- The spike n crime rates is likely to trigger the need for tougher security measures.
- Impending public safety threats amid rising incidence of terrorism and vandalism is likely to drive the IoT For Public Safety Market.
- North America is touted to be the top revenue-getter for the market.
According to Market Research Future (MRFR), the global IoT For Public Safety Market was worth $844.2 million in 2017 and is expected to balloon to $2010.44 million by 2023 at a CAGR of 15.60% over the forecast period (2018-2023).
This can be credited to the emergence of internet of things (IoT) as a viable option for protecting public interests. The spike noticed in crime rates is likely to trigger the need for tougher security measures and IoT can play a significant role thanks to advancements in video surveillance systems.
Impending public safety threats amid rising incidence of terrorism and vandalism is likely to drive the IoT For Public Safety Market demand over the forecast period. Government efforts in creating smart city projects for safeguarding the lives of their citizens can be of benefit the market. Integration of machine learning (ML) and artificial intelligence (AI) in government departments to accumulate intel faster can be a plus for the market in the forthcoming years.
Leading players in the IoT For Public Safety Market Analysis include Hitachi Vantara (U.S.), NEC (Japan), Cisco Systems (U.S.), IBM (U.S.), Nokia Networks (Finland), Sierra Wireless (Canada), Telit (U.K.), West Corporation (U.S.), Microsoft Corporation (U.S.), Intellivision (U.S.), Iskratel (Slovenia), X-Systems (The Netherlands), Tibbo Systems (Taiwan), Star Controls (U.S.), Yardarm Technologies (U.S.), and others. Agreements, partnerships, and new product launches are strategies employed by these players to stay ahead in the market.
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The global IoT For Public Safety Market Analysis is segmented by component, application, and vertical.
By component, the market categorizes into three major segments, namely platform, solution, and services. By application, the market covers disaster management, surveillance & security, critical infrastructure security, and emergency communication and incident management. Verticals deemed vital to the market include smart manufacturing, smart utilities, smart transportation, smart building & home automation, smart healthcare, homeland security, and others.
Regionally, the global IoT For Public Safety Market Analysis is segmented into North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW). North America is touted to be the top revenue-getter for the market till the end of the forecast period. But APAC is predicted to be highly lucrative owing to the rapid approval provided to infrastructural projects. Furthermore, the emphasis on smart city projects and digitization of legacy equipment can propel the regional market growth in a positive trajectory.