IoT in Public Safety Market
WILMINGTON, DE, UNITED STATES, August 20, 2024 /EINPresswire.com/ — 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.
The disaster management segment is expected to experience significant growth in the coming years, owing to growth in occurrence of unpredictable natural disasters due to the ever-changing climatic conditions across various countries of Asia-Pacific and LAMEA region.
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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.
In addition, increasing number of natural calamities and terrorist attacks across the globe positively impacts the growth of the market. However, high implementation cost and budget constraint for deploying smart devices are expected to hamper the IoT in public safety 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.
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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. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in adoption of various smart city projects in developing nations such as China and India.
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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