Zion Market Research has published a new report titled “IoT For Public Safety Market By Component (Solution, Services, and Platform), By Application (Critical Infrastructure Security, Emergency Communication and Incident Management, Disaster Management, and Surveillance and Security), and By Vertical (Homeland Security, Smart Utilities, Smart Healthcare, Smart Manufacturing, Smart Transportation, Smart Building and Home Automation, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’.
According to the report, global IoT for public safety market was valued at around USD 991 million in 2018 and is expected to reach approximately USD 2,772 million by 2025, at a CAGR of slightly above 15.83% between 2019 and 2025.
Regulatory agencies and government in numerous countries are working on ensuring public safety as a priority and are progressively using IoT-enabled devices. Several technologies are being used to provide extra safety for transportation, buildings, health, and manufacturing sectors. The rising demand for road safety, sensor market, and IoT will support the IoT for public safety market in the future. These technologies help in reducing road accidents, incidents at manufacturing plants, production units, and various chemicals industries. With the help of IoT sensors, the occurrence of these fatal incidents can be minimized to an extent. The increasing demand for IoT-enabled devices like smartphones, smart devices, and other wearable devices are expected to contribute to the IoT for public safety market. However, budget constraints for deploying smart devices may be a restraint for the IoT for public safety market growth in the years ahead. Moreover, enhancements in communication system have laid the foundation of advanced product launches in the IoT for public safety market.
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On the basis of application, the market is fragmented into critical infrastructure security, emergency communication and incident management, disaster management, and surveillance and security. Disaster management is likely to witness substantial growth in IoT for public safety market, as it helps to ensure the safety of organizations and government institutes in detecting threats and making arrangements for emergencies like tornados, fires, power outages, floods, and man-made disasters, to safeguard citizens.
By vertical, the market includes homeland security, smart utilities, smart healthcare, smart manufacturing, smart transportation, smart building and home automation, and others. Smart manufacturing and smart healthcare sectors are expected to witness notable growth over the forecast time period. Smart healthcare is projected to grow, owing to the rising need for monitoring patients suffering from life-threatening diseases and obtaining better patient outcomes.
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The North American IoT for public safety market is anticipated to hold a substantial share over the forecast time period, owing to the technologically advanced infrastructure in North American countries, increasing government spending in IT infrastructure, rising adoption of emerging technologies like smart cities, IoT, and mobility, growing concerns over data privacy. Europe will witness noteworthy growth in the IoT for public safety market over the estimated timeline, owing to the increasing natural calamities and cyberattacks that can impact the economy negatively.
Some noticeable players of the IoT for public safety market are IBM, Hitachi Vantara, NEC, Microsoft, Cisco Systems, Nokia Networks, Sierra Wireless, Telit, West Corporation, and ThroughTek.
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