Public Safety and Security Market to Witness Sustained Growth amid Rise in Crime Rates, and Favorable Government Initiatives

August 2022

National security and public safety are among the major priorities for government authorities around the world. The recent pandemic has further reiterated the fact that preparation and response time is highly critical in life-threatening situations such as natural disasters, and human-made catastrophes, to ensure overall public safety and security. Therefore, world leaders are now implementing various initiatives to enhance public safety and security, including investments in infrastructure and technologies. This in turn is driving the growth of the public safety and security market. Another major factor that is projected to increase market growth is the global rise in cybercrime rates.

Furthermore, the rise in smart city initiatives worldwide is also expected to drive the public safety and security market, as these solutions enable the deployment of advanced security solutions to enhance public safety. The cumulative force of these factors is projected to strengthen revenue generation across the market. A Fairfield Market Research report predicts the growth trajectory for the market. Valued at US$361.2 Bn in 2019, the market is set to reach US$713.4 Bn in revenue by 2026. The market is projected to witness a healthy growth of 10.6% CAGR during the forecast period (2021 and 2026).

Key Trends Across Public Safety and Security Market

  • Based on verticals, critical infrastructure security is expected to gain significant traction, generating a whopping US$84, 366.2 Mn by 2026

  • Rising demand for modern security solutions coupled with an increase in data breaches fuel the public safety and security market growth

  • North America to emerge as a key player, contributing US$107, 828.3 Mn to the global market

Growing Incidents of Identity Theft Unlocks Revenue Opportunities for Public Safety and Security Market

In this age of digitization, the personal information of individuals gets stored on hundreds of servers online. These practices in turn have significantly increased the risk of identity theft. As per Federal Trade Commission (FTC), identity fraud instances rose by 45% in 2020, resulting in hefty financial losses to both individuals and entire nations. Such alarming statistics have led to a growing emphasis on public safety and security measures. Noticeably, with the development of sophisticated technologies such as AI, IoT, and biometrics, the risk of cybersecurity threats including identity theft will further intensify. Such a scenario is in turn projected to facilitate the robust expansion of the global public safety and security market in the upcoming years.

North America to Maintain Market Lead, Asia Pacific Market to Record Highest Growth

North America’s public safety and security market is anticipated to fortify itself as a key regional player. In recent years, the region has witnessed an alarming rise in the cybersecurity incidents. However, the advanced technological infrastructure in the region is enabling it to develop and adopt innovative security solutions. In addition to this, the strong presence of key players has created a healthy competitive environment, driving innovation in security solutions. Such developments are in turn stimulating growth across North America’s public safety and security market. Additionally, the local government has allocated a significant portion of its financial budget to public safety and security measures. On the other hand, the market in Asia Pacific is predicted to be the fastest growing one due to rising cybersecurity concerns across major economies.

Prominent Market Players

Some of the leading players in the public safety and security market report include IBM, NEC Technologies India Private Limited, Cisco Systems, Honeywell International Inc., Thales Group, Nokia, AGT Group GmbH, Huawei Technologies Co., General Dynamics Corporation, and Motorola Solutions.