IoT Public Safety Market Is Expected To Grow With A CAGR Of 4.68% During The Forecast Period 2021-2027.
SUMMERY:
Market Research Future published a research report on “IoT Public Safety
Market Research Report- Global Forecast 2027” – Market Analysis, Scope, Stake,
Progress, Trends and Forecast to 2027.
Market
Highlights:
The internet
of things (IoT) public safety market is assured of healthy growth as it is
intimately linked with the smart city initiatives across the globe. Residents’
security has always been of utmost importance for the administrators. Latest
developments on technological front regarding safety reflect that concern. The
global IoT for public safety market is expected to bank on this desire to
provide safety and grow with an impressive 15.60% CAGR during the forecast
period (2018-2023). With this speed, it seems quite possible for the IoT for
public safety market to attain a valuation of USD 2010.44 million, more than
double of its previous valuation in 2017 of USD 844.2 million, by 2023. The
report published by Market Research Future’s (MRFR’s) is founded upon a
detailed analysis of drivers such as rising demand for smart cities and
increasing reliance on unmanned operations. IoT for public safety market can
provide this in real-time with round-the-clock monitoring which increases
decision -making capabilities by using analytics.
On the flip side,
the IoT for public safety market can find it daunting to reach a wider-spectrum
for better adoption rate. IoT for public safety initially incurs high cost
which can strain the profit margin of the developers and deter them from
seeking its application. However, if it happens then, the pullback cannot stay
for long as end-users are making it a habit of integrating the IoT for public
safety in their system.
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Segmentation:
The IoT for public
safety market can be segmented by component, application, and vertical.
Based on the
component, the IoT for public safety market can be segmented into platform,
solution, and services. Solution is expected to be the fastest growing segment
whereas, services, at present, is dominating.
By application, the
IoT for public safety market comprises emergency communication & incident
management, critical infrastructure security, surveillance & security,
disaster management. Surveillance & security segment, by far, is the
leading segment. However, disaster management can record the fastest growth
rate during the forecast period.
Based on vertical,
the IoT for public safety market can be segmented into smart building &
home automation, homeland security, smart utilities, smart healthcare, smart
manufacturing, smart transportation, and others. Homeland security is
dominating the segment by generating sizeable revenue. Meanwhile, smart
building & home automation is all set to record the fastest CAGR over the
review period.
Regional
Analysis:
Geographically, the
IoT for public safety market can be mapped in regards to regions such as North
America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is
doing remarkably well in the sector. The region has superlative technology to
boost this kind of sector. At the same time, the excellent economic condition
has got various industries inclined towards this market. Furthermore, a lot of
the service providers are from this region which gives the IoT for the public
safety market advantage in the competition.
Europe’s progress
track resembles that of North America’s. The similarity these two regions share
in terms of market drivers can tell how much Europe is gaining from the market.
At the same time, development of smart cities is also on the rise which
accentuates the regional market prospect.
The APAC region is experiencing
astounding growth, all thanks to countries such as India, China, and others.
These emerging nations are rapidly adopting smart technologies to protect
properties and safeguard individual life which is promoting the IoT for the
public safety market in the region.
Competitive
Insights:
Prominent players
in the IoT for public safety market are Hitachi Vantara (U.S.), NEC (Japan),
Cisco Systems (U.S.), IBM (U.S.), Nokia Networks (Finland), Sierra Wireless
(Canada), Telit (U.K.), West Corporation (U.S.), Microsoft Corporation (U.S.),
Intellivision (U.S.), Iskratel (Slovenia), X-Systems (The Netherlands), Tibbo
Systems (Taiwan), Star Controls (U.S.), Yardarm Technologies (U.S.), and
others. Agreements, partnerships, and new product launches are strategies
employed by these players to stay ahead in the market.
Insight
Enterprises, recently in 2018, launched Project Edison, a solution accelerator,
to help clients bring their IoT-enabled public safety solutions in the market
faster. The project plans to tap into the power of Microsoft Azure and IoT
technology.
In October 2018,
Hitachi Vantara completed their acquisition of REAN Cloud, a global cloud
system integrator, which provides solutions for cloud-based applications across
big data, machine learning and emerging internet of things (IoT) spaces.
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