Wound Biologics Market Size Worth $6.43 Billion By 2026

The global wound biologics market size is expected to reach USD 6.43 billion by 2026, according to a new report by Grand View Research, Inc. is expected to grow at a CAGR of 9.4% over the forecast period. The rising geriatric population, introduction of technologically advanced products, and increasing cases of burns are the key driving factors for this market.

The wound biologic therapy helps in restoring innate repair mechanisms of the patients. It also involves application of active biological agents such as plant-derived biomolecules. These biological agents has antimicrobial, anti-inflammatory attributes, and antioxidant properties that helps in rapid healing of wounds. In addition, the biologic dressing restricts water, electrolyte, protein, and heat loss and allows minimal risk of contamination. It also enables autolytic debridement and develop a granular wound bed, thereby promoting rapid wound healing.

The wound biologics treatment is very much effective in healing chronic and acute wounds. The increasing cases of burn wounds and diabetic foot ulcers across the globe are anticipated to be the major driving factor for this market growth. For instance, as per a report published by the National Center for Biotechnology Information (NCBI), in 2019, the global prevalence of Diabetic Foot Ulcers (DFU) was 6.3% in 2018 and North America reported the highest DFU prevalence rate of 13.0% and Oceania had the lowest prevalence of 3.0%. Since, wound biologics allows rapid and effective healing, thus increasing incidence of chronic wounds are expected to surge the demand for wound biologics products, thereby propelling the market growth over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/wound-biologics-market

Further key findings from the report suggest:

In terms of revenue, acute wounds segment held the largest share in 2018 owing to the rising cases of burn wounds and trauma across the globe.
Biological skin substitutes segment held the largest market share and is expected to witness the fastest growth rate over the forecast period owing to the increasing incidence of diabetic and venous leg ulcers across the globe.
Hospital segment held the largest share in 2018 due to the rising cases of burns and accidents.
Asia-Pacific is expected to witness the fastest growth over the forecast period owing to the rising number diabetic patients in this region.
Prominent players present in the wound biologics market are Smith & Nephew PLC., Osiris Therapeutics, Integra Lifesciences, and Wright Medical.

Light Sensor Market Size Worth $6.39 Billion By 2027

The global light sensor market size is anticipated to reach USD 6.39 billion by 2027, according to a new study conducted by Grand View Research, Inc. It is expected to expand at a CAGR of 10.9% from 2020 to 2027. Market growth can be attributed to the growing implementation of light sensor functions in the automotive industry and consumer electronics, such as smartphones, televisions, and laptops. Advancements in smart lighting and its applications in smart homes and outdoor lighting are also expected to increase the utility of light detectors. In addition, the increased usage of connected devices and the Internet of Things (IoT) technology in the development of smart cities is expected to propel the growth of the market.

Currently, manufacturers of consumer electronics are under pressure to bring differentiated and unique products into the market. With the inclusion of optoelectronic detectors in smart devices, major mobile manufacturing companies, such as Samsung Electronics Ltd., are collaborating with light sensor manufacturers to integrate various technologies into their smartphones. The increasing use of connected devices in the automotive, industrial, and electronics industries has led to the trend of multi-sensor integration among manufacturers. Moreover, the growing demand for LiDAR sensors in applications, such as corridor mapping and topographical survey, aerospace and defense, mining, automotive, and oil & gas, has created growth opportunities for the market across industries.

Top vendors such as AMS AG; STMicroelectronics NV; Analog Devices, Inc.; Broadcom Inc.; and Vishay Intertechnology Inc. are focused on developing small, efficient, and low-cost sensors to meet the needs of their customers. Enhancements in the sensing technology and miniaturization have enabled consumer electronics device manufacturers to introduce various functions, such as brightness control, display dimming, extending battery run time, and power-saving features. However, the additional costs for incorporating sensors into smart devices and subsequent reduction in the life of devices are anticipated to hamper the market growth. The COVID-19 outbreak worldwide is also expected to slow down market growth over the next few years.

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https://www.grandviewresearch.com/industry-analysis/light-sensor-market

Further key findings from the report suggest:

Based on function, the gesture recognition segment is predicted to register the highest CAGR over the forecast period owing to the evolution of Graphical User Interface (GUI) technology, increasing demand for gesture-enabled electronic devices, and developments in Artificial Intelligence (AI)
By output, the digital segment is anticipated to register the highest growth rate over the forecast period. The proliferation of smart sensors across numerous applications, multi-sensor integration in IoT devices, and increasing automation in the automotive sector are expected to drive the segment over the forecast period
On the basis of end use, the healthcare segment is expected to expand at the highest growth rate over the forecast period owing to the rapid adoption of digital technologies in the manufacturing of medical instruments. Moreover, the increasing use of oxygen measuring and heart rate monitoring devices operated by light sensing technology is expected to create growth opportunities for the market in the healthcare segment
Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period owing to the presence of major semiconductor manufacturing and assembly hubs in China, Thailand, and the Philippines. Moreover, the increasing usage of automobiles and consumer electronics in China and India is expected to boost the market growth in the region

Music Streaming Market Size Worth $ 76.9 Billion By 2027

The global music streaming market size is estimated to reach USD 76.9 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.8% from 2020 to 2027. The growing adoption of digital music services is one of the key factors driving the market. Thanks to the flexibility and ease of use offered by various music applications. The industry has witnessed a notable shift from traditional viewership to online content consumption over the last decade. This is owing to the availability of vast databases of audio and video songs across streaming platforms.

The increasing integration of technologies such as Artificial Intelligence (AI), Machine Learning (ML), and Extended Reality (ER) is expected to support the growth of the market over the forecast period. For instance, ML-integrated music platforms analyze the artists, songs, and albums a user listens to most frequently to discover what appeals to them. Based on the analysis, daily playlists are created and related tracks are suggested, improving search engines, and providing a better understanding of consumer preferences. These technologies are further expected to bring advanced capabilities, such as song mixing, automated one-touch personalized playlists, and voice assistance, to the platforms.

Furthermore, the industry is expected to witness significant growth amidst the COVID-19 pandemic globally, as most of the outdoor leisure activities are on a standstill. The download and usage of music streaming apps have been on the rise since lockdowns were imposed across several countries severely affected by the pandemic. For instance, Spotify witnessed an upsurge in its monthly active users by 29.0% year-on-year to 299 million users in the second quarter of 2020. The increasing rate of digitalization and the rise in the adoption of digital music are fueling the industry’s growth.

The app segment dominated the market and accounted for the largest revenue share in 2019. This segment is expected to continue its dominance over the forecast period. This is attributed to the availability of thousands of soundtracks on applications that can be streamed for free. Users can also purchase selective songs available on these applications.

The audio segment dominated the market and accounted for the largest revenue share in 2019. This is attributed to an increasing number of commercial end-users including pubs, restaurants, cafes, and gymnasiums, who play songs in their commercial places for entertainment. Rising consumer preference for listening to songs while exercising, commuting, working, and doing household chores is driving the segment.

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https://www.grandviewresearch.com/industry-analysis/music-streaming-market

Further key findings from the study suggest:

Growing preference for on-demand music services on platforms such as Spotify, Apple Music, Tidal, SoundCloud, and Bandcamp is likely to drive the industry over the forecast period
The video content segment is expected to witness considerable growth, registering a CAGR of nearly 19.0% over the forecast period
Consumers are seen to be favoring the usage of music apps due to their user-friendly interfaces, advancements in smartphones, and handiness for listening to songs
The commercial end-use segment is anticipated to capture nearly 40.0% of the revenue share by 2027
In the Middle East and Africa, the market is likely to witness a CAGR of over 21.0% from 2020 to 2027

Factoring Services Market Worth $5,384.0 Billion By 2027

The global factoring services market size is expected to reach USD 5,384.0 billion by 2027, according to a new study conducted by Grand View Research, Inc. It is projected to register a CAGR of 7.5% over the forecast period. The rapid economic growth in developing economies and the rising demand for factoring as an alternative form of financing are fostering growth. Factor financing has proved to be beneficial in various regions across the globe for Small and Medium Enterprises (SMEs), promoting the entrepreneurial economy and strengthening economic growth. Moreover, the technological enhancement in the form of blockchain adoption and the provision of safe and secured financing services are also expected to propel the market growth over the forecast period.

Fintech businesses are offering factoring services to SMEs and freelancers to ease their financial pressure caused due to delayed payments. Factoring services are likely to become an essential part of supply chain networks owing to the simplification of the services and their financial flexibility. Moreover, there is a rising interest among enterprise owners to seek new and non-conventional means of finance for their companies. The companies and organizations such as Factors Chain International (FCI) are creating awareness among businesses. This alternative form of financing is likely to be adopted and accepted for factoring receivables.

Account receivable financing is becoming more secure owing to several laws. The governments of various countries have developed legal frameworks for the use of electronic invoices. This has helped governments in collecting tax efficiently, providing efficient factoring tools, and reducing frauds. Moreover, governments are also supporting the adoption of the state-of-the-art receivables platform based on new blockchain or Distributed Ledger Technology (DLT). However, factors such as a perception of the high-interest rates, lack of awareness, and cumbersome documentation processes are hindering the demand for factoring services. Banks and financial companies are constantly trying to upgrade their expertise on the technological and operational levels for providing cost-effective services to their customers and boosting the demand for their services.

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https://www.grandviewresearch.com/industry-analysis/factoring-services-market

Further key findings from the report suggest:

The international segment is expected to register the highest CAGR over the forecast period owing to the increasing demand for factoring services from developing nations that focus on increasing their international trade through export and import
The non-recourse segment is anticipated to register the highest CAGR over the forecast period. Advantages such as full credit cover offered by the financing company are driving the demand for non-recourse factoring amongst SMEs across the world
The non-banking financial institution segment is expected to register the fastest CAGR over the forecast period. The growth of fintech companies and non-banking financial startups, owing to ease of government regulations in some developing countries, is the prime factor propelling the segment growth
The healthcare segment is anticipated to register the highest CAGR over the forecast period. The complications of insurance and complex layers of bureaucracies that delay the payment of medical bills of medical companies or professionals are likely to accelerate the demand for factoring in the segment growth
Asia Pacific is anticipated to emerge as the fastest-growing regional market owing to the rapid growth of economies vis-à-vis infrastructural and industrial growth in the region. The region comprises two most-populated countries, namely China and India, where the demand for factoring services is higher among SMEs. Moreover, China is the key exporter of electronic components, chemical materials, and many other industrial products

High Performance Computing Market Size Worth $53.6 Billion By 2027

The global high performance computing market size is expected to reach USD 53.6 billion by 2027, expanding at a CAGR of 6.5% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. High-performance computing can be categorized into High Performance Technical Computing (HPTC) and High Performance Business Computing (HPBC). HPTC is highly used in the fields of science and engineering. It is particularly used by government agencies, defense agencies, educational and research institutions, and incumbents of the manufacturing industry, among others. On the other hand, HPBC is suitable for applications such as gaming and fraud detection. Logistics companies and providers of financial services, among others, also opt for HPBC. The rising popularity of High Performance Computing (HPC) systems among manufacturing companies, government departments, and defense agencies are particularly fueling the growth of the market.

High-performance computing systems envisage a cluster of computers that can run long algorithms and solve complex problems and equations at speeds and accuracies higher than those offered by the conventional computing systems. Previously, HPC systems were used only by the navigation and aerospace industries. However, diversification of the IT industry, growing adoption of cloud computing, continuous developments in artificial intelligence, and rising need for business analytics are prompting various end-use industries to adopt HPC systems.

Data centers particularly require an architecture capable of processing large volumes of data. HPC systems can ensure adequate computing power for such data centers. Various other organizations also adopt HPC systems to process their data at higher speeds and accuracies and simplify their complex business procedures. Research and academic institutions have also started adopting HPC systems to ensure the computational efficiency required during the initial stages of research.

High computational capabilities offered by HPC systems have paved the way to execute high-end research projects that were previously deemed impossible. As such, HPC systems can be helpful in several fields, including computational biology, genetics, medicine, structural analysis, geophysics statistics, electromagnetism, nuclear physics, astrophysics, and mathematical modeling. Similarly, high efficiency offered by HPC systems can help researchers in undertaking research activities in various fields, such as deep neural networks, human genome mapping and modeling, and artificial intelligence.

Vendors of HPC systems are increasingly focusing on delivering enhanced solutions that can cater to various requirements. These solutions may include basic configurations and management tools that are easy to deploy and are capable of adapting to the changing workloads. Although the application portfolio of HPC systems is growing continuously, the looming lack of awareness about HPC systems, budget constraints at small- and medium-sized enterprises, and concerns over the security of data are some of the factors hindering the growth of the market.

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https://www.grandviewresearch.com/industry-analysis/high-performance-computing-market

Further key findings from the report suggest:

The on-premise deployment segment held the largest revenue share in 2019. The cloud segment is expected to expand at the highest CAGR of 7.6% over the forecast period owing to the benefits such as cost-effectiveness, scalability, ease of deployment, and stronger security associated with cloud deployment
The government and defense end-use segment held the largest revenue share in 2019 and is expected to expand at the highest CAGR over the forecast period. The growth can be attributed to the growing adoption of HPC systems in surveillance, aircraft simulation, and encryption and decryption of confidential information
North America is anticipated to witness significant growth over the forecast period. New supercomputing facilities are coming up in the region in line with the advances in technology, which bodes well for the growth of the regional market. The U.S. is already home to the top 5 supercomputers. The U.S. held the largest share of over 70.0% in 2019 and is expected to maintain its lead over the forecast period
Market players are entering into partnerships and collaborations with each other as part of their efforts to strengthen their position in the market. For instance, in September 2019, Intel Corporation announced that it had entered into a strategic partnership with Oracle. According to the partnership, Oracle would integrate capabilities of Intel’s Optane DC persistent memory into its next-generation platforms.

U.S. Cannabis Market Size Worth $31.7 Billion By 2025

The U.S. cannabis market size is expected to reach USD 31.7 billion by 2025, exhibiting a CAGR of 14.5% during the forecast period, according to a new study by Grand View Research, Inc. Increasing adoption of medical marijuana for treatment of various medicinal conditions, along with addition of various applications in medical marijuana programs of each state, is expected to drive the market over the forecast period.

The use of cannabis for medical purposes is gaining momentum due to its recent legalization in various states of the country. The application areas for cannabis can be classified into chronic pain, mental disorders, cancer, and other medicinal conditions. Chronic pain accounted for the largest share by application in 2018 and is expected to grow at a lucrative rate over the forecast period. This due to a large patient base and increasing number of medical conditions/trauma associated with chronic pain. On the other hand, marijuana use for treatment of mental disorders is anticipated to be the fastest growing segment over the forecast period.

The buds segment dominated the U.S. cannabis market in 2018, with a revenue of USD 7.8 billion, and is expected to grow at a lucrative rate over the forecast period. Dried buds are used for smoking and have found widespread application in treating a variety of diseases such as cancer and Alzheimer’s. Furthermore, buds are more affordable than oral products or tinctures, which increases its adoption.

California accounted for the largest market share in U.S. in 2018 and is expected to grow at a significant rate over the forecast period. The market expansion in this state can be attributed to expanding population base and growing number of marijuana businesses. Furthermore, the state has also legalized both forms of marijuana use i.e. medical and recreational, which considerably increases product adoption.

The industry is expected to witness significant growth due to alterations in regulatory norms related to the commercial usage of marijuana and decline in its illicit sales. For instance, the use of medical marijuana has been legalized in 33 states in the U.S. and the District of Columbia, owing to continuous political movement supporting its legalization across the remaining states. Moreover, policymakers are focusing on generating tax revenues in order to aid businesses by providing suitable funding.

Some of the players operating in the U.S. market are Green Man Cannabis, Los Suoenos Farms LLC, and Vireo Health of New York, which operate in their individual states as interstate trading is banned in the country. With increasing pressure on federal legalization of cannabis in U.S., the market is expected to significantly increase after its federal approval in the next few years.

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https://www.grandviewresearch.com/industry-analysis/us-cannabis-market

Further key findings from the report suggest:

California accounts for the largest market share in the U.S. owing to high demand, large population base, and significant number of cannabis businesses operating in the state
The medical marijuana segment dominated the market as it is legal in a greater number of states compared to states that have legalized the product for recreational purposes
Consumption of marijuana oil does not have any adverse impact on the body as compared to smoking cannabis. This is expected to boost demand for oil, especially for medical use, over the projected timeframe
Buds dominated the U.S. cannabis market in 2018, with a revenue of USD 7.8 billion, owing to its affordable pricing compared to oils and tinctures. The segment is anticipated to grow at a significant rate over the forecast period

Bioburden Testing Market Worth $2.01 Billion By 2026

The global bioburden testing market size is expected to reach USD 2.01 billion by 2026, expanding at a CAGR of 13.7% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to showcase upward trend in the forthcoming years owing to growing concerns about product safety. This has led to various government initiatives to promote microbiological safety testing tools.

A number of publications released by organizations to promote awareness regarding microbiological safety testing is broadening the future growth prospects of bioburden testing. For instance, the U.S. Department of Health and Human Services and Centers for Disease Control published Biosafety in Microbiological and Biomedical Laboratories (BMBL), which includes information pertaining to laboratory biosecurity and risk assessment, decontamination and sterilization, and biological toxins and biosafety levels in laboratories.

Growth of pharmaceutical, biotechnology, medical device, and food and beverage industries have contributed to the high growth of the bioburden testing market. In addition, increase in R&D investments by prominent companies is expected to encourage end users to adopt highly efficient bioburden testing tools to counter possible losses due to microbial contamination. Merck is planning to invest USD 16 billion in R&D over the next five years, in addition to its annual investment of USD 7 billion. Moreover, requirement for basic drug safety data requirements for preclinical studies is expected to fuel the demand for bioburden testing tools.

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https://www.grandviewresearch.com/industry-analysis/bioburden-testing-market

Further key findings from the study suggest:

On the basis of product, consumables segment dominated the market in 2018 owing to a wide use of culture media and reagents and kits
PCR instruments facilitate rapid analysis of bacterial bioburden, thus, fostering high market growth
Aerobic count testing held significant market share in 2018 due to easy isolation of aerobic bacteria by culture media
Raw material testing is anticipated to showcase lucrative growth during the forecast period owing to the increasing number of product recalls and concern regarding product quality
On the basis of end use, pharmaceutical and biotechnology companies dominated the market in 2018 owing to the high growth of this industry
The number of CMOs is increasing significantly, which has led to a rise in outsourcing services, thus, driving the segment growth
North America held the largest revenue share in 2018 due to high R&D spending by key companies and high healthcare spending in the U.S.
Some of the key manufacturers in the bioburden testing market include Charles River Laboratories International, Inc.; SGS SA; Merck KGaA; Becton, Dickinson and Company; and Wuxi Apptec

Cardiac Surgery Instruments Market Size Worth $2.7 Billion By 2026

The global cardiac surgery instruments market size is expected to reach USD 2.7 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 6.6%. Increase in the number of cardiac surgeries & procedures and technological advancements are some factors expected to drive the market. Moreover, high incidence of cardiac diseases and availability of various surgical procedures are expected to boost the adoption of cardiac surgery instruments during the forecast period.

Technological advancements in the field of cardiac surgery instruments are considered a key driver of this market. Several key players are investing in R&D for launching innovative and novel products. Moreover, sedentary & poor lifestyle, which result in diabetes, obesity, & poor diet; smoking; and excessive alcohol consumption have also increased the predisposition to heart diseases.

Furthermore, increase in aging population and rising healthcare expenditure in emerging economies are among the factors likely to boost the number of cardiac surgeries during the forecast period. These factors are anticipated to positively influence revenue generation. According to the U.S. Census Bureau, the global healthcare spending is anticipated to increase to USD 18.28 trillion by 2040, growing at a CAGR of 2.6%. According to WHO, the world’s population aged 60 years and above is expected to reach 2 billion by 2050, from 900 million in 2015.

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https://www.grandviewresearch.com/industry-analysis/cardiac-surgery-instruments-market

Further key findings from the report suggest:

North America accounted for the largest share of over 40.0%, owing to favorable reimbursement policies, local presence of key players, and increase in number of heart patients as well as government initiatives
Asian countries are estimated to show highest growth rate, driven by advancing technology, increasing investments, improving reimbursement scenarios, low cost of treatment, and increasing medical tourism
Forceps segment accounted for the highest share and is expected to exhibit the highest growth rate
Based on application, coronary artery bypass grafting captured the largest share and is expected to be the fastest growing segment
Some of the major players are KLS Martin Group; Sklar Surgical Instruments; B. Braun Melsungen AG; Teleflex Incorporated; Symmetry Surgical, Inc; STILLE; Cardivon Surgical Inc.; Delacroix-Chevalier (France); Boss Instruments Ltd (U.S.); Wexler Surgical (U.S.); Medicon eG (Germany); Surgins (U.K.); Scanlan International (U.S.); Rumex International Co. (U.S.); and SIM Surgical (U.S.).

Dental Syringes Market Size Worth $10.85 Billion By 2026

The global dental syringes market size is expected to reach USD 10.85 billion by 2026, registering a CAGR of 4.8% over the forecast period, according to a new report by Grand View Research, Inc. Increasing product innovationsare expected to drive the market growth. In addition, rising prevalence of dental and oral diseases, such as periodontitis, dental caries, and oral cancer is anticipated to fuel the growth.

Practicon recently introduced new design called Pike Anesthetic Syringe. When retracted, the plunger on this syringe separates the harpoon and the stopper through its modified sleeve. This design avoids the hassle of pulling the rubber stopper completely out of the syringe while changing the cartridges. This makes the product safe as well as efficient. The product is compatible with the regular anesthetic needles and carpules. Such innovations are projected to drive the market growth in the forthcoming years.

Growing population in countries from Asia Pacific, such as China and India is anticipated to create market expansion opportunities in near future. Factors such as a rise in geriatric population and poor dietary habits are expected to increase the prevalence of dental diseases, which in turn is expected to fuel the demand for dental syringes. Rising burden of dental diseases in India is expected to create growth opportunities. According to the Indian Journal of Dental Research, approximately 31,426 males and 34,426 females out of every 100,000 people in India suffer from dental caries. Such high prevalence is expected to boost the product demand, thereby fueling the market growth.

However, the lack of skilled dentists is anticipated to hamper growth of the dental syringes market in near future. Nonetheless, factors such as growing number of professionals, awareness among dental healthcare providers regarding the advantages of using innovative dental syringes is expected to create growth opportunities for the market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/dental-syringes-market

Further key findings from the report suggest:

Reusable syringe product segment held the largest market share in 2918, due to the prevalence of periodontitis, preference by dental surgeons for the delivery of anesthesia, and cost-efficiency of these syringes
Disposable syringe is expected to be the fastest-growing product segment in the next seven years owing to the rising focus on hygiene during dental surgery
Non-aspirating syringes type is expected to hold a significant market share over the forecast period, owing to high product efficiency
Asia Pacific is expected to be the fastest-growing market in the forthcoming years owing to the factors such as rising medical tourism, improving healthcare facilities, and increasing consumer disposable income
Few players in the dental syringes market include A.Titan Instruments, Inc.; Integra LifeSciences Corporation; Septodont; 3M Company; Power Dental USA, Inc.; Dentsply Sirona; and Vista Dental Products

Public Safety And Security Market Size Worth $812.6 Billion By 2025

The global public safety and security market size is expected to reach USD 812.6 billion by 2025, expanding at a CAGR of 14.8% from 2019 to 2025, according to a new report by Grand View Research, Inc. The rapid modernization of public safety regulations and policies across the globe is anticipated to drive the market growth over the forecast period. These solutions have provided users with effective measures to ensure the safety of organizations, individuals, and critical infrastructure against multiple threats such as illegal immigration, terrorist attacks, and illegal drugs and arms trafficking. Furthermore, the rapidly increasing number of natural and man-made disasters is also expected to play a pivotal role in driving the demand for these solutions worldwide.

Over the past few years, an increasing collaboration among countries has been witnessed regarding the measures taken for public safety. Countries are hence focusing on establishing regional cooperation in the area of cross-border disaster management to address key issues by deploying emergency management systems, critical communication network infrastructure, and geospatial data collection and analysis tools, among others. Furthermore, developed as well as emerging economies around the world have realized the importance of public safety and security solutions in emergency and crisis management. Governments are now developing regulations and standards to improve surveillance and enhance public safety. Surveillance systems are particularly effective for transit agencies to monitor their systems remotely, while critical communication network enables secure communication between various units, which is crucial for crisis management.

Due to rapid digital transformation of global financial and banking systems, there has been a constant focus on deployment of digital security measures to deal with the increasing number of cyber-attacks. The increasing awareness regarding security systems, replacement of obsolete systems and technologies, and rise in hazardous industrial operations are also some of the major factors expected to drive the demand for these systems. Hence, to comply with the growing demand, there has been a significant increase in financial allocation by countries for upgrading and modernizing the existing information technology infrastructure and the setting-up of dedicated departments to deal with the emerging cyber threats. However, the high system acquisition and deployment costs and lack of interoperability between legacy and emerging security systems is hindering the growth of the public safety and security market.

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https://www.grandviewresearch.com/industry-analysis/public-safety-security-market

Further key findings from the study suggest:

Managed services is anticipated to emerge as the fastest-growing service segment over the forecast period owing to the increasing deployment of public safety and security solutions as part of smart city initiatives
The emergency & disaster management segment is expected to gain traction over the forecast period owing to the increasing need for these solutions for better management of natural calamities and emergency situations worldwide
The logistics & transportation systems segment is expected to register the highest CAGR over the forecast period due to the increasing focus of governments on the development of road and rail infrastructure projects
The Asia Pacific regional market is expected to grow at the highest CAGR from 2019 to 2025 owing to the increased spending on these solutions to improve public safety, particularly in emerging economies such as India and China
Key players operating in the market include Atos; ESRI; NEC Corporation; SAP SE; Cisco Systems, Inc.; Genetec; Harris Corporation; General Dynamics; Ericsson; and Huawei Technologies Co., Ltd.