Market Research Future (MRFR) has published a research report about the global public safety solution for smart city market that calculates a massive hike for this market at 24.8% CAGR between 2017 and 2023. By value, the market has been figured to be worth the US $ 299 bn by the end of the forecast period.
The worldwide economic growth picking up pace, new urban as well as rural infrastructure development efforts are shaping up all over the world. One of the top priorities in the development agenda is to facilitate the growth of smart cities and to tackle many of the third-world issues regarding public safety.
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.
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.
The global market of public safety solution for smart city market growth 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.
The Asia Pacific region has been inferred to grow significantly as a market due to rapid urbanization in countries like China and India, growing industrialization, and initiation of various smart city projects. Other momentous country-specific markets in this region are Japan and South Korea, followed by the remaining countries of the Asia Pacific region.
Europe is another salient regional market due to the reasons that are the same as in North America. The vital country-specific markets in this region are France, Germany, Italy, and the UK, followed by the remaining countries of Europe.
The RoW segment covers the countries of Latin America and the Middle East & Africa (MEA) region. In Latin America, the market is sizable but not as great as North America because Latin America is yet to achieve the level of technological advancement that North America has already achieved. The most powerful economies in this region that can become significant markets are Argentina and Brazil. In the MEA region, market growth is slow due to the limited availability of advanced technology.
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.