Public Safety Solution for Smart City Market Demand, Future Trend And Recent Development By Forecast 2027
Summary:
Market Highlights
The worldwide
economic growth picking up pace, new urban as well as rural infrastructure
development efforts are shaping up all over the world. One of the top
priorities in the development agenda is to facilitate the growth of smart
cities and to tackle many of the third-world issues regarding public safety.
Market Research
Future (MRFR) has published a research report about the global public
safety solution for smart city market that calculates a massive hike for
this market at 24.8% CAGR between 2017 and 2023. By value, the market has been
figured to be worth the US $ 299 bn by the end of the forecast period.
The crucial market
driving factor for the global public safety solution for smart city market
growth is growing urbanization. Other exigent factors contributing to the
market growth include rapid globalization, increase in job creation, the
emigration of people to smart cities for job search, industry growth in the
metro cities, increasing disposable income, rising demand for internet of
things (IoT), and lastly, scarcity of security personnel. However, the high
price of such products necessary for public safety for smart cities and lack of
skilled workforce for operating public safety services can hinder the market
growth.
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Regional Analysis:
The Asia Pacific
region has been inferred to grow significantly as a market due to rapid
urbanization in countries like China and India, growing industrialization, and
initiation of various smart city projects. Other momentous country-specific
markets in this region are Japan and South Korea, followed by the remaining
countries of the Asia Pacific region.
Europe is another
salient regional market due to the reasons that are the same as in North
America. The vital country-specific markets in this region are France, Germany,
Italy, and the UK, followed by the remaining countries of Europe.
The RoW segment
covers the countries of Latin America and the Middle East & Africa (MEA)
region. In Latin America, the market is sizable but not as great as North
America because Latin America is yet to achieve the level of technological
advancement that North America has already achieved. The most powerful
economies in this region that can become significant markets are Argentina and
Brazil. In the MEA region, market growth is slow due to the limited
availability of advanced technology.
Segmentation:
The global public
safety solution for smart city market segmentation has segmented the market
into application, service, solution, and region. The application-based
segmentation is segmenting this market into critical infrastructure security,
disaster management, firefighting services, law enforcement & intelligence
agencies, medical emergency service, public transportation security, and
others.
Based on services,
the market has been segmented into managed services and professional services.
Regarding solution, the market has been segmented into the backup &
recovery system, biometric security & authentication system, critical
communication network, emergency & disaster management, public address
& general alarm, and surveillance system.
The regional
segmentation of the global public safety solution for smart city market has
segmented the market into the regional markets that are known as North America,
Europe, Latin America, Asia Pacific, and rest of the world (RoW). During the
forecast period, North America is being considered to dominate the global
market because the technical developments, presence of key market players, and
adoption of cloud technology along with IoT are high in this region. The USA
has been estimated to emerge as the biggest country-specific market in the
public safety solution for the smart city market, and so far, it has generated
the revenue around US $ 15,746.5 mn so far. After the USA, Canada is the most
important country-specific market in this region.
Major Key players
The key players in
the global public safety solution for smart city market include Alcatel-Lucent
(France), Cisco Systems Inc. (USA), Harris Corporation (USA), Honeywell
International Inc. (USA), Huawei Technologies (China), International Business
Machines Corporation (USA), Motorola Solutions Inc. (USA), NEC Corporation
(Japan), Northrop German Corporation (USA), and Thales Corporation (France).
Latest
Industry News
MAY
2019
- Nokia Bell Labs-driven industry group is working to build key enablers for
fast 5G network based on smart light poles for the future smart cities. Named
as the LuxTurrim5G ecosystem project, this smart city development initiative
has developed the 5G smart pole concept where 5G base stations, a variety of
different displays, sensors, video cameras, and many other devices have been
integrated to light poles.
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