Market Analysis
Market Research Future (MRFR) presumes the global IoT for public safety market size to reach USD 29.68 billion at a CAGR of 15.60%% from 2020-2027 (forecast period). The IoT for public safety market report offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary and SWOT analysis.
Multiple Factors to Boost Market Growth
The emergence of the internet of things (IoT) as a feasible solution for defending public interests can be attributed to market expansion. The increase in crime rates is anticipated to necessitate the implementation of more stringent security measures, and IoT can play a big role thanks to developments in video surveillance systems.
Moreover, impending public safety risks, as well as an increase in terrorism and vandalism, are expected to fuel demand for IoT for public safety over the projection period. Government initiatives to develop smart city projects to protect the lives of their residents can benefit the market. Integration of machine learning (ML) and artificial intelligence (AI) in government agencies to gather intelligence more quickly can be beneficial to the industry in the coming years.
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Market Segmentation
Based on the global market, the following are the IoT For Public Safety Market Segments
By Component:
Based on component, the further segments of the market are
By Service:
Based on service, the further segments of the market are-
By Platform:
Based on platform, the further segments of the market are-
By Application:
Based on application, the further segments of the market are-
By Vertical:
Based on vertical, the further segments of the market are-
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By Region:
Based on region, the further segments of the market are-
Regional Analysis
North America to Dominate the Global Market
During the projection period, North America is likely to account for the greatest market share and dominate the market. The region is experiencing rising trends such as IoT and smart cities, which have caused public safety agencies, government bodies, and businesses to recognize the importance of IoT for public safety solutions and services.
APAC to Witness Fastest Growth in the Global Market
Asia Pacific (APAC) has always been a valuable region due to its advanced and active adoption of new technologies. During the projected period, the APAC IoT for public safety market is expected to develop at the fastest CAGR. APAC is also heavily invested in smart city projects, which is fueling demand for public safety solutions like surveillance systems, advanced cameras, scanning and screening systems, and high-tech communication networks.
Key Players