IoT in Public Safety Market Insights - 2027
The global IoT in public safety market size was valued at $11.87 billion in 2019, and is projected to reach $29.68 billion by 2027, growing at a CAGR of 12.4% from 2020 to 2027. IoT technology has penetrated in each and every field, owing to which many government and law enforcement agencies are implementing different strategies for adopting IoT devices for enhancing public safety of their countries. In addition, the major objective of the government using IoT devices is to reduce the loss suffered from various natural disasters, such as flood and others, by predicting the occurrence of this disaster before it occurs with the help of IoT devices. This increases the adoption of IoT devices among the general public, thereby driving the growth of the market.
Surge in number of smart city 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 industry. In addition, increasing number of natural calamities and terrorist attacks across the globe positively impacts the IoT in public safety market growth. However, high implementation cost and budget constraint for deploying smart devices are expected to hamper the market growth. On the contrary, growing adoption of IoT technology among various industries is expected to offer remunerative opportunities for the expansion of the market during the forecast period.
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. However, the disaster management segment is expected to grow at the highest rate during the forecast period, owing to rise in economic loss due to natural disasters, and implementation of government mandates to install disaster management system across various countries for getting early warning of the disasters drives the growth of the market.
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 deployment of various smart cities project and government bodies realizing the significance of IoT devices for public safety and security. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in deployment of various IoT devices, such as surveillance system, high-tech communication network, advanced cameras, and others, across the developing nations of Asia-Pacific for integrating new smart city projects.
solution accounted for the largest market share in 2019
The report focuses on the growth prospects, restraints, and trends of the global IoT in public safety market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global IoT in public safety market share.
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.
Surveillance Systems accounted for the largest market share in 2019
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 industry.
Impact of COVID-19 on IoT in Public Safety Market:
The IoT in public safety market has witnessed significant growth in the past few years. However, due to the outbreak of the COVID-19 pandemic, the market is projected to exhibit sudden rise in 2021. This is attributed to implementation of lockdown by governments in majority of the countries and growing implementation of smart city projects in developing nations across the globe. Furthermore, the IoT in public safety market is projected to prosper in the coming years after the recovery from the COVID-19 pandemic. Various organizations and government institutions are installing different IoT devices for increasing the security of the public and reducing the impact of various natural calamities, thereby providing lucrative opportunity for the market.
By End User
Government & Public Sector accounted for the largest market share in 2019
Top impacting factors
Surge in adoption of machine learning and artificial intelligence-based public safety solution
Increase in number of IoT devices across the globe and growth in awareness regarding the benefits of cloud computing technology, such as scalability, flexibility, security, and recovery, are some of the major factors that are expected to drive the adoption of IoT devices. In addition, there is rise in adoption of AI-based solutions among the government and private organizations across the globe to prevent and predict crimes as well as to increase the security of organizations. For instance, law enforcement agencies of New Orleans and Los Angeles in the U.S. have worked with the private sector to create predictive policing programs. These programs use data collected from IoT devices under smart city plans, such as traffic cameras, smartphones, and various devices, to analyze social media posts, outline criminal histories, and trace people’s ties to other gang members. This will use statistics and AI to assess the risk of someone committing or becoming a victim of these crimes so that agencies can intervene. Therefore, such rapid development activities across the globe drive the growth of the market.
Growing adoption of IoT technology across different industries
Rise in adoption of IoT technology by firms among various industries, such as healthcare, criminal detection, building smart cities, manufacturing industry, and others, is providing lucrative opportunity for the market. Furthermore, growing adoption of new innovation and technologies, such as wearables, home/remote monitoring equipment embedded with IoT, and IoT-enabled hygiene monitoring devices in the healthcare industry, is also increasing the demand for IoT across the industry. Furthermore, with rising crime rate, governments across the developing nations are installing IoT-enabled smart security systems, which are used to capture, store, and analyze continuous video streams. In addition, various industries are installing high-definition cameras, which are used for pattern recognition and motion detection for increasing the security of the companies, thereby enhancing the growth of the market. Moreover, factories are using IoT-enabled machines for tracking wear & tear of the machines, helping workers to increase the lifespan of the machinery, and preventing accidents at the workplace, thereby providing lucrative opportunity for the market.
Asia-Pacific would exhibit the highest CAGR of 14.5% during 2020-2027.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of global IoT in public safety market forecast along with the current & future trends to elucidate the imminent investment pockets.
- Information about key drivers, restraints, & opportunities and their impact analysis on global IoT in public safety market trends is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2020 to 2027 is provided to determine the market potential.
IoT in Public Safety Market Report Highlights
By END USER
Key Market Players
Intel Corporation, INTERNATIONAL BUSINESS MACHINES CORPORATION, Cisco Systems, Inc., Hitachi Ventara, SIERRA WIRELESS, Intrado, MICROSOFT CORPORATION, SIEMENS, NEC CORPORATION, Huawei Technologies Co., Ltd.
The adoption of IoT in public safety has increased over the years to boost the safety of citizens in a country during various emergency situations. In addition, IoT platform provides a central monitoring system for the organization, which helps in monitoring real-time data and reducing the impact of various critical situations. Furthermore, various companies across the globe are installing surveillance systems, such as cameras, monitors, and others, to analyze the data and provide this data to public safety agencies for preventing and responding in emergency situations. Rising smart cities projects in developing nations of the Asia-Pacific and LAMEA regions and growing need to minimize the impact of terrorist attacks, cyberattacks, & natural disasters on the economy are providing lucrative opportunity for the market.
Increase in economic strength of developing nations, such as China, India, Indonesia, and Thailand, is expected to provide lucrative opportunities for the market growth. North America is expected to dominate the market during the forecast period. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to growing competition among local vendors in terms of features, quality, and price. In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, in April 2021, IBM, Red Hat, and Cobuilder collaborated to develop OpenBuilt, a new platform designed to help the construction industry’s supply chains to securely transfer data from one point to another. The main aim of this collaboration is to increase the customer of both the companies and their market share.