Public Safety Solution for Smart City Market Highlights, Key Findings, Major Companies Analysis and Forecast to 2027
The fourth revolution has resulted in rapid globalization, which has created extensive job opportunities. As a result, an upsurge in urban migration has been observed. Hence, urbanization and increase in industrial activities are major factors that are observed to underpin the expansion of the global public safety solution for smart city market.
The rise in the demand for Internet of Things, artificial intelligence, and other technologies, and their active adoption across different verticals is enabling enterprises to deliver better professional safety solutions for the safety of the public in smart cities.
The surging application of the smart city concept is expected to promote the development of the market in the near future. Reports that conveys an understanding of the information and communication technology industry has been presented by Market Research Future, which creates reports on industry verticals that judge the market progress and options for growth. The market shows the latent to gain USD 299 billion by the year 2023 in its revenues.
The urbanization rates have peaked around the world with more cities trying to deal with the influx of residents by using smart city concepts to deal with overcrowding problems while improving the lives of citizens. Thus, the use of public safety solutions for a smart city to improve safety measures is expected to gain impetus in the coming years. Moreover, the need to carry out efficient management of resources is expected to define the development in the market for public safety solution for smart city in the approaching period.
Public safety solutions are deployed for public transportation, disaster management, critical infrastructure security, and medical emergency services. In addition, transit agencies are also making a deliberate effort to incorporate IoT in the transportation security models, in order to simplify metro cities conveyance. These factors are anticipated to strengthen the base for the global market of public safety solutions for smart cities. In addition, the hike in the per capita income is expected to bolster the market growth.
On the contrary, the high price of such solutions and the lack of trained personnel for execution of such services are expected to be some of the major constraints on the rapidly expanding global public safety solutions for smart cities market in the coming years.
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Regionally, the public safety solution for smart city market growth pattern has been studied in Asia Pacific, North America, Europe, and Rest-of-the-World (RoW). The market in North America is expected to retain its superior position in the global market due to continuous technical upgradations and the high rate of adoption of cloud technology and Internet of Things. The United States is expected to lead in the North America market and is expected to generate a revenue of around USD 15,746.5 million by the end of the forecast period. The Asia Pacific market is anticipated to gain high traction across the review period. The fast-paced expansion of the APAC market can be attributed to the rapid urbanization, developing smart city concept, and increase in industrialization activities.
The global market of public safety solution for smart city market has been segmented on the basis of services, solution, and application.
By solution, the global public safety solution for smart city market has been segmented into critical communication network, biometric security & authentication system, backup & recovery system, public address & general alarm, and surveillance system. The critical communication network segment is anticipated to expand at 25.7% CAGR by 2023.
By services, the global public safety solution for smart city market has been segmented into professional service and managed service. The managed service segment is likely to thrive at a CAGR of 26.3% by the end of the forecast period.
By application, the global public safety solution for smart city market has been segmented into public transportation security, disaster management, critical infrastructure security, medical emergency service, law enforcement, firefighting services, and intelligence agencies. The public transportation security to expand at 26.2% of CAGR over the assessment period.
Harris Corporation (U.S.), NEC Corporation (Japan), Cisco Systems, Inc. (U.S.), International Business Machines Corporation (U.S.), Thales Corporation (France), Huawei Technologies (China), Honeywell International Inc. (U.S.), Alcatel-Lucent (France), Northrop German Corporation (U.S.), and Motorola Solutions Inc. (U.S.) are major key player of the public safety solutions for smart cities market that are likely to contribute significantly to its health. An in-depth knowledge of the market aids in understanding the growth opportunities of the market.
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