IoT in Public Safety Market
Increasing number of natural calamities and terrorist attacks across the globe positively impacts the IoT in public safety market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, May 20, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The IoT in Public Safety Market Reach to USD 29.68 Billion by 2027 | Top Key Players such as – Siemens, Sierra and Huawei.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global IoT in public safety market size was valued at USD 11.87 billion in 2019, and is projected to reach USD 29.68 billion by 2027, growing at a CAGR of 12.4% from 2020 to 2027.
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IoT is playing an important role in revolutionizing the public safety by offering different types of secure and reliable communication services to the users. In addition, growing adoption of IoT technology in various cameras, communication network, and other systems across the globe enhances the growth of the market. The key factor driving the IoT in public safety market trends include surge in number of smart cities projects across the developing nations and rise in adoption of machine learning and AI-based public safety solutions boost the growth of the global IoT in public safety market.
The global IoT in public safety market is segmented into component, type, end user, and region. In terms of component, the market is bifurcated into solution and service. Depending on type, it is fragmented into surveillance systems, incident management & response, disaster management, security systems and others. As per end user, the market is segregated into government & public sector, transportation, healthcare, retail, education, manufacturing and others. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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Based on end user, the government & public sector is expected to garner a significant share during the forecast period. This is attributed to rise in demand for various IoT technology enabled devices among the government for having a better idea about their economy and for predicting and analyzing the criminal activities across the nation. However, the healthcare segment is expected to grow at the highest rate during the forecast period, owing to rising government initiatives in developing nations for promoting digital healthcare and surge in adoption of IoT devices for treatment of patients.
By type, the IoT in public safety market was led by the surveillance systems segment in 2019, and is projected to maintain its dominance during the forecast period. Increase in need of video surveillance across the developing nations of Asia-Pacific and LAMEA countries for managing and controlling of traffic activities drives the growth of the market in this segment.
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Region-wise, the IoT in public safety market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to surge in demand for digital transformation across numerous end users and increase in convergence of different technologies, such as IoT technology and artificial intelligence (AI), which have created an impact on the region and managed to increase its IT budget.
The key players profiled in the IoT in public safety market analysis are Cisco Systems, Inc., Huawei Technologies Co., Ltd., Hitachi Vantara, Intel Corporation, IBM Corporation, Microsoft Corporation, NEC Corporation, Siemens AG, Sierra Wireless, and West Corporation. These players have adopted various strategies to increase their market penetration and strengthen their position in the IoT in public safety industry.
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Key Findings of the Study
● By type, the surveillance systems segment generated the highest revenue in 2019.
● Region-wise, North America generated the highest revenue in 2019.
● Depending on component, the solution generated the highest revenue in 2019.
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