The global IoT platforms for Public Safety market is forecast to reach USD 3,167.5 Million by 2028, according to a new report by Reports and Data. According to the evaluation of the European Telecommunications Standards Institute, emergency calling, mission-critical communications to protect responder personnel or situational awareness, mission-critical logistics support, public warning systems, and automated emergency response are the five major applications of IoT platforms in public safety.
As an instance, at the time of disaster, national or local authorities are needed to alert citizens. In such situations, with the help of IoT platforms devices like connected road displays or billboards, bus stop displays, connected cars, and displays inside busses, citizens in the affected area can be provided with timely and accurate information. Thus with the help of such public warning systems, the damages associated due to the disaster can be significantly controlled. Therefore, IoT platforms has varied areas of application in the domain of public safety, which is boosting the growth of the market.
In regards to region, Europe is observed to occupy a prominent market position. Factors like the rise in natural calamities in this region and the effectiveness of this system in identifying the threat of any calamity with the help of climate detection sensors and manage the situation effectively with the help of response solutions have resulted in its growing application in this region.
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Further key findings from the report suggest
• The IoT platforms for Public Safety market held a market share of USD 1,349.7 Million in the year 2020 and forecasted to grow at a rate of 11.2% during the forecast period.
• In regards to Component, the Platform segment generated the highest revenue of USD 481.4 Million in 2020, with a growth rate of 11.4% during the forecast period. The effectiveness of IoT platforms Platforms in centrally controlling and monitoring every activity that occurs within an organization or a specific area have resulted in its elevated application for public safety and revenue generated by the segment.
• In context to Application, the Surveillance and Security segment occupied the largest market share of 40.0% in 2020, with a growth rate of 10.9% during the forecast period. The market share held by the Surveillance and Security segment is attributed to the effectiveness of IoT platforms platforms in gathering data from devices like surveillance cameras, evaluate these data, and disseminate these data to public safety agencies for avoiding emergencies. The mentioned factor have resulted in the elevated application of IoT platforms platforms in surveillance and security.
• In regards to End-use, the Smart Building and Home Automation segment is generated the highest revenue of USD 240.7 Million in 2020, with a growth rate of 11.2% during the forecast period. High emphasis on public safety in smart building and public safety being an integral component of this type of building has resulted in elevated used of IoT platforms platforms for public safety in Smart Building and Home Automation, which contributes to the revenue generated by this segment.
• In context to region, Asia Pacific is projected to witness the fastest growth rate of 11.8% during the forecast period. Factors like technological advancements, government initiatives like Digital India, and rising incidents of natural calamities contribute to the growth of the market in this region.
Regional Segmentation of the Global IoT platforms for Public Safety Market:
• North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
• Latin America
o Rest of Latin America
• Middle East & Africa
o Saudi Arabia
o Rest of Middle East & Africa
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Top Companies in the Global IoT platforms for Public Safety Market:
Hitachi Vantara, IBM, Microsoft, NEC, Sierra Wireless, Cisco Systems, Nokia Networks, West Corporation, Telit, and Throughtek.
Major Highlights of the Global IoT platforms for Public Safety Market Report:
Surveillance Systems for Public Areas: The integration of IoT platforms devices in surveillance systems enables authorities to monitor public areas closely and identify potential security risks in real-time. This enhanced monitoring capability is likely to drive the adoption of IoT platforms-enabled security systems in key infrastructure areas such as airports, seaports, and government buildings. As a result, the revenue growth in this segment is expected to continue.
Disaster Management Systems: With the increasing frequency of natural disasters like hurricanes, earthquakes, and floods, the demand for IoT platforms-enabled disaster management systems is projected to grow substantially. These systems can assist in forecasting weather patterns and identifying possible dangers in advance, allowing authorities to take preventive actions and mitigate the impact of disasters. In disaster-prone regions, the utilization of IoT platforms-enabled equipment like drones and sensors can aid in damage assessment and search and rescue operations, further driving the revenue growth in this segment.
Overall, the convergence of IoT platforms technology with public safety applications is anticipated to have a positive impact on various sectors. As governments and organizations recognize the potential benefits of IoT platforms in enhancing safety and security, the adoption of IoT platforms-enabled solutions in public safety is likely to continue its upward trend during the forecast period.
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