Public Safety Solution for Smart City Market Size, Report, Trends, Growth, Share, and Forecast 2030

The global public safety solution for smart city market is expected to reach USD 299.36 billion by 2023 growing at a 24.8% CAGR. Public safety solution ensures the safety of people and property in cases of emergency, particularly when people’s lives are at risk. Public safety solutions offer critical communication network, biometric security & authentication system, and emergency and disaster management, and are widely adopted in various countries. The public safety solutions developed for smart cities offer increased capacity, functionality, and security as compared to legacy systems.

However, despite the smart city efforts for developing public safety solutions, a significant number of people choose conventional systems. The high cost associated with upgrading the existing systems is one of the major restraining factors for the public safety solutions for smart city market. However, with the rising awareness regarding the benefits of public safety solutions for the smart cities, there is a possibility of an increase in the adoption of smart safety solutions over the use of conventional systems.

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Governmental organizations are boosting their maintenance budgets for system infrastructure while simultaneously funding initiatives for project development, modernization, and enhancement. As a result of the investments’ success, ICT vendors now annually set aside funding for the growth of the online market.  Global ICT exports are anticipated to increase 3.9% on average year from US$ 784.3 billion in 2021 to US$ 955.19 billion in 2030. Global supply has increased by 9.5% yearly since 2009. In terms of global ICT exports in 2021, Ireland came in first place with US$ 169. 32 billion. The rankings placed China at number 4, the United States at number 2, and India at number 3. Since 2009, Brunei has increased by 228.2% year over year, while Sierra Leone has decreased by 61.7% year over year.

By 2026, European ICT Revenue is likely to increase by 1.5% annually, from US$ 1,802,413 Million in 2021 to US$ 1,933,429 Million. The European market has increased by 3.1% annually since 2016. In terms of ICT Revenue in Europe in 2021, Germany came in first place with US$ 339,074 million. Positions 2, 3, and 4 in this ranking were held by the United Kingdom, France, and Ireland, respectively. Since 2016, Malta has increased by 16.5% year over year, while Italy has decreased by 0.2%. 

Public safety solutions for smart city is an emerging technology trend that transforms data gathered from different sources to a single centralized entity to enable a quick and accurate response for emergency situations, thus reducing the crime rate in a city. Furthermore, the growing emergence of smart city and the Internet of things (IoT) are some of the major factors that largely contribute towards the growth of the public safety solutions for smart city market. However, the lack of telecommunication and network infrastructure in most of the developing countries limits the growth of the market.

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Key Players
Some of the key players of Public Safety Solution for Smart City market Cisco Systems, Inc. (US), NEC Corporation (Japan), Thales group (France), IBM Corporation (US), Honeywell International Inc. (US), Huawei Technologies Co. Ltd (China), Northrop Grumman Corporation (US), Nokia Corporation (Alcatel-Lucent Enterprise) (Finland), Harris Corporation (US), and Motorola Solutions, Inc. (US).

Key Findings
> The global public safety solution for smart city market is expected to reach USD 299.36 billion by 2023.
> By solution, the public safety solution segment for smart city market is expected to grow at a significant CAGR during forecast period.
> By services, the managed services segment is expected to hold the higher market share and is projected to remain the larger market over the next few years.
> By application, the public transportation security segment accounted for thelargest market share during the assessment period.
> Geographically, North America has been projected to hold the largest market share, whereas Asia-Pacific is likely to be the fastest growing market in the public safety solution for smart city market.

Segmentation
The global public safety solution for smart city market has been segmented based on solution, services, and application.
Based on solution, the public safety solution for smart city market has been sub-segmented into critical communication network, biometric security & authentication system, emergency & disaster management, backup & recovery system, public address & general alarm, and surveillance system. On the basis of services, the global public safety solution for smart city market has been segmented professional services and managed services. On the basis of applications, the global public safety solution for smart city market has been segmented into public transportation security, critical infrastructure security, disaster management, medical emergency service, firefighting services, law enforcement and intelligence agencies, and others.

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Regional Analysis
Geographically, the public safety solution for smart city market has been segmented into four different regions, namely North America, Asia Pacific, Europe, and the rest of the world.
North America dominated the public safety solution for smart city market in 2017 and gained 40% market share in 2017. The market in North America is led by the US, which is projected to gain the largest share in the public safety solution for smart city market. The market growth is attributed to presence of giants such as IBM Corporation and Cisco System Inc., and the early adopters of the technology. Furthermore, Asia-Pacific is expected to be the fastest growing market due to the increasing development of public infrastructure in emerging economies such as China and India. Additionally, India is projected to be the fastest growing economy in the Asia-Pacific region owing to the increased investments by the government in smart city initiatives.

Target Audience
> Solution vendors
> Original equipment manufacturers
> System integrators
> Advisory firms
> National regulatory authorities
> Venture capitalists
> Private equity groups
> Investment houses
> Equity research firms

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