Public Safety & Security Market to Reach $812.6 Billion by 2025
The global public safety and security market size is projected to touch USD 812.6 billion by the end of 2025, as per the report released by Million Insights, Inc. It is projected to grow with 14.8% CAGR over the forecast duration. The increasing advancement of public safety policies and regulations worldwide is projected to supplement the growth of the market in the upcoming years. These solutions offer effective measures to guarantee the protection of critical infrastructure, organizations, and individuals against several threats such as illegal drugs, illegitimate immigration, and terrorist attacks. Moreover, the increasing artificial and natural disasters are also predicted to bode well for the product demand over the estimated period.
Nations are emphasizing on incorporating regional cooperation in the cross-border disaster areas to tackle the major issues by implementing geospatial data gathering, emergency management systems, and critical communication infrastructure. Governments are coming up with standards and regulations to enhance surveillance and public safety. Surveillance systems are extensively effective for various transit agencies to monitor their remote systems, while critical communication allows secure communication between several units, which is significant in crisis management.
Owing to rapid digitalization of banking and financial systems, there have been a steady rise in the implementation of digital security to combat the growing cases of cyber-attacks. The growing awareness relating to security, exchange of old systems and the increase in harmful industrial operations are few factors propelling the product demand. Thus, to fulfill the surging demand, there has been a substantial rise in the fund allocation by nations for modernizing the old IT infrastructure and the deployment of dedicated departments to combat increasing cyber-attacks. However, the implementation cost and lack of operability between new and old systems are restraining market growth.