Market Highlights
The urbanization rates have peaked around the world with more cities trying to deal with the influx of residents by using smart city concepts to deal with overcrowding problems while improving the lives of citizens. Thus, the use of public safety solutions for a smart city to improve safety measures is expected to gain impetus in the coming years. Moreover, the need to carry out efficient management of resources is expected to define the development in the market for public safety solution for smart city in the approaching period.
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 crucial market driving factor for the global public safety solution for smart city market growth is growing urbanization. Other exigent factors contributing to the market growth include rapid globalization, increase in job creation, the emigration of people to smart cities for job search, industry growth in the metro cities, increasing disposable income, rising demand for internet of things (IoT), and lastly, scarcity of security personnel. However, the high price of such products necessary for public safety for smart cities and lack of skilled workforce for operating public safety services can hinder the market growth.
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Detailed Regional Analysis
The regional evaluation of the public safety solution for smart city market encompasses regions such as Europe, North America, Asia Pacific, and other regions in the world. The North American region is governing the public safety solution for smart city market tracked by the European, and the Asia Pacific region. The significant progress in public safety solution for smart city market in the North American region is attributed to the technological developments and intensifying implementation of cloud technology and the adoption of the internet of things in the region. The U.S. is the leading public safety solution for smart city market in the region and has created incomes worth USD 15,746.5 million in 2016. The APAC region is projected to continue to be among the limited positive spots in the market for the period of the forecast period. Swift urbanization connected with smart city projects and industrialization is projected to support the advance of the market in the APAC region.
Segmentation:
The segment-based insight into the public safety solution for smart city market is conducted on the basis of services, solution, region and application. Based on the solution, the public safety solution for smart city market is segmented into critical communication network, backup and recovery system, biometric security and authentication system, emergency and disaster management, public address and general alarm, and surveillance system. Based on the service, the public safety solution for smart city market is bifurcated into managed services and professional services. Based on the application, the public safety solution for smart city market consists of public transportation security, disaster management, critical infrastructure security, firefighting services, law enforcement and intelligence agencies, medical emergency service, and others. By regions, the public safety solution for smart city market consists of Europe, North America, Asia Pacific, and other regions in the world.
Competitive Analysis
The stabilization of export trends in the international market is expected to further encourage the market’s development in the coming period. The governmental bodies around the world are increasing their contribution to market development. The enhancement of production resources is expected to create a favorable impetus for the advance of the market. The contenders in the market are crafting their strategy in a way that supports optimum profits and resource utilization. The improvement in international trade is expected to further develop the development of the market in the coming years. The amplification in the number of investments is predicted to motivate the market considerably in the coming years. The presence of apt investments or funding is expected to motivate the progress of the global market in the forecast period. The development of more integrated supply channels is anticipated to provide an upper hand to the market contenders in the forthcoming period.
The substantial contenders in the public safety solution for smart city market are NEC Corporation (Japan), Honeywell International Inc. (U.S.), Alcatel-Lucent (France), Harris Corporation (U.S.), Thales Corporation (France), Huawei Technologies (China), Northrop German Corporation (U.S.), Cisco Systems, Inc. (U.S.), International Business Machines Corporation (U.S.), and Motorola Solutions Inc. (U.S.) among others.
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Public Safety Solution for Smart City Market, By Solution (Critical Communication Network, Biometric Security & Authentication System, Emergency & Disaster Management, Backup & Recovery System, Public Address & General Alarm and Surveillance System), By Services (Professional Service and Managed Service), By Application (Public Transportation Security, Critical Infrastructure Security, Disaster Management, Medical Emergency Service, Firefighting Services, Law Enforcement and Intelligence Agencies), By Region – Forecast to 2023
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