Public Safety Solutions For Smart City Market To Achieve Revenues Worth USD 923 Billion By 2032

Market Research Future Published a Cooked Research Report on Global Public Safety Solution For Smart City Market Research Report.

Public safety solutions for smart city are one of the developing technology trends that convert the data collected from diverse sources to a sole centralized entity to permit an accurate and quick response for emergency situations and avert untoward activities in cities. The combination of government and volunteer resources for public safety can considerably raise the accuracy of future response efforts, which is essential to the development of smart cities around the world. The growing acceptance of cloud-based technologies is a critical factor in the further growth of the public safety solutions in smart cities.

The market is projected to achieve revenues worth USD 923 billion while expanding with a CAGR of 14.1% in the duration of the forecast from 2022 to 2032. Urbanization and globalization are one of the principal factors which are driving the market of public safety solutions for smart city. Industry growth and job creation in metros have directly influenced the demand for the public safety solutions in the past few years. Moreover, the developing demand in the internet of things (IoT) has led to enhancements in the professional services for public safety solutions in smart cities. Public safety solutions are being implemented globally for application in critical infrastructure security, public transportation security, medical emergency services, and disaster management. Additionally, smart cities and transit agencies have joined forces to deploy IoT in transportation security models to simplify proper commutation in metros, thereby spurring market expansion.

Rising disposable income and high per capita income levels are also adding significantly to the expansion of the market. The scarcity of security personnel is also a key factor motivating the development of the market for public safety solutions in the forecast period.

Segmental Analysis

The public safety solution for smart city market is segmented on the basis of services, solution, and application. The solution, based segment of the market is segmented into biometric security and authentication system, critical communication network, emergency and disaster management, public address and general alarm, backup and recovery system, and surveillance system. By solution, critical communication network segment is dominating the market with a 25.7 percent CAGR. The service based segment of the market is segmented into managed services and professional services. Managed service is the fastest growing segment with a 26.3% CAGR. The application segment of the market includes critical infrastructure security, public transportation security, disaster management, firefighting services, medical emergency service, law enforcement and intelligence agencies and others. The public transportation security is the leading segment with a CAGR of 26.2 percent.

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Detailed Regional Analysis

The regional market for the public safety solution for smart city market is segmented into Europe, North America, Asia Pacific, and the Rest of the World. The North American region is controlling the public safety solution for smart city market shadowed by the European, and Asia Pacific region. The key growth in public safety solution for smart city market in North America is credited to the technical developments and mounting adoption of cloud technology and internet of things in the region. The U.S. is the chief public safety solution for smart city market in the region and has produced revenues worth USD 15,746.5 million in 2016. The Asia Pacific region is estimated to stay among the few optimistic spots in the market for the duration of the forecast period. Speedy urbanization linked with smart city projects and industrialization is anticipated to back the development of the market in APAC region.

Competitive Analysis

The public safety solution for smart city market is characterized by the existence of several regional, global, and local vendors. Rising urbanization and globalization are important factors that support the market’s growth. The vendors contest based on service quality, cost, reliability, and aftermarket service. It is imperative for the vendors to deliver reliable, cost-efficient, and stringent security standards, in order to endure and prosper in an extremely competitive market environment. The development of the market vendors is reliant on government support, market conditions, and industry development. Thus, the vendors should emphasize on increasing geographical spread and refining services. The significant players present in the market include Northrop German Corporation (U.S.), NEC Corporation (Japan), Honeywell International Inc. (U.S.), International Business Machines Corporation (U.S.), Thales Corporation (France), Harris Corporation (U.S.), Huawei Technologies (China), Cisco Systems, Inc. (U.S.), Alcatel-Lucent (France), and Motorola Solutions Inc. (U.S.) among others.