36 billion by the end of 2023.
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Major Key Players:
Cisco Systems, Inc. (U.S.),
NEC Corporation (Japan),
Thales Corporation (France),
International Business Machines Corporation (U.S.),
Honeywell International Inc. (U.S.),
Huawei Technologies (China),
Northrop German Corporation (U.S.),
Alcatel-Lucent (France), Harris Corporation (U.S.), and Motorola Solutions Inc. (U.S.).
According to MRFR, The global Public Safety Solution For Smart City Market is expected to grow approximately at USD 336 Billion by 2022, approx.11% of CAGR between 2016 and 2022.
The global public safety solution for smart city market is segmented on the basis of solution, service, application, and region. By solution, the market is segmented into the critical communication network, biometric security and authentication system, emergency and disaster management, backup & recovery system, public address & general alarm and surveillance systems. the critical communication network segment accounts for the largest share of the total market due to its extensive use in control mission-critical field communications traffic. The strong need for reliable connectivity between first responders and various agencies for seamless collaboration is driving the segment’s growth. However, the surveillance segment is expected to grow at the highest CAGR of 27.5% during the forecast period due to the innovation in live streaming videos and camera surveillance.
By services, the market is segmented into professional service and managed service. Presently, the professional services segment dominates the market with a majority share due to the increasing demand for IoT which has led to the enhancement of the segment. Use of professional services in smart cities for intelligent lighting control, wireless positive train control, intelligent bus route monitoring and other solutions make it vital to the growth of the global market. Meanwhile, the managed services segment is expected to grow at the highest CAGR of 26.3% during the forecast period.
North America, led by the U.S, accounts for the largest share of the global public safety solutions for smart city market. The technical advancements and rapid adoption of the latest in security solution in the region drives the market. Terrorist attacks and threats made to the region over the last few decades have prompted agencies to increasingly adopt cloud-based systems and IoT in an effort to increase the strength of security. The U.S which leads the market, valued at USD 15.74 billion in 2016.
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- Investors and consultants
- System Integrators
- Government Organizations
- Research/Consultancy firms
- Technology solution providers
- Global infrastructure suppliers
- Communications component providers
- Smart grid and energy management companies
- Big data, analytics, and information processing companies
- Telecom Service Providers.
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