The global public safety and security market is projected to generate $1,115.3 billion revenue by 2030, advancing at a CAGR of 11.7% during 2021–2030. This will be on account of the surging implementation of advanced technologies in smart cities, the growing crime rates, the increasing cases of catastrophic accidents, and the rising number of terrorist events across the globe.
Unstructured data is the world's largest data repository, and its volume is growing rapidly on a daily basis. The increase in publicly available unstructured data, such as text, video, images, and audio, and the advancements in AI capabilities, particularly in AI networks and DL, are significantly assisting the public safety and security market. As per experts, the demand for AI-based public safety solutions that prevent a large number of crimes is expected to generate around 80.0 million by 2040. AI technologies, such as ML and DL, can handle computationally intensive and monotonous monitoring tasks that are difficult for humans to complete in the same amount of time. Also, the technologies effectively alert security personnel in real-time, allowing them to take action that can prevent crimes.
In addition, the rising incidents of terrorist attacks are a major factor leading to the high digital spending on public safety and security. Moreover, to make informed policing decisions, police departments have implemented ML and AI. For instance, the New York Police Department utilizes Patternizr, an ML-based model that helps track criminal activities and assists in the improvement of public security.
The APAC market is expected to register the highest CAGR, of around 12.0%, during the forecast period, owing to the surging adoption of advanced surveillance systems in several APAC countries. For instance, the adoption of IoT solutions in China is the highest. The government bodies in the country are supporting the adoption of IoT in several industries, leading to automation in manufacturing processes through internet connectivity. As per experts, China would be responsible for around 26% of the evaluated economic value of IoT all over the world, by 2030.
In addition, the implementation of new measures on cybersecurity in the country also drives the market growth. For instance, in April 2020, the Cyberspace Administration of China along with 11 other government agencies issued the final version of the Measures on Cybersecurity Review. Under this, it is mandatory for operators of Critical Information Infrastructure to go through a security review.
Companies operating in the market have been involved in partnerships to remain competitive. For instance, in February 2021, Cisco Systems Inc. announced its partnership with Openpath Inc. Through this partnership, the access control capabilities of Openpath are combined with Cisco’s cloud-based technology such as smart camera surveillance, which offers analytics and data insights that support customers make better business decisions.
The major players operating in the public safety and security market are Cisco Systems Inc., Honeywell International Inc., Motorola Solutions Inc., IBM Corporation, NEC Corporation, Siemens AG, THALES, Huawei Technologies Co. Ltd, and Hexagon AB.