LONDON, May 23, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the public safety and security market forecasts the market share to grow from $493.7 billion in 2022 to $554.1 billion in 2023, at a compound annual growth rate (CAGR) of more than 12%., Further, the public safety and security market is predicted to expand to $878.0 billion in 2027, at a CAGR of more than 12%. In 2022, North America held the largest share of the public safety and security market.
One significant factor driving the growth of the public safety and security market is the increasing instances of transnational and regional instability. This instability refers to political unrest in neighboring countries, emphasizing the need for safeguarding citizens and infrastructure against threats on a national and international scale.
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Another important driver in the public safety and security market is the rise in criminal activities. Criminal activities involve actions that are prohibited by criminal law, encompassing physical or mental behaviors executed to commit crimes.
For instance, in October 2022, the New York Police Department reported a 16.5% increase in major felony crimes compared to the previous year, resulting in a total of 4,367 arrests for complaints in New York City alone. This upward trend in criminal activities is driving the demand for public safety and security solutions.
Major players in the public safety and security market include Accenture Plc., AGT International, Atos, BAE Systems, Cisco Systems Inc., Elbit Systems, Ericsson, Fotokite, Harris Corporation, Hitachi Ltd.
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The global public safety and security market is segmented as -
1) By Component: Services, Solutions
2) By Solution: Critical Communication Network, Biometric and Authentication System, Surveillance System, Emergency and Disaster Management, Cyber Security, C2/C4ISR Networks, Scanning and Screening System, Public Address and General Alarm, Backup and Recovery System
3) By Services: Professional Services, Managed Services
4) By Vertical: Homeland Security, Emergency Services, Critical Infrastructure Security, Transportation Systems, Other Verticals
The public safety and security market report provides an in-depth analysis of the global public safety and security market, its growth prospects, and key factors influencing its trajectory. It highlights the advancement in the industry and how players are adopting and implementing new solutions to stay relevant. In addition, the report provides information on major players and their business strategies.
Public Safety And Security Global Market Report 2023 by The Business Research Company provides insights on the public safety and security market size, public safety and security market segments, public safety and security market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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