The report ‘Public Safety and Security (PSS) Market Global Forecast to 2021’, published by MarketsandMarkets shows market size is estimated to grow from USD 247.53 Billion in 2016 to USD 456.56 Billion by 2021, at an estimated Compound Annual Growth Rate (CAGR) of 13.0%.
Public safety and security is the first priority of governments across the world to ensure safety of citizens, organizations, and financial institutions, said the report.
Citizens and enterprises face continuous threats from cyber criminals, natural disasters, and terrorist attacks. This has increased the demand for public safety and security solutions.
Major vendors in the public safety and security market include
Cisco Systems, Inc. (U.S.); NEC Corporation (Japan); Thales Corporation (France); IBM Corporation (U.S.); Honeywell International Inc. (U.S.); Huawei Technologies (China); Northrop Grumman Corporation (U.S.); Alcatel-Lucent (France); AGT International (Switzerland) and ESRI (U.S.)
Managed services is expected to grow the fastest in the public safety and security market
Professional services in public safety and security market is expected to have the largest market in terms of size, during the forecast period.
However, managed services are expected to grow with the highest CAGR form 2016 to 2021 in the public safety and security market.
As cyber attacks and security breaches are increasing, organizations are moving towards specialized security vendors who are able to effectively manage security systems.