Public Safety Solution for Smart City Market Worth USD 923.58 Billion at a 14.76% CAGR by 2030 - Report by Market Research Future (MRFR)
Increasing Demands and Use of Technology and Its Advancements Boost Public Safety Solution for Smart City Sector
New York, US, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Public Safety Solution for Smart City Market, By Solution, Application, Services, and Region- Forecast Till 2030”, the global market for public safety solutions for a smart city is expected to grow substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 14.76% to reach an estimated USD 923.58 Billion by the end of 2030.
Global Public Safety Solution for Smart City Market Overview:
The global market for public safety solutions for the smart city has increased in the last few years. The main parameter supporting the market's growth is the growing demands and application of technology and its developments. The developed cities with modern technology developments are utilizing IoT platforms. It assists them in maintaining and supervising infrastructural advancements such as traffic, parking, air, water, and other similar things.
Public Safety Solution for Smart City Market Competitive Analysis
The catalog for leading participants across the global market for public safety solutions for the smart city includes companies such as:
- Ericsson Inc
- Harris Corporation
- NEC Corporation
- IBM Corporation
- Thales Corporation
- Cisco Systems Inc
- Northrop German Corporations
- Schneider Electric SE
- Motorola Solutions Inc
- Honeywell International Inc
- ABB Limited
- Emerson Electric Co
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Moreover, rapid globalization across the globe will likely cause a smart city's global market for public safety solutions to record substantial growth over the coming years. Unquestionably, these growing advancements will boost the demands of developing assets and infrastructures.
Public Safety Solution for Smart City Market USP Covered
Public Safety Solution for Smart City Market Drivers
The global market for public safety solutions for the smart city has recorded immense growth in the last few years, given mainly to the growing demands for public safety and developments in infrastructures. Furthermore, the aspects such as increasing globalization & urbanization, lack of skilled security employees, and growing environmental apprehensions & needs are also predicted to influence the market's growth over the coming years.
Public Safety Solution for Smart City Market Report Scope:
|Market Size by 2030||USD 923.58 Billion|
|CAGR during 2022-2030||14.76%|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Key Market Opportunities||Public Safety Solutions for Smart City Market Opportunities.|
|Key Market Drivers||The main drivers of the growing market are the increasing demands for public safety and developments in infrastructures.|
Public Safety Solution for Smart City Market Restraints
On the other hand, the hurdles such as the legacy systems, chief concern regarding privacy & security, and lack of funding & investments are predicted to restrict the market's growth.
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Public Safety Solution for Smart City Market Segment Analysis
Among all the components, the hardware segment is predicted to secure the top position across the global market for public safety solutions for the smart city over the assessment era. The segment's growth is credited mainly to the developments across several safe city hardware solutions, such as communication systems, CCTV, servers, Global Positioning Systems (GPS), Internet of Things (IoT) modules, and smart lights, among others, control room devices. Organizations across the globe are concentrating on several business strategies, like acquisitions and mergers, to enhance their product offerings and raise their customer base. On the contrary, the service segment is anticipated to exhibit the maximum CAGR over the review era. The segment provides several advantages like complete aftersales services, customized solutions, flexible payment services, and easy installation. the growth of the segment is credited primarily to the numerous governments switching to safe city solution services.
Among all the technologies, the video surveillance and analytics segment are anticipated to secure the top position across the global market for public safety solutions for the smart city over the coming years. as the global population rises across the main cities across the world, city police authorities are implementing advanced video surveillance systems for crowd and traffic management. Growing video surveillance and analytics technology suppliers are making players invest in R&D for advancements to raise their brand identity and sustain in this highly competitive area. On the other hand, the Emergency Management System (EMS) segment is likely to record the maximum growth rate over the review era.
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Public Safety Solution for Smart City Market Regional Analysis
The global market for public safety solutions for a smart city is analyzed across five major regions: North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America.
According to the research reports by MRFR, the North American region is predicted to secure the top position across the global market for [public safety solutions for the smart city over the assessment timeframe. The robust presence of significant public safety solution providers and firm technology development centers across the region are considered the primary aspect was supporting the regional market growth. The region is known to be the early adopter of advanced technologies, which in turn is boosting the growth of the regional market. Given their advanced technologies, Canada and the US markets contribute considerable shares across the region.
The North American public safety solution for the smart city market is projected to retain its dominance throughout the estimated period. Furthermore, the factors such as remarkable digitization and supportive government initiatives for smart cities are also predicted to influence the growth of the regional market over the review era. The region has several leading players, such as Teledyne FLIR Systems, IBM Corp., and Honeywell International Inc., concentrating on improving their product portfolio to remain competitive.
The Asia-Pacific regional market for public safety solutions for a smart city is anticipated to show the maximum growth rate over the coming years. the growth of the regional market is ascribed to the aspects such as growing investment in smart city solutions and rapidly increasing population.
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The world has been through some significant changes given the arrival of the global health crisis in the form of COVID-19, which ended up affecting most industry sectors across the globe. Like all the market sectors, the global market for public safety solutions for the smart city has also faced several unexpected challenges during the pandemic. On the other hand, with the growing acts of thefts and crimes across the globe, the global market is likely to overgrow over the assessment timeframe.
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