North America Public Infrastructure Safety Market Size

North America Public Infrastructure Safety Market Analysis

The North America Public Infrastructure Safety Market size is estimated at USD 1.60 billion in 2024, and is expected to reach USD 3.70 billion by 2029, growing at a CAGR of 18.20% during the forecast period (2024-2029).

• The growing number of accidents, crime rates, terrorist activities, and increasing investments in smart technology contribute to the market's growth. Integrating technologies like IoT, AI, and big data analytics enhances the ability to monitor, manage, and secure public infrastructure effectively.
• The number of terrorist activity and rising crime rates have increased worldwide in the past few years. This has heightened concerns about the safety of people, assets, and processes, resulting in severe damage to infrastructure and the loss of multiple lives.
• The rising number of terror attacks increases the demand for public infrastructure safety solutions. However, terrorist attacks and death numbers have decreased in over a decade, according to the Institute for Economics & Peace report on the global terrorism index. Governments are using and investing in physical security solutions to reduce crime rates and protect residents, business employees, and assets.
• As of December 2023, at least 40,167 people died from gun violence in the United States, as per the Gun Violence Archive. There were more than 632 mass shootings in 2023, which is defined by the Gun Violence Archive as an incident in which four or more victims are shot or killed. These mass shootings have led to 597 deaths and 2,380 injuries.
• The high initial investment is a significant hindrance to the market's growth. Governments are spending on installing surveillance systems, biometric security, critical communication networks, and scanning and screening systems, which incur high installation and maintenance costs.
• Macroeconomic factors such as economic growth, government spending, inflation, interest rates, labor market conditions, technological advancements, public-private partnerships, global economic trends, and environmental and social policies have profound impacts on the public infrastructure safety market in the region. These factors collectively influence the availability of funding, the cost of projects, the pace of technological adoption, and the overall prioritization of safety in public infrastructure development and maintenance.