Public Safety and Security Market to Reach Over $1,115.3 Billion by 2030

The size of the public safety and security market was at $411 billion in the year 2021, which will reach over $1,115.3 billion by the year 2030, advancing at a growth rate of around 11.7% in the years to come. This is largely ascribed to the rising application of innovative technologies in smart cities, increasing crime rates, increasing cases of disastrous accidents, and the growing count of terrorist activities globally. 

North America's public safety and security market had the largest revenue, of about $160 billion, worldwide in 2021. This is attributed to the existence of numerous vendors and strict government regulations. Additionally, the rise in the usage of smartphones, as well as high internet penetration, and high evolution in the e-commerce industry are other major driving factors. For example, there were approximately 300 million internet users all around the U.S. in the year 2021. 

Conversely, the APAC public safety and security market will register the highest growth, of around 12%, by the end of this decade. This can be credited to the surging acceptance of advanced surveillance systems in numerous region countries. Furthermore, the existence of a large number of mobile internet users also pushes the market's growth. According to the industry experts, China contains approximately 64% of the 1.5 billion mobile internet connections, thus enhancing the requirement for public safety and security solutions. 

Public Safety and Security Market Size Outlook Report 2030

The People's Republic of China is progressively accepting surveillance systems to connect all security cameras in the nation through a cloud, which has a database of every individual’s financial ID and personal details. It assists in the identification of personal details within a few seconds, with about 90% efficacy. Furthermore, 90% of the most monitored cities in the nation, and over 50% of the surveillance cameras globally, are in China. 

Homeland security had the major share of sales, of about 35% of the public safety and security market, in 2021. This is majorly because of the increase in numerous research activities and continuous innovations in the public safety and security industry around the globe. Developed countries are putting numerous efforts to lessen events of terrorist attacks in the future. For example, the federal government spends about $100 billion yearly on homeland security solutions including emergency, state, local law enforcement, and federal services. 

Recently, players in the public safety and security market are involved in mergers & acquisitions to attain a significant position. For example, Honeywell International Inc. in December 2021, publicized the acquisition of US Digital Designs Inc. to develop Honeywell’s business fire and connected life safety business. 

The demand for the public safety and security market is on the rise because of the surging implementation of advanced technologies. 

SOURCE: P&S Intelligence