New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), " Public Safety Analytics Market: By Component, By Deployment and 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.
Key Players
Eminent market 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:
| Public Safety Analytics Report Metrics | Details |
| Market Size by 2030 | USD 22.4 Billion (2030) |
| 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. |
Drivers
Rise in Terrorist Attacks and Criminal Activities to Boost Market Growth
In order to acquire relevant insights from the collected data, authorities have used data analytic as a solution for the public safety due to the rise in criminal activity and terrorist acts. Thus the rise in terrorist attacks and criminal activities will boost market growth over the forecast period.
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Opportunities
Government Initiatives to Offer Robust Opportunities
Governments are progressively creating mitigation strategies to speed up the response to catastrophes, lessen the damage they cause, and save higher lives compared to ever before. Mass shootings have dramatically increased around the world. Thus the favorable government initiatives will offer robust opportunities over the forecast period.
Restraints and Challenges
Budget Constraints to act as Market Restraint
The budget constraints to adopt public safety services, cyber security risk, and lack of awareness regarding public safety analytics services & solutions may act as market restraints over the forecast period.
Market Segmentation
The global public safety analytics market is bifurcated based on vertical, application, deployment type, analytics type, and component.
By component, solution will dominate the market over the forecast period.
By analytics type, predictive analytics will lead the market over the forecast period.
By deployment type, the market is bifurcated into cloud and on-premise.
By application, person of interest screening will steer the market over the forecast period.
By vertical, law enforcement will have the largest share in the market in the assessment period.
COVID-19 Analysis
Public safety analytics have been significantly impacted by the COVID-19 outbreak in a number of ways. Crime patterns have changed as a result of the epidemic, with some crimes (such as theft and burglary) declining while others rose (like domestic violence & cybercrime). To account for these developments, public safety analysts have to alter crime prevention tactics. There has been a burgeoning need for public safety analytics to offer insights into the resource allocation, crime trends, and risk assessment as the pandemic has highlighted the value of data-driven decision-making. The pandemic also had an effect on how law enforcement agencies allocate their resources. Due to financial constraints, some departments have had to cut back on spending, while others had to reallocate funds to address brand-new problems including enforcing public health regulations and handling protests. Throughout the epidemic, predictive analytics has grown in importance for public safety as law enforcement uses data to identify susceptible groups, predict probable criminal hotspots, and more efficiently allocate resources. In light of the increased usage of the public safety analytics at the time of the epidemic, privacy issues have been raised. According to some detractors, the use of data analytics may violate people's rights and liberties. The COVID-19 pandemic has possessed a significant impact on public safety analytics, leading to changes in crime patterns, increased demand for data analysis, changes in resource allocation, an emphasis on predictive analytics, and privacy concerns.
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Regional Analysis
North America to Head Public Safety Analytics Market
Historically, North America has been the highest proactive and top spender on public safety measures. Many issues that the US is dealing with have put its citizens' safety at danger. The problems include migration, mass shootings, prison management, natural disasters, and terrorism, among many others. Throughout the course of the predicted period, there will likely be a rise in demand for public safety analytics due to the rising crime rate. In the US, the demand for public safety is being driven by the strict regulatory standards for industrial safety. Also, the government is attempting to improve public safety because the crime rate within the US is a serious problem. Governments in several areas are making investments to improve their communication and surveillance systems. North America is anticipated to rule the public safety analytics market due to the region's abundance of major providers for public safety solution & cutting-edge security technology in countries like the US and Canada. This is expected to hasten the growth of the industry in this region. In addition to being the R&D hub for public safety analytics, the development and implementation of novel technologies are what are fueling the market's expansion in North America. Due to existing technology development centers and prominent public safety solution provider in the area, which enable early adoption of cutting-edge technologies, the region holds the biggest market share. Also, the market in the region is expanding due to the rising need for safety & comfort features. Also, the region's existing military industry offers market participants options. The US and Canadian markets contribute to this region's market growth with their cutting-edge public safety solutions. Throughout the anticipated period, the North American market is anticipated to continue to rule.
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APAC to Have Admirable Growth in Public Safety Analytics Market
Asia-Pacific will experience the fastest growth over the course of the forecasted period due to major investments in smart city initiatives that have prompted the use of the public safety analytics solutions. The Asia-Pacific region is predicted to experience the fastest growth over the course of the projection period because rapidly developing nations like China and India have major investment plans for the city development & security. It is also important for these countries to develop and improve affordable public analytics solutions which promote the growth of the market in this area because they get less value from the public safety equipment that is currently in use. The growth of the regional market is driven by elements like significant investments in smart city initiatives and increased usage of the public safety analytics solutions. Also, the presence of several technology suppliers in the area and the ongoing advancement of technologies drive market expansion. Also, the expansion of the regional market is greatly aided by the growing awareness of innovative public safety solutions.
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