In its latest Global Public Safety and Security Market report, NK Wood Research projects the market to grow from $234.57 billion in 2016 to $537.20 billion by 2024.
The growth will occur at a compound annual growth rate (CAGR) of 10.91% between 2016 and 2024.
According to the report’s findings people and enterprises face continuous threats from cyber criminals, natural disasters, and terrorist attacks, which has boosted demand for public safety and security products and services globally. Governments are contributing to the growth in demand for these goods and services.
The global public safety and security market is segmented by products/solutions, services, verticals, and geographical regions.
The solutions market is sub-segmented into critical communication networks, surveillance systems, biometric security, authentication systems, scanning and screening systems, C2/C4isr systems, emergency and disaster management, backup and recovery systems, public address and general alarms, and cyber security.
Critical communication networks holds largest market share in the global public safety and security market and is expected to continue to be the biggest market over the forecast period. However the emergency and disaster management market is anticipated to grow at the fastest CAGR to 2024.
The report splits the market regionally into North America, Europe, Asia-Pacific, and rest of world (ROW). North America was the highest revenue-generating region in 2016, due to spending on defence, compared with other countries.
The report anticipates that the riot control equipment market will grow in the US, following the rise in the number of cases of violent related crimes in North America, especially US. This is partly due to availability of guns and rise in violence among street gangs.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Japan has been the site of some of the worst natural disasters of the 21st century, a phenomenon that has led to the growth of the public safety and security market in the region.
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