Global market for public safety-related IoT to hit $2 bn by 2023: Report
With Internet of Things (IoT) increasingly being deployed for public safety purposes, the size of the global market is estimated to grow to $2.04 billion in the next five years, according a report by Research and Markets.
The IoT-for-public safety market is currently worth $979 million and will grow at a compounded annual rate (CAGR) of 15.9% here on out, stated the report.
The number of smart city projects is on the rise worldwide and there is a massive demand for automated public safety solutions including unmanned devices and remote surveillance technology.
The report pointed out, however, that budget limitations could affect the growth.
The segment caters to critical channels such as incident management and emergency communication, critical infrastructure security, and disaster management.
The surveillance and security segment has the largest share of the overall IoT for public safety market, the report added.
Some of the major drivers of the market include the increasing number of national and public threats and the recent surge in smart city initiatives worldwide.
While North America is expected to dominate the market, the report suggests that Asia Pacific (APAC) could be the fastest-growing region.
The major vendors in the IoT for public safety market include IBM, Microsoft, Hitachi Vantara, Cisco, Nokia Networks, and Sierra Wireless.
The report considered the revenue generated by IoT vendors offering dedicated platforms, solutions, and associated services for public safety while discounting sales from public safety hardware or equipment such as cameras and sensors.