Public Safety Analytics Market 2021 Industry Share, Growth, Trend and Forecast to 2027
Author : Mahavir Mete | Published On : 30 Apr 2021
The Public Safety & Security Analytics Market is burgeoning globally. The market growth attributes to the increasing adoption of data analytics solutions for public safety by law enforcement & intelligence and border control agencies. Public safety & security agencies use the data collected by these analytics to gain useful, actionable insights to prevent crimes and maintain public safety. Besides, the increasing rate of criminal activities and terrorist attacks creates substantial market demand.
Moreover, advances in business intelligence, such as real-time data stream analytics and machine learning used to make predictions escalate market growth. According to Market Research Future (MRFR), the Public Safety & Security Analytics Market is poised to reach a valuation of USD 11.75 BN by 2023, growing at 16.22% CAGR throughout the forecast period (2018-2023). Increasing rates of criminal activities and cross-border terrorism promote the demand for security measures to control these activities.
Additionally, the augmenting demand for the improved safety features from the public transportation security, critical infrastructure security, and manufacturing sectors escalates market sales. The intense competition in the public security field encourages vendors to differentiate their product offerings to beat the competition. As a result, futuristic features offered at competitive prices foster market growth, increasing the uptake of public safety analytics.
Simultaneously, the need for stringent government policies & regulations for public safety analytics influences the market growth. Technological advances in components used in public safety analytics, efficient & responsive connected devices and user-friendly, unconventional safety systems provide impetus to the market growth.
On the other hand, the lack of technical competencies and the high initial investment associated with the implementation of safety systems are the significant factors projected to obstruct the market growth. Nevertheless, well-spread awareness about the importance of the safety systems and the safety measures would support the market growth throughout the assessment period.
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Public Safety & Security Analytics Market - Segmentation
The report is segmented into six dynamics.
By Analytics Type : Predictive Analytics, Prescriptive Analytics, Descriptive Analytics, and others.
By Deployment Type: On-premises and Cloud.
By Application: Pattern Recognition, Incident Detection, Person of Interest Screening, Surveillance, and others.
By Vertical: Law Enforcement & Intelligence Agencies, Border Control, Public Transportation Security, Critical Infrastructure Security, and others (manufacturing and emergency services).
By Component: Solution (Video Analytics, Social Media Analytics, Identity Analytics, Sensor Data Analytics, others (speech analytics, text analytics, and crowd analytics) and Service (System Integration, Support & Maintenance, Consulting Services, Managed Services, others).
By Regions: Americas, Europe, APAC, and the Rest-of-the-World.
Public Safety & Security Analytics Market - Regional Analysis
North America dominates the global Public Safety & Security Analytics Market. The largest market share attributes to the presence of major public safety solution providers and well-established technology development centers in the region, allowing the early adoption of advanced technologies. Besides, the growing demand for safety and comfort features drive the growth of the market in the region.
Moreover, the well-established defense sector in the region creates opportunities for market players. With their advanced public safety technologies, the US and Canada markets boost the market growth in this region. The North American Public Safety & Security Analytics Market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global Public Safety & Security Analytics Market. The market growth is driven by the extensive adoption of advanced public safety technologies. The European Public Safety & Security Analytics Market is estimated to grow at a significant rate during the forecast period.
The Asia Pacific region is a substantially sizable market for public safety analytics in terms of size and volume. Factors such as sizable investments in smart city projects and rising adoption of public safety analytics solutions drive the regional market growth. Also, the continuous increase in technologies and the presence of a number of technology providers in the region propel market growth. Additionally, increasing awareness about advanced public safety solutions acts as a major tailwind for the development of the regional market.
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Public Safety & Security Analytics Market - Competitive Landscape
Highly competitive, the Public Safety & Security Analytics Market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players to support their growth and expansion plans. They strive to deliver reliable, leading-edge solutions and services, investing substantially in R&D to develop adept technologies. They continuously upgrade and launch new solutions and services, especially in emerging economies.
Players leading the Public Safety & Security Analytics Market include IBM (US), Hexagon (Sweden), Cisco (US), SAP (Germany), NEC (Japan), Esri (US), Nice Systems (Israel), SAS (US), Splunk (US), Hitachi Vantara (US), Verint Systems (US), and Haystax (US), among others.
Industry/ Innovation/Related News
September 08, 2020 ---- Idelic (Russia), a technology company and Lytx (the US), a leading global video telematics provider, announced a systems integration to help joint clients more effectively manage safety in their trucking fleets. Idelic helps transportation fleets save time, money, and lives using Idelic Safety Suite, the trucking industry's most comprehensive driver management platform designed to improving fleet safety.
Lytx provides video telematics, analytics, productivity, and safety solutions for commercial & public sector and service fleets. New integrations bring together the unmatched power of Lytx's machine vision & AI-backed video telematics and the Idelic Safety Suite for an all-in-one, easy-to-use, and intuitive view of driving risk.
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