Over the recent past, climate change has caused disastrous hurricanes, wildfires, blizzards, and other extreme weather conditions. The number of human-made calamities, such as chemical spills and nuclear contamination, is also increasing alarmingly. The growing number of public emergencies is creating a huge demand for advanced public safety and security infrastructures. This is one of the primary factors behind the paced growth across the global public safety and security market. During the forecast period, owing to the growing increase in cyberattacks, key market players are set to ramp up investments to build resilient cyber systems. In the coming years, these factors are collaboratively expected to create sound business possibilities across the public safety and security market.

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Fairfield Market Research notes that the global public safety and security market is poised to reach a total market valuation of US$713,459 Mn by 2026. This growth will occur at a healthy CAGR of 10.6%. Since the market was valued at US$361,234.0 Mn in 2019, the projected market value is a strong indicator of the promising growth opportunities residing in the public safety and security market.

Rising Volume of Cyberattacks to Give Way to High-Value Business Opportunities

In the past few years, both public and private organizations around the world have undergone extensive digital transformation. The amount of data being uploaded to the internet is increasing. Furthermore, individuals are sharing more and more information including personal details and financial information. The rapidly increasing connection between the physical and virtual world has attracted the interest of hackers and cybercriminals. Data breaches, blackouts, ransomware attacks, and identity theft have been showcasing a sharp increase. Against this backdrop, cybersecurity is being given paramount importance in virtually all the sectors of emerging and leading economies. As a result, over the projection period, governments, private organisations, and even consumers are poised to embrace sophisticated cybersecurity solutions. Such developments are anticipated to provide significant growth prospects to the global public safety and security market.

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North America to Sustain Market Dominance Amidst Soaring Cyberattacks and Natural Calamities

North America is predicted to dominate the public safety and security market owing to rising cyberattacks, data breaches, and identity frauds. The region is particularly susceptible to identity theft which accounted for a daunting USD 56 billion worth of financial losses in 2021. Other than cybersecurity, the region is also facing severe hurricanes and blizzards due to climate change. Government authorities are acknowledging such risks by increasing investments to curtail future losses and contain emergencies. Further, North America is home to some of the leading players in the public safety and security market. This has transformed it into a global hub of new innovations and MA endeavours that occur in the public safety and security market. Consequently, in the coming years, all these growth drivers are expected to enable North America to sustain its lead in the public safety and security market.

Key Market Players

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

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