Public and Personal Safety Market Share, to Observe Strong Development
The Public and Personal Safety market is burgeoning rapidly mainly, due to the increasing rates of criminal activities natural disaster & cross-border terrorism along with the rising demand for security measures to control these activities. The augmenting demand for the improved safety features is supporting the market growth.
The intense competition in the field is encouraging the vendors to differentiate their product offering in order to beat the competition. As a result, the futuristic features offered at competitive prices by these vendors foster the market growth. Simultaneously, the need for stringent government policies & regulations for public and personal safety encourages the market growth escalating the market on the ascended heights.
Acknowledging the accruals, the market is garnering currently; Market Research Future (MRFR) in its recently published study report asserts that global Public and Personal Safety Market are estimated to value USD 518 billion at a CAGR of 13% from 2017 to 2023.
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Additional factors substantiating the market growth include increasing urbanization with the increasing population. Improving economic conditions are fostering the market growth, improving people’s quality of lives, and increasing their purchasing power. Technological advancements transpired in the field coupled with the demand for more efficient and responsive connected devices along with the user-friendly and unconventional safety systems is providing impetus to the market growth.
On the other hand, factors such as the lack of technical competencies along with the high initial investment associated with the implementation of safety systems are obstructing the market growth. Nevertheless, well-spread awareness about the importance of the safety systems and the safety measures is projected to support the market growth majorly, over the assessment period.
Public and Personal Safety Market - Segmentation
The MRFR analysis is segmented into four key dynamics for the convenience of understanding;
By Solutions : Critical Communication Network, C2/C4ISR System, Biometric Security and Authentication System, Surveillance System, Scanning and Screening System Emergency and Disaster Management among others.
By Services : Managed Services and Professional Services among others.
By End-Users : Commercial & Residential, Government, Retail, BFSI, and Retail among others.
By Regions : North America, Europe, APAC and the Rest-of-the-World.
Public and Personal Safety Market - Regional Analysis
Globally, North America region accounts for the significant market for public and personal safety. Factors such as the extensive adoption of advanced technologies and the growing demand for safety and comfort features drive the growth of the market in the region. Well-established BFSI industry in this region creates opportunities for the market to grow colossally during the review period.
The US among other North American countries accounts for the dominating market in the region. The Europe market for public and personal safety is a substantially large market in terms of both, size and volume.
The Asia Pacific region is emerging as one of the promising markets due to continuous growth in technologies and the presence of several manufacturers. China is one of the significant markets in the region. Increasing awareness about technological developments is a key driving force driving the demand in the APAC market.
Public and Personal Safety Market - Competitive Landscape
Competitive by nature, the public and personal safety market are envisaged to witness intensified competition with more entrants getting attracted to the market. Due to the presence of several large and small key players, the market appears fragmented. Matured players incorporate collaboration, acquisition, partnership, product & technology launch, and expansion to gain the competitive edge in the market.
Well-established players emphasis on new product development initiatives, and geographical expansion. The market is projected to witness constant development and innovations of new products, which resultantly tern in intense competition among the public and personal safety providers.
Some of the eminent players leading the market include Tyler Technologies Inc. (US), Cisco Systems, Inc. (US), Huawei Technologies (China), Northrop Grumman Corporation (US), LM Ericsson (Sweden), Alcatel-Lucent (France), ESRI (US), AGT International (Switzerland), NEC Corporation (Japan), and Honeywell International, Inc. (US)
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