Northrook, IL -- (SBWire) -- 02/17/2020 --According to a new market research report "IoT for Public Safety Market by Component (Platform, Solution, and Services), Application (Emergency Communication & Incident Management, Surveillance & Security, and Disaster Management), Vertical Market, and Region - Global Forecast to 2023" published by MarketsandMarkets™, the IoT for public safety market size expected to grow from USD 979.0 million in 2018 to USD 2,045.0 million by 2023, at a Compound Annual Growth Rate (CAGR) of 15.9% during the forecast period. The major driving factors of the IoT for public safety market are the rise in increasing national security and public safety threats and growing number of smart city projects driving the critical need for reliable public safety solutions and services. In addition, increasing adoption of Machine Learning (ML) and Artificial Intelligence (AI)-based public safety solutions drive the market.
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The disaster management application segment is expected to grow at the highest CAGR in the IoT for public safety market during the forecast period
Disaster management helps government institutes and public safety organizations in identifying threats and preparing for emergencies. It helps prepare for a disruptive event, such as fire, tornado, hurricane, flood, or a power outage or even a man-made disaster to safeguard citizens in case of emergencies. The quick response, disaster recovery, and simulation are a part of disaster management. IoT leverages the data collected from physical environments including smart devices, analyzes the data, and provides results based on the data to the public safety departments for responding immediately and respectively in emergency situations.
The system integration services segment is expected to hold a larger market size in the IoT for public safety market during the forecast period.
System integration is one of the important steps in enabling public safety agencies and allied organizations to adopt newer technologies for making the environment safe and secure. These services enable public organizations to integrate their operational setup including smart surveillance devices for providing a transparent and secured public safety environment to citizens for safeguarding them from physical and natural emergencies. These service providers help organizations develop a connected environment by integrating IoT devices and solutions with their existing IT infrastructure.
North America is expected to hold the largest market size in the IoT for public safety market during the forecast period
North America is projected to hold the largest market size and continue to dominate the global IoT for public safety market during the forecast period. The region's increasingly adopting emerging technologies, such as IoT, smart cities, and mobility, is expected to boost the growth of IoT for public safety market in North America. Furthermore, the growing concerns over protecting the critical infrastructure and sensitive data have increased the government intervention in the recent years. It, in turn, is expected to contribute to the overall growth of the IoT for public safety market in North America.
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Major players in the IoT for public safetymarket include IBM (US), Hitachi Vantara (US), NEC (Japan), Microsoft (US), Cisco Systems (US), Nokia Networks (Finland), Sierra Wireless (Canada), Telit (UK), and West Corporation (US). The other players include ThroughTek (Taiwan), Iskratel (Slovenia), IntelliVision (US), Star Controls (US), Carbyne (Israel), Securens (India), SmartCone Technologies (Canada), Kova Corporation (US), Esri (US), Cradlepoint (US), Endeavour Technology (Ireland), X-Systems (Netherlands), Yardarm Technologies (US), Tibbo Systems (Taiwan), CityShob, and SayVu Technologies (Israel).
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IoT for Public Safety Market Be Gain $2045 Million by 2023
In-depth study on IoT for Public Safety Market by MarketsandMarkets™ provides broad analysis on the basis of growth, applications and key players which is useful for better decision making.