According to recent reports by the analytical agency Grand View Research, by 2030 the volume of the global market for safe cities will reach $ 87 billion, and the average annual growth rate will be 14.5% in the period from 2022 to 2030.
Analysts have found that the shift in the emphasis of various government programs on smart city solutions, as well as population growth around the world, stimulate the development of the industry. In the conditions of rapid urbanization of megacities, reliable integration of security systems is required to control crime and traffic – thereby supporting the trend of the industry. It is also expected that an increase in private and public investment in smart city projects will create positive prospects for the market as a whole. For example, in July 2022. The Thai government has announced an investment of $37 billion in the construction of a smart city from scratch in the Huai Yai district (Chonburi Province).
The city will be built on an area of 2,340 hectares by 2032.
Such initiatives will create positive market dynamics in the region.
Industry participants are focused on developing solutions for a safe city, such as big data analysis, artificial intelligence, cloud computing, cybersecurity and the Internet of Things (IoT). Solution providers integrate these technologies into their products to improve their performance, reliability and adaptability to different types of systems. Companies such as Bosch Energy & Building Solutions, Hangzhou Hikvision Digital Technology Co., Huawei Technologies Co. and Identiv (3VR) are integrating IoT into their smart and secure urban solutions to help police remotely monitor all connected equipment.