Law Enforcement Analytics is the largest segment driving the growth...

Law Enforcement Analytics is the largest segment driving the growth of Public Safety Analytics Market

Posted 2023-12-06 09:28:01

Market Overview:
Public safety analytics solutions help analyze large volumes of data generated from multiple sources like police databases, emergency calls, CCTV footage, social media, etc. and gain insights to aid decision making and improve public safety. It allows safety agencies to identify patterns, predict crimes and threats.

Market key trends:
One of the key trends in the public safety analytics market is the rise in adoption of predictive policing. With the help of advanced analytics, patterns can be identified from past crime data which helps law enforcement agencies to predict future criminal activity and deploy resources proactively. This has increased detection and prevention of crimes. Additionally, integration of video analytics and IoT devices further improves situational awareness and helps tackle emergencies more efficiently. Social media monitoring also allows tracking of any emerging threats online.

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.

SWOT Analysis
Strength: Public safety analytics offers advanced capabilities such as predictive analytics and risk assessment that help law enforcement agencies take preventive measures. It also provides real-time insights to address emergency situations effectively.
Weakness: Lack of data security and privacy concerns associated with collection and use of citizens' data can hamper the growth of public safety analytics. High initial investment and deployment cost of these solutions also acts as a restraint.
Opportunity: Emerging technologies such as edge analytics, artificial intelligence, and Internet of Things provide considerable opportunities in public safety sector by automating various tasks. Growth in smart cities concept boosts the demand for advanced public safety measures.
Threats: Significant regulations around data privacy and security pose challenges for vendors. Rapid changes in technologies require continuous updates in solutions, which increases maintenance cost.

Key Takeaways
The global public safety analytics market is expected to witness high growth, exhibiting CAGR of 16.% over the forecast period, due to increasing adoption of advanced technologies by law enforcement agencies. North America dominates the market currently due to high technology adoption.

Regional analysis
North America holds the major share of the global public safety analytics market due to strong economic conditions and increasing investments to enhance public safety infrastructure in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period with China, India, and Japan emerging as highly lucrative markets.

Key players
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, and Cody Systems. These vendors offer analytics solutions equipped with functionalities such as data integration, geospatial analysis, and predictive intelligence.

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