Research and Markets has released a new report that predicts the public safety and security market will reach $456.56 billion by 2021 from $247.53 billion in 2016, or a compound annual growth rate of 13 percent.
The report cites the rise in criminal activities, natural disaster and cross border terrorism, public safety policies and regulations and the rise in attack on critical infrastructures and public utilities as market drivers, Research and Markets said Monday.
Market restraints include high installation cost for public safety and security systems and the continued use of legacy security systems, according to the report.
The report also attributed the highes CAGR to emergency and disaster management service during the forecast period, as government and public safety agencies use these systems in case of natural disasters.
The report expects the critical communication network to record the largest market size in 2016 due to its function as the pillar of public safety infrastructure for mission-critical communications.
The report also profiled companies such as:
- AGT International
- Cisco Systems
- Honeywell International
- Huawei Technologies Co. Ltd.
- Northrop Grumman
- Thales Group