Public Safety and Security Market to Grow to $370B by 2020, Forecast Predicts
A market research report released on Friday said modernizing public safety policies and regulations across the globe is driving the market.
The Public Safety and Security Market size is estimated to grow from $220.82 billion to $370.64 billion by 2020 at an estimated CAGR of 10.9%, according to a new market research report.
The report, “Public Safety and Security Market by Solution, Service, Vertical (Homeland Security, Emergency Services, Manufacturing, and Others) and Region (North America, Europe, Asia Pacific, Middle East and Africa and Latin America) — Global Forecast to 2020”, was released on Friday.
Public safety and security solutions offer effective measures to ensure the safety of citizens, organizations and critical infrastructure against threats such as terrorist attacks, illegal arms and drug trafficking and illegal immigrations. Modernizing public safety policies and regulations across the globe is driving the market; hence, it is expected to gain traction in the next five years.
The major forces driving the Public Safety and Security Market are rise in the rate of natural disasters in APAC, modernizing policies and regulations and increasing need for security in critical infrastructure and utilities. According to reports published by UN Economic and Social Commission for Asia and the Pacific (ESCAP), approximately half of the world’s 226 natural disasters occurred in the APAC region in 2014, amounting to a loss of $60 billion. As a reason, nations are collaborating to strengthen the regional cooperation in addressing cross-border disaster management by deploying critical communication network infrastructure, geospatial tools and emergency management systems. Furthermore, increasing concerns over public safety and security have invited a fair deal of discussions and attention at the international forum. Countries around the world are realizing the importance of disaster and emergency management systems, crisis management and public warning systems as natural disasters, criminal attacks, terrorist attacks and cyberattacks can impact the progress and development of a particular economy. Thus, governments are focusing more on renewing and upgrading regulations and standards for public safety.
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