Public and Personal Safety Market – Overview
In view of recent events, personal and public safety has become increasingly important with growing numbers of vendors attempting to service this industry. Market focused reports related to the semiconductors and electronic sector among others recently have been made available by Market Research Future which publishes reports on this sector. The public and personal safety industry is expected to attain revenues worth USD 518 Billion approximately by 2023, while growing at 13% CAGR through the forecast period.
The rise in the number of threats in society have led to increasing measures to counter and predict threats. The industry is currently focused on effectively dealing with data that can help analyze data and predict patterns that can prevent potential threats. Amplified incidence rate of natural disasters, terrorism and criminal activities have reinforced the expansion rates of the segment with new and existing industry player developing their product offerings to meet the demand.
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Industry Segments
The public and personal safety industry has been segmented into the segments of service, solution, end-user and region. On the basis of Solution, the industry has been segmented into C2/C4ISR System, Surveillance System, Critical Communication Network, Scanning and Screening System, Biometric Security and Authentication System, Emergency and Disaster Management, Personal safety and general alarms among others. The service segment of the industry comprises of Managed Services and Professional Services. The End User segment of the market comprises of Government, Emergency services, Commercial and residential, Construction and architecture, Manufacturing, and Others
Detailed Regional Analysis
Regions such as Asia- Pacific, Americas, Europe and Rest of the World are covered in the regional analysis of Public And Personal Safety Market. The innovations achieved on the technological front and concerns related to high security have positively benefitted the market in North America. The study also observes that the North American region is leading which is followed by the European region. The study also states that the Asia Pacific region is projected to demonstrate positive growth in the public and personal safety market through the duration of the forecast period. The nations in the Asia-Pacific region such as Japan, China and South Korea which also have a fair share in the industry for public and personal safety.
Global Competitive Analysis
Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value. This state of events has shaped the opportunities for improvements in portfolio along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.
The noteworthy competitors in the public and personal safety market comprise of Northrop Grumman Corporation (U.S.), AGT International (Switzerland), Alcatel-Lucent (France), LM Ericsson (Sweden), ESRI (U.S.), Cisco Systems, Inc. (U.S.), Tyler Technologies Inc. (U.S.), Huawei Technologies (China), Honeywell International, Inc. (U.S.), NEC corporation (Japan), among others.
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Industry Updates:
April 2018 Tyler Technologies, Inc have recently announced that they have signed a definitive agreement to purchase Socrata, Inc., which is a venture-backed technology company that is focused exclusively on accelerating the shift to digital government. As a result of this acquisition, clients of the company in every public division vertical, such as public safety, justice, ERP/financial, and community development, will have the chance to make their data usable, discoverable, and actionable, while potentially containing data from other jurisdictions to make the analytics even more powerful and meaningful.
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