DUBLIN, Nov 22, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Public Safety and Security Market by Solution (Critical Communication Network, Biometric and Authentication System, Surveillance System, Emergency and Disaster Management, Cyber Security), Service, Vertical, and Region - Global Forecast to 2021" report to their offering.
The public safety and security market size is expected to grow from USD 247.53 Billion in 2016 to USD 456.56 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 13.0% during the forecast period. The major growth drivers of the market include rise in criminal activities, natural disaster & cross border terrorism, need for stringent government policies & regulations for public safety, and increase in attack on critical infrastructures. The public safety and security market is segmented by solutions, services, verticals, and regions. Critical communication network is estimated to have the largest market size in 2016, as these are essential for public safety organizations such as law enforcement agencies and homeland security departments to prevent and respond to public threats. Furthermore, the emergency and disaster management is expected to grow at the highest CAGR during the forecast period, as these solutions are used by government and private organizations in case of natural disasters and emergency situations. The managed services segment is estimated to grow at the highest CAGR during the forecast period. Managed services enhances the public safety and security portfolio and ensures safety of citizens, organizations, and financial institutions from external threats. Moreover, the professional services segment is expected to have the highest market size in 2016. Public safety and security solutions have been deployed across various industry verticals, including homeland security, emergency services, manufacturing, public event, and traffic control. The emergency services vertical is expected to witness the highest CAGR during the forecast period. However, homeland security sector is estimated to have the largest market size in 2016.