Public Safety Analytics Market Estimated to Witness High Growth Owing to Increasing Threat of Criminal Activities and Terrorism
Public safety analytics is used by government agencies and law enforcement authorities to prevent and investigate criminal activities and terrorism-related threats. It helps collect and analyze large amount of data from various public safety systems such as video surveillance systems, police databases, social media, and other online sources. The analytics tools use techniques such as data mining, pattern recognition, and social network analysis to extract useful intelligence from these disparate sources of data. This helps public safety organizations identify potential threats, detect criminal networks, and investigate incidents more efficiently.
The global public safety analytics market is estimated to be valued at US$ 5.26 Bn or Mn in 2023 and is expected to exhibit a CAGR of 34.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The increasing threat of criminal activities and terrorism is a key driver boosting the growth of public safety analytics market. Criminal networks are becoming more organized and sophisticated which poses serious challenges for law enforcement agencies. At the same time, terrorist organizations are expanding their global reach and leveraging latest technologies to carry out attacks. Public safety analytics provides tools to law enforcement to counter these modern threats effectively by intelligently analyzing large volumes of structured and unstructured data sources. Another factor fueling the market growth is rising focus on smart city initiatives by governments worldwide. Deploying advanced analytics solutions in areas such as transportation, infrastructure, and law enforcement is key part of these smart city projects. This is anticipated to propel the demand for public safety analytics over the forecast period.
SWOT Analysis
Strength: Public safety analytics enables effective monitoring and predictive policing. It leverages large datasets and advanced analytics for identifying patterns. Utilizing video footage, social media, and IoT data can help detect threats and risks in real-time. This facilitates proactive responses to emergencies and criminal activities.
Weakness: Integrating diverse data sources from various public safety departments and law enforcement agencies can be challenging. Data privacy and security concerns exist regarding collection and use of personal information. Over reliance on algorithms and data models for decision making may undermine human judgment at times.
Opportunity: Rising threats of terrorism, cybercrimes and social unrest is prompting governments worldwide to invest heavily in innovative public safety solutions. Adoption of cloud, AI and big data technologies provides an opportunity to modernize aging systems. Growth of smart cities and connected infrastructure will expand the scope of applications for advanced analytics.
Threats: Significant budget cuts during economic downturns can delay technology upgrades. Lack of standards and interoperability between different vendor systems poses integration challenges. Alternative solutions from niche startups may disrupt existing vendor contracts. Resistance to change management from certain sections complicates technology adoption.
Key Takeaways
The global Public Safety Analytics Market Share is expected to witness high growth over the forecast period of 2023 to 2030.
Regional Analysis: North America currently dominates the market, attributed to large security spending and high technology adoption rates across various departments. The region is anticipated to maintain its lead, expanding at a CAGR of over 30% through 2030.
Europe holds the second largest market share attributed to ongoing initiatives for safe city projects, smart borders, and counter terrorism programs across major countries. Public-private partnerships are being encouraged to leverage innovative solutions. The Europe market is projected to grow at a CAGR of around 28% during the forecast period.
The global Public Safety Analytics market is incorporates key players operating in the public safety analytics are GoPuff, DoorDash, Instacart, Uber, Glovo, Rappi, Gorillas, Getir, Jokr, Zapp, Flink, 1520, Buyk, Deliveroo, Seazon, Yango Deli, Delivery Club, Bolt Food, Swiggy Instamart, Blinkit.
For more insights, read- https://www.pressreleasebulletin.com/public-safety-analytics-market-trends-size-and-share-analysis/
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