Critically growing need for developing resilient cybersecurity strategies to obtain an impenetrable security net around all the digital and physical assets of organizations is boosting the revenue growth of public safety and security market.
Demonstrating an impressive CAGR of around 10.6% between 2021 and 2026, global public safety and security market is all set for a promising outlook over the next few years.
In a recently published report of Fairfield Market Research, the public safety and security market has been projected to take a leap from $361.2bn (2019) to $713.4bn by the end of 2026.
Increasing security breaches, and the consistently soaring threat of identity theft instances primarily drive the market growth. During the period of projection, 2021 – 2026, the public safety and security market revenue will nearly double, suggests the report.
Key Research Insights
- ID fraud instances soared by a whopping 45% in the year 2020 as per the reports of the Federal Trade Commission (FTC)
- Cloud-enabled security solutions continue to be the most sought-after
- North America’s public safety and security solutions market is poised to exhibit a solid 10% CAGR through the end of 2026
Identity thefts, although have been the most commonplace cyberattack, there are several other types of cyberattacks as well, that are also proliferating at a rampant pace in terms of intensity, volume, and the level of sophistication.
The analysis of market based on the component shows dominance of public safety and security services over public safety and security solutions. The trend will prevail throughout the period of assessment and the report spots the maximum demand and revenue generation potential in managed services.
Demand for managed services has been higher and will clearly outweigh that of the professional services through the end of 2026. On the other hand, inclination toward cloud-enabled solutions is expected to rise high at an exponential rate in the next few years according to the report.
Key Report Highlights
- The enterprise world faces several cybersecurity risks with the rampantly improving connectivity, and growing dependence on the digital-first work environment
- Swelling demand and consumer base for proactive public safety and security solutions will contribute toward the market expansion to a large extent
- With big data analytics capturing attention of a growing number of public safety organizations worldwide, prospects of public safety and security market continue to heighten
- Governments remain a largely influential factor in shaping public safety and security market as they play a crucial role in prioritizing national security
The report dedicates one section to the detailed regional analysis of global public safety and security market, which suggests continued primacy of North America – majorly on the back of strong, favourable government commitments regarding national security. The region remains at the forefront of frontier technologies and has been poised to exhibit around 10% growth through 2026 end.
The report further indicates robust growth in attractiveness of Asia Pacific as the fastest growing market for public safety and security services and solutions. The region is anticipated to significantly benefit from the unprecedentedly thriving IT industry, and rampant digitalization. China, Japan, India, and Singapore will represent the key Asian markets, says the report.