New York, US, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Public Safety Analytics Market: By Component, By Analytics Type, By Deployment Type, By Application, By Vertical - Forecast till 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 16.60% to attain a valuation of around USD 22.4 Billion by the end of 2030.
Public Safety Analytics Market Competitive Analysis
Eminent industry players profiled in the global Public Safety Analytics Market report 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)
- Haystax (US)
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Public Safety Analytics Market Report Scope:
| Report Metrics | Details |
| Public Safety Analytics Market Size by 2030 | USD 22.4 Billion (2030) |
| Public Safety Analytics Market CAGR during 2022-2030 | 16.60% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The driver for the growth of public safety analytics market is the increasing rate of criminal activities and terrorist attacks which has led to the adoption of data analytics as a solution for public safety by the agencies to gain useful insights from the collected data. |
Justice, national security, and policing are the responsibilities of public safety organisations like the police department. These organisations employ public safety analytics, which incorporates a range of analytical tools like video analytics, identity analytics, and social media analytics to accurately predict crimes and natural disasters and help organisations maintain public safety.
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The rising frequency of criminal activity and terrorist acts is a major factor driving the growth of the public safety analytics market. As a result, agencies have used data analytics as a solution for public safety in order to obtain meaningful insights from the acquired data. In order to stop crimes from happening and keep the public secure, law enforcement organisations need to be able to draw conclusions from data that can be put into practise.
Moreover, improvements in business intelligence enable public safety organisations to use machine learning and real-time data stream analytics to generate predictions based on past data.
Law enforcement agencies place a high priority on crime prevention and reduction in order to improve public safety, lower societal expenses associated with crime, and prevent damage to public property. Massive amounts of data are generated by public safety organisations from a variety of sources, including criminal histories, social media platforms, and information from investigations. Predictive and preventive analytics are being integrated into public safety analytics, which aids in the analysis of past crime data to forecast future crime.
The fundamental goal of public safety is to safeguard all facets of society by enhancing the decision-making processes of public safety organisations and giving them valuable information from the data gathered. These components include the economy, vital infrastructure, and people. Data from various public safety departments, such as the police, transportation agencies, emergency services, and community safety organisations, are collected as part of public safety analytics. The use of stream analytics and machine learning to identify predicted patterns is one of the most current advances in public safety analytics. The location of any public safety unit can be seen in real-time using stream analytics. To identify significant attacks and thefts, it also leverages real-time information scraped from social media and other relevant channels.
These days, public safety agencies may extract a lot of data from various internet-based sources, such social media sites, and turn it into meaningful analytics using a variety of analytic methodologies, like prescriptive, descriptive, and predictive analytics.
Segmentation of the public safety analytics market:
The report looks at many market segments, including component, analytics type, deployment type, application, vertical, and geography, with the goal of estimating market growth across these segments.
The market is divided into solution and service segments based on component. The service category is further divided into system integration, support and maintenance, consulting services, managed services, video analytics, social media analytics, identity analytics, sensor data analytics, and others (voice analytics, text analytics, and crowd analytics).
Market segments by analytics type include predictive analytics, prescriptive analytics, and descriptive analytics.
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The market is divided into on-premise and cloud deployment types.
Pattern recognition, event detection, person of interest screening, and surveillance are the market segments by application.
The market is divided by vertical into border control, vital infrastructure security, public transit security, law enforcement and intelligence agencies, and others (manufacturing and emergency services).
The market is divided into North America, Europe, Asia-Pacific, and the rest of the globe according to geography.
The projected period from 2022 to 2030 predicts a strong growth in the global market for public safety analytics. The public safety analytics market is examined globally, including in North America, Europe, Asia-Pacific, and the rest of the globe.
Due to the presence of large public safety solution providers and cutting-edge security technologies in nations like the US and Canada, North America is predicted to dominate the market for public safety analytics. This is anticipated to accelerate market expansion in this area. Due to significant investments in smart city projects that have led to the adoption of public safety analytics solutions, Asia-Pacific is anticipated to have the quickest growth throughout the projected period.
Since expanding nations like China and India have significant investment plans for city development and security, the Asia-Pacific region is anticipated to have the quickest growth throughout the forecast period. Also, because these nations receive less value from existing public safety equipment, it is advantageous for them to create and enhance cost-effective public analytics solutions that support the expansion of the market in this area.
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Public safety analytics market growth in Europe is anticipated to be modest. The improved coordination of national forces inside the Schengen area is the driving force in this sector. This makes it possible for people to travel freely within the Schengen-agreed-upon nations, which has led to an increase in the demand for public safety analytics solutions in these areas.
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