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MarketsandMarkets: Disaster Mgmt Policies to Drive Market for Public Safety, Security Platforms

MarketsandMarkets: Disaster Mgmt Policies to Drive Market for Public Safety, Security Platforms - top government contractors - best government contracting event

market researchMarketsandMarkets has reported that worldwide governmental efforts to keep citizens, infrastructure and organizations safe from multiple threats drive growth in the public safety and security market.

The market’s value to grow from almost $221 billion this year to about $371 billion by 2020, with a compound annual growth rate of 10.9 percent over the five-year period, MarketsandMarkets said Friday.

The research firm noted many countries around the globe aim to update their standards and policies for responding to natural disasters, crimes and terrorist threats.

Multiple nations have also formed partnerships to implement communication networks, emergency management systems and geospatial tools as part of cross-border disaster management efforts, according to the market research report.

The report projects North America will gain a significant share of the public safety and security market through 2020 and Asia Pacific will enjoy a high industry CAGR in the same forecast period.

MarketsandMarkets listed the following key vendors: Cisco, Honeywell, IBM, Northrop Grumman, Thales, Alcatel-Lucent, AGT International, ESRI, Huawei and NEC.

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Written by Mary-Louise Hoffman

is a writer of news summaries about executive-level business activity in the government contracting sector. Her reports for ExecutiveBiz are focused on trends and events that drive the GovCon industry to include commercial technologies that private companies are developing for federal government use. She contributes news content to ExecutiveBiz’s sister sites GovCon Wire and ExecutiveGov.

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