MarketsandMarkets 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.