Market Overview:
Public safety analytics refers to digital technologies and analytical tools which facilitate actionable insights from large volumes of data generated by public safety agencies, law enforcement organizations and first responders. These insights help agencies to enhance productivity, improve decision making and optimize outcomes. Predictive analytics allow anticipation of crimes and emergencies before they occur by analyzing historical crime and incident data patterns along with other factors like social media trends, location details etc. Video and image analytics enable organizations to automatically analyze video feeds and images from body cameras, private CCTV cameras and aerial footage for visualization of crime-spots or suspicious activities.
Market key trends:
Increased adoption of Artificial Intelligence (AI) and Machine Learning (ML) solutions by public safety organizations is a major trend in the market. AI capabilities like facial recognition, natural language processing and predictive crime analytics are helping agencies to identify patterns from large volumes of structured and unstructured data in real-time. It allows crowd monitoring through CCTV cameras, predictive policing, faster incident response and evidence gathering through body cameras footage analysis. Other trends include growing use of data analytics in unmanned aerial systems or drones for surveillance of large public gatherings and incidents from above. Integrating public safety data silos with analytics platforms is also gaining traction for comprehensive insights.
The global Public Safety Analytics Market Share is estimated to be valued at US$ 5.26 Bn in 2023 and is expected to exhibit a CAGR of 16 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Porter’s Analysis
Threat of new entrants: The public safety analytics market has high growth potential due to rising technology adoption and increasing security concerns. However, the market has high setup costs and customer loyalty towards established brands, lowering threats from new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of numerous solution providers and differentiation in product offerings. However, switching costs and specific customized requirements increase dependence on vendors.
Bargaining power of suppliers: Presence of many software and service providers limits the bargaining power of individual suppliers. However, high switching costs provide some bargaining power to suppliers for software licenses, installation and maintenance services.
Threat of new substitutes: Alternative security solutions pose low threat as public safety analytics provide advanced capabilities for threat prediction, detection of patterns and integrated communication. Its use across multiple departments also results in limited substitutes.
Competitive rivalry: The market has high competition due to presence of global and local players. Players compete on capabilities, product performance, pricing and customer base.
Key Takeaways
The global public safety analytics market size is expected to reach US$ XX Bn by 2030, exhibiting a CAGR of 16% over the forecast period. This can be attributed to growing need for advanced solutions to analyze surveillance data and tackle security issues effectively.
Based on regional analysis, North America dominates the global market and is expected to continue its dominance, owing to large security budgets, technological advancements and established surveillance infrastructure. Asia Pacific is anticipated to showcase the fastest growth rate during the forecast period due to rising investment in smart city projects, emergent terror threats, and growing technology adoption across India, China and other developing nations.
Key players operating in the public safety analytics market are IBM, Cisco, NEC, Hexagon, ESRI, NICE Systems, Haystax Technology, Splunk, Verint Systems, Hitachi Vantara, Motorola Solutions, Genetec, Palantir Technologies, Tyler Technologies, Numerica Corporation, Cyrun, Increased Safety, Qognify, Cody Systems, and ShotSpotter. Major players are focusing on product launches, partnerships, mergers and acquisitions to strengthen their position and expand revenue sources.
Read More:
https://www.insightprobing.com/public-safety-analytics-market-demand-share-analysis/
Global Public Safety Analytics Market, By Component (Solution, Services), Analytics Type (Predictive, Prescriptive, Descriptive), Deployment Type (On-Premise, Cloud), Application (Pattern Recognition), Vertical (Law Enforcement) - Forecast till 2023Market HighlightsThe main function of public safety is to protect all elements of society by improving decision making process of public safety agencies, providing them with useful insights from the collected data.
Public safety analytics include the collection of data from various public safety departments including police, transport departments, emergency services, and community safety groups.
Nowadays, the data collected from various internet-based sources such as social media sites, also help public safety agencies to extract a large amount of data and convert it into useful analytics using various analytic techniques such as prescriptive, descriptive, and predictive analytics.
Get a Free Sample @ https://www.marketresearchfuture.com/sample_request/6696Key playersThe public safety analytics market includes vendor which provides security evaluation services across the globe.
The companies include Hexagon (Sweden), Cisco (US), SAP (Germany), NEC (Japan), Nice Systems (Israel), Esri (US), SAS (US), IBM (US), Splunk (US), Verint Systems (US), Hitachi Vantara (US), Haystax (US) and among others.Regional analysisThe global market for public safety analytics market is estimated to grow at a significant rate during the forecast period from 2018 to 2023.
The geographical analysis of public safety analytics market is done for North America, Europe, Asia-Pacific, and the rest of the world.North America is expected to dominate the market of public safety analytics as this region focuses on advanced security technology using various devices such as computers, digital evidence management systems, and body cameras.
According to Research report "Public Safety Analytics Market by Component (Solution and Service), Analytics Type (Predictive, Prescriptive, and Descriptive), Application, Deployment Mode (On-premises and hosted), Industry Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets, global public safety analytics market is expected to grow from USD 5.22 Billion in 2017 to USD 11.29 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.7% during the forecast period.
The public safety analytics market has gained traction due to the rise in the criminal activities and terrorist attacks across border controls and needs to safeguard the public from various physical threats.Increased adoption Internet of Things (IoT) and connected devices for public safety across government agencies are expected to drive the public safety analytics market over the next 5 years.Download PDF Brochure : https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=47603559 Browse 73 Tables and 45 Figures spread through 146 Pages and in-depth TOC on "Public Safety Analytics Market - Global Forecast to 2022"The person of interest screening application segment is expected to play a key role in the public safety analytics marketThe person of interest screening segment is expected to play a key role to change the market landscape and grow at the highest CAGR during the forecast period.
This application helps public safety agencies and government agencies in criminal investigations to identify the convict of an offense.
In addition, it has one of the most advanced features for public safety and has been deployed in various public infrastructures, such as airports, train stations, government and public buildings, and border control, resulting in a high growth rate.The hosted deployment mode segment is expected to be the fastest-growing deployment mode in the public safety analytics marketIn the market, the hosted deployment mode segment is expected to be the fastest-growing segment, as it offers organizations with increased scalability, speed, round the clock services, and improved management capabilities.
Moreover, such hosted or cloud-based public safety analytics solution and services are available in accordance with the customer’s demand, wherein enterprises could start, stop, or modify any service as per their requirement.North America is expected to have the largest market size in the public safety analytics marketNorth America is expected to have the largest market size in the market, due to the presence of a large number of public safety solution providers and early adoption trends in the developed countries in the region.
Furthermore, the market in regions, such as the Middle East and Africa (MEA) and Latin America is expected to grow due to the surge in technological proliferation across industry verticals, such as public transportation security, law enforcement and intelligence agency, border control, critical infrastructure security.Speak to Our Expert Analyst : https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=47603559 The major vendors in the public safety analytics market include Hexagon (Sweden), IBM (US), Cisco (US), NEC (Japan), SAP (Germany), Esri (US), SAS (US), Nice Systems (Israel), Splunk (US), Verint Systems (US), Hitachi Vantara (US), and Haystax (US).About MarketsandMarkets™MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues.
