Overview:
Internet of things (IoT) provides real-time updates to public officials on the happenings of cities and towns in their jurisdiction. The ubiquitousness of smartphones and internet, presence of autonomous systems, and real-time responses to queries can be beneficial in times of crises and emergencies. The global IoT for public safety market report compiled by Market Research Future (MRFR) looks at latest trends and opportunities for IoT to expand in the public sector for the period of 2018 to 2023 (forecast period). The COVID-19 outbreak and its effects on the market will be explored in detail in the report.
Market Scope
The global IoT for public safety market size was worth USD 844.2 million in 2017 and is expected to balloon to USD 2010.44 million by 2023 at a CAGR of 15.60% over the forecast period.
Emergence of IoT for protecting the interests of citizens due to the spike in crime rates is likely to drive market demand. Surge in cases of terrorism and vandalism and efforts for construction of smart cities can favor the market. This is expected to lead to integration of machine learning and artificial intelligence (AI) in government departments for gathering intelligence faster will be beneficial to the market in the coming years.
The insights gleaned by AI algorithms on city infrastructure and detection of damages on structures can favor the market. This can let public officials conduct maintenance and prevent any long-term damage. Furthermore, the use of 0G network for powering devices within smart cities and enabling to pinpoint location of persons and animals through sensors can lead to the adoption of IoT. But initial high costs for installation can deter its growth in cities.
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Segmentation
The global IoT for public safety market is segmented by component, application, and vertical.
By component, the market categorizes into three major segments, namely platform, solution, and services.
By application, the market covers disaster management, surveillance & security, critical infrastructure security, and emergency communication and incident management. The surveillance & security application is deemed to dominate the global IoT for public safety market. Law enforcement agencies can rely on IoT for flattening the crime rate by deploying smart surveillance in cities. Integration of cameras in public places can lead to remote monitoring. On the other hand, disaster management can register the highest growth rate during the forecast period owing to frequency of fires and natural disasters occurring due to proximity to forests and wildlife.
Verticals deemed vital to the market include smart manufacturing, smart utilities, smart transportation, smart building & home automation, smart healthcare, homeland security, and others. The homeland security vertical is expected to dominate the market owing to increasing cases of terrorism. On the other hand, smart healthcare is likely to witness rapid adoption in the coming years owing to the need for preventive action and diagnosis in most cases. According to the Center for Disease Control & Prevention (CDC), 47% of heart attacks occur outside the hospital without any indicators. The ability to predict the event using wearables and negate the number of deaths can drive the segment’s growth till 2023.
Regional Analysis
Regionally, the global IoT for public safety market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest-of-the-World (RoW). North America is touted to be the top revenue-getter for the market till the end of the forecast period. But APAC is predicted to be highly lucrative owing to the rapid approval provided to infrastructural projects. Furthermore, the emphasis on smart city projects and digitization of legacy equipment can propel the regional market growth in a positive trajectory.
Competitive Landscape
Microsoft Corporation, Nokia Networks, NEC, West Corporation, Hitachi Vantara, Iskratel, Tibbo Systems, Yardarm Technologies, Intellivision, Telit, IBM, Sierra Wireless, Cisco Systems, Star Controls, and X-Systems are key players of the global IoT in public safety market.
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IoT For Public Safety Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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