IoT for Public Safety Market Set to Register 15.9% CAGR During 2018-2023
“The IoT for public safety market is expected to grow at a Compound Annual Growth Rate of 15.9% during the forecast period.”
The global IoT for public safety market size is expected to grow from USD 979.0 million in 2018 to USD 2,045.0 million by 2023, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period. Growing number of smart city projects driving the critical need for reliable public safety solutions and services and an increasing demand for unmanned devices and remote surveillance are expected to drive the global IoT for public safety market. However, budget constraints for deploying smart devices are anticipated to restrain the growth of the IoT for public safety market.
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“The services component segment is expected to grow at a higher CAGR during the forecast period.”
Services are evolving as an important aspect, as the application platform vendors offer integrated services packages, along with solution packages to the government sector and their commercial clientele. Law enforcement bodies and public safety agencies opt for emergency services, along with the IoT associated services to provide critical communication and emergency services to citizens for safeguarding them from any physical or natural emergencies.
“North America is expected to hold the largest market size, and Asia Pacific is projected to grow at the highest rate during the forecast period.”
North America is expected to hold the largest market size in the global IoT for public safety market during the forecast period. Emerging technological trends, such as IoT, smart mobility, and smart cities, are expected to drive the adoption of much more sophisticated and reliable IoT for public safety software and associated services to safeguard citizens in case of emergencies. The adoption is expected to contribute to the overall growth of the IoT for public safety market in North America.
Asia Pacific (APAC) is expected to witness significant growth and is projected to be the fastest-growing region in the global IoT for public safety market during the forecast period. The region has witnessed the advanced and dynamic adoption of new technologies and has been a lucrative market for IoT for public safety software and associated services. APAC also focuses on smart cities projects, which is creating the demand for public safety solutions, such as surveillance systems, advanced cameras, scanning and screening systems, and high-tech communication networks. In addition, APAC has witnessed several terrorists and cyber-attacks in the last few years. Increasing efforts to prevent such attacks and protect public during critical times are expected to drive the demand for IoT for public safety software in APAC.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with the key people.
The break-up of profiles of primary participants is as follows:
• By Company: Tier 1 – 30 , Tier 2 – 40, and Tier 3 – 30%
• By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
• By Region: North America – 57%, Europe – 14%, APAC, and ROW – 29%
The IoT for public safety market includes major vendors, such as IBM (US), Hitachi Vantara (US), NEC (Japan), Microsoft (US), Cisco Systems (US), Nokia Networks (Finland), Sierra Wireless (Canada), Telit (UK), and West Corporation (US). The other players include ThroughTek (Taiwan), Iskratel (Slovenia), IntelliVision (US), Star Controls (US), Carbyne (Israel), Securens (India), SmartCone Technologies (Canada), Kova Corporation (US), Esri (US), Cradlepoint (US), Endeavour Technology (Ireland), X-Systems (Netherlands), Yardarm Technologies (US), Tibbo Systems (Taiwan), CityShob, and SayVu Technologies (Israel).
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