As per the research by Market Research Future Reports (MRFR), the global public and personal safety market are estimated to value USD 518 billion at a CAGR of 13% from 2017 to 2023. The need for stringent government policies and regulations for public safety is one of the significant factors which drive the global public and personal safety market 2020.
According to the research, the global public and personal safety market are likely to be augmented by the increase in natural disaster & cross border terrorism, the rise in criminal activities. Besides, the increasing demand for efficient safety features is another cause propelling the market. Moreover, increased disposable income and a better standard of living are increasing the purchasing power. In addition to it, the increasing population and the rising urbanization is another factor of market expansion. Technological development, demand for more responsive connected devices is another factor that drives the market. However, the lack of technical expertise, high investment are the reasons which are obstructing the market.
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The forefront players of the global public and personal safety market are NEC Corporation (Japan), Tyler Technologies Inc. (U.S.), Cisco Systems, Inc. (U.S.), Huawei Technologies (China), Northrop Grumman Corporation (U.S.), LM Ericsson (Sweden), Alcatel-Lucent (France), ESRI (U.S.), AGT International (Switzerland), Honeywell International, Inc. (U.S.), among others.
The geographical analysis of Asia- Pacific, Americas, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis, the North American market is dominating the global market. The demand for high security and technological advancement has resulted to an exponential regional growth.