Public Safety Analytics Market Synopsis:
Public safety agencies such as the police department are responsible for justice, national security and policing. These agencies uses public safety analytics which includes various analytical solutions such as video analytics, identity analytics, and social media analytics which help in accurate prediction of crime and disasters, helping agencies to ensure societal safety.
Key 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. This enables the law enforcement agencies to gain actionable insights from the data, needed to prevent crimes and maintain public safety. Furthermore, advances in business intelligence helps public safety agencies to make predictions, based on the historical data by using real-time data stream analytics and machine learning.
Crime reduction and prevention is a major concern for law enforcement agencies to increase public safety, reduce crime costs to society and avoid harm to public property. Public safety agencies generate tremendous amount of data from various sources such as criminal records, social media platforms, and investigation data. The shift of public safety analytics towards the integration of predictive and preventive analytics helps in crime analysis from historical data to predict future crimes.
Global Public Safety Analytics Market, 2018-2023 (USD Billion):
Source: MRFR Analysis
The global public safety analytics market is expected to generate a market value of USD 11.75 billion by 2023 growing at a 16.22% CAGR during the forecast period 2018–2023
Public Safety Analytics Market Regional Analysis:
The global market for public safety analytics is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of public safety analytics market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the market of public safety analytics due to presence of major public safety solution providers and advanced security technology present in the countries like the US and Canada. This is expected to boost the market growth in this region. Asia-Pacific is expected to be the fastest growing region during the forecast period owing to the increasing investments in smart city projects which have given rise to the adoption of public safety analytics solutions.
Public Safety Analytics Market Key Players:
The public safety analytics market includes vendors which provide security evaluation services across the globe. The companies 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) and among others.
|Market Size||USD 11.75 Billion (2023)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Component, Analytics Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||The predictive analytics segment is slated to expand as the fastest-growing segment.|
|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.|
The global public safety analytics market is expected to record a substantial market valuation of 11.75 billion by 2027.
The global public safety analytics market is projected to register a moderate 16% CAGR in the forecast period.
A few major market players operating in the global public safety analytics market are IBM Corporation (US), SAP SE (Germany), SAS (US), Verint Systems (US), among others.
The surveillance segment is slated to expand as the fastest-growing segment.
The predictive analytics segment is slated to expand as the fastest-growing segment.