The global Public Safety and Security market size is expected to grow from USD 433.6 billion in 2022 to USD 707.2 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 10.3% from 2022 to 2027. The public safety refers to the publics safety, security, and welfare. Public safety and security is a top priority of governments all over the world. The role of public safety professionals is to prevent danger and protect the wellbeing of citizens, communities, and organizations against cyber threats, terrorism, frauds, criminal activities, natural calamities, national and international terrorism, and other emergencies disaster situations.
Factors such as Rising instances of terrorist activities and security, Need for security training and awareness, Increasing law enforcement requirements for public safety amid COVID-19 to boost the growth of Public Safety and Security market across the globe during the forecast period. Moreover, Growing trend of IoT in public safety will also help the vendor to boost the public safety and security market.
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The services segment to grow at a higher cagr during the forecast period
The component segment of the public safety and security market includes the solutions and services required to safeguard the public and public infrastructure. Service providers offer these components to end users as a combined package of solutions and associated services or individually. The public safety services sector constantly looks for new and better ways to protect cities, infrastructure, businesses, and citizens. The public safety and security market has been segmented into managed services and professional services based on services. The managed services segment has been further segmented into Managed Security Services (MSS) and managed network services. The professional services segment has been segmented into design and consulting, installation and integration, support and maintenance, and training and education.
Cisco (US), Honeywell (US), Motorola Solutions (US), IBM (US), NEC (Japan), Siemens (Germany), Thales (France), Ericsson (Sweden), Huawei (China), Tyco (Johnson Control) (Irland), Aros (France), Hexagon AB (Sweden), Idemia (France), General Dynamics (US), ESRI (US), L3HRRIS Technology (US), Alcatel Lucent Enterprise (France), BAE systems (UK), Verint Systems (US), Haystacks (US), Elbit systems (Israel), Teltronic (Spain), AGT International (Germany), Rave Mobile Safety (US), NICE (Israel), Fotokite (Switzerland), Scadafence (US), TVIlight (Netherland), Briefcam (US), Openpath (US), SmartCone Technologies (Canada). 3XLogic (US), Cityshob (Israel), SavYU(Israel), Onsolve (US).
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These players have adopted various growth strategies, such as partnerships, agreements and collaborations, new product launches and product enhancements, and acquisitions, to expand their presence in the Public Safety and Security market. Partnerships, agreements and collaborations, and new product launches have been the most adopted strategies by the major players from 2019 to 2022 to innovate their offerings and broaden their customer base.
Cisco is an American multinational company that develops and sells software, networking hardware, telecom equipment, and high technology services and products. Its technological solutions are Cisco Networking, Cisco Security, Cisco IoT, and Cisco Data Center. The company designs manufactures, verifies, and sells integrated products and services. Cisco Systems offers a wide variety of products related to public safety and security, categorized into two groups: Cybersecurity, and Connected Safety and Security. The Cybersecurity category contains products for network security, email security, secure access, and Advanced Malware Protection (AMP). The Connected Safety and Security category has products required for video surveillance, platforms, IP cameras, access controls, and incident response. Its extensive product offerings for physical security comprises video surveillance software, platforms, IP cameras, access control, and incident response. It is among the top physical security companies due to its constant investment in R&D, enabling innovations in the form of high-quality products and services. Its service offerings include technical support and advanced services. With more than 75,900 employees, Cisco caters to a wide customer base, ranging from SMEs to service providers, across industry verticals, such as automotive, FMCG, energy, education, BFSI, government, healthcare, manufacturing, mining, retail, hospitality, transportation, sports, and entertainment. The company has its presence globally in North America, Europe, Asia Pacific, Middle East, and Latin America.
Honeywell offers intrusion, access control, and video surveillance products and systems. The company’s business is divided into four segments—the Aerospace segment offers products and services for aircraft manufacturers; the Home and Building Technologies segment provides access control, video surveillance, fire products, remote patient monitoring systems, as well as installation, maintenance, and upgrading of systems; the Performance Materials and Technologies segment is involved in developing and manufacturing advanced materials, process technologies, and automation solutions; and the Safety and Productivity Solutions segment offers products, software, and connected solutions to customers for improving productivity, workplace safety, and asset performance. It offers intrusion products such as Lyric security and home control systems, control panels, keypads, expansion modules and accessories, wireless products, alarm communications and total connect sensors, and life safety kits. Its video surveillance product offerings include cameras, encoders, analog components, recording devices, hosted video services, systems and system accessories, intelligent analytics solutions, and video surveillance product matrix. It has more than 100,000 employees present at approximately 46,000 locations in the US. Honeywell caters to a large customer base present in the Americas, Asia Pacific, Europe, and Middle East.
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