Global Public Safety Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)
The Global Public Safety Analytics Market size is expected to grow from USD 7.74 billion in 2023 to USD 25.41 billion by 2028, at a CAGR of 26.83% during the forecast period (2023-2028). Because of the increasing security risks, public safety authorities must interact and share information about potential threats to develop a preventive strategy to assure optimal safety.
New York, Aug. 16, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Public Safety Analytics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06483996/?utm_source=GNW
The Global Public Safety Analytics Market size is expected to grow from USD 7.74 billion in 2023 to USD 25.41 billion by 2028, at a CAGR of 26.83% during the forecast period (2023-2028).
Because of the increasing security risks, public safety authorities must interact and share information about potential threats to develop a preventive strategy to assure optimal safety.
*Key Highlights*
Mass shootings rarely cause shock and astonishment in the United States as the country has more weapons in private hands than people. Having learned from these incidents, countries such as Canada are taking steps to prevent gun violence on their soil. The Minister of Public Safety in Canada sanctioned 250 million USD towards the Building Safer Communities Fund (BSCF). The Analytics platforms play an essential role in tracking such incidents and can help cops take timely action before any mishappening occurs.
The cases of illegal mining have also increased in the past few years. To catch these culprits, police are taking the help of Analytics tools like CCTV Cameras. In India, to address the issue of illegal sand mining, the Goa Police planned to install CCTV Cameras. The plans are to install high-resolution cameras at around 30 potential sites to capture the trucks and people involved in this illegal trade.
The police department has been collecting increasing video recordings and surveillance footage as technology advances, but this is providing considerable hurdles when processing and evaluating such data. Customized video analytics programs should be designed using artificial intelligence to process video files for review.
Though the Covid-19 outbreak is diminishing, its after-effects can be felt in the surroundings. In a survey, 88% of the retailers accepted that the pandemic increased overall risk for their company. In Dec 2022, Walmart also concluded that retail theft was rising in the US. To handle these theft issues, Analytics Safety applications have to be adopted.
Public Safety Analytics Market Trends
Law Enforcement Expected to Hold a Significant Share
Law enforcement agencies have relied on their security staff and video surveillance equipment to ensure that everyone in the community is safe and protected. To solve crimes, keep the community secure, and preserve sensitive data, police departments are now using video analytics technology, data analytics, and other video feeds. These tools provide real-time video analytics and surveillance data.
The AI-integrated video analytics tool is playing an essential role as wanted criminals, or terrorist suspects can be located in a crowd using video surveillance systems using facial recognition technology.
October 2022 - In India, Honeywell Automation designed an AI-based Video Analytics solution for Banglore Police. This will help the police authorities implement decisions quickly in emergencies, thereby keeping the city safe. Around 7500 cameras will be installed in 3000 locations throughout the city, including 6300 fixed cameras, 800 pan-tilt-zoom cameras, and 400 high-resolution cameras.
September 2022 - Tyler Technologies signed a contract with Putnam County Sheriff’s Office in New York for Enterprise public safety suite. This cloud-based application makes sense of the information from each service request, the report collected, the arrest made, and the suspect booked. Fire and emergency medical services will respond more quickly and accurately by using this app.
North America is Expected to Hold the Largest Share
A survey report from Mark43 highlighted that 93% of Americans feel law enforcement should be more transparent with their data. Regarding cybersecurity, 60% of the general community believes the police must be set up for success. There is a strong need for digital transformation within the public safety sector to gain this trust. Using a cloud-native platform enables law enforcement to prioritize safety and security while emphasizing the increased transparency attained through complete data collection and sharing.
The Govt announced an investment of 0.5 million USD. that will increase the facility’s capacity and outfit it with new ballistics technology to cut the time spent on shell casing processing. This center is part of a statewide network of ten regional Crime Analysis Centers that offer federal, state, and local law enforcement agencies information and investigative support. With this money, the center’s staff of 24 analysts from several law enforcement organizations can be increased.
Video analytics are employed by the Thunder Bay Police Service to aid in investigations involving missing persons, abductions, violent crimes, property crimes, and untimely fatalities. The police department has been collecting increasing video recordings and surveillance footage as technology advances, but this is providing considerable hurdles when processing and evaluating such data.
Public Safety Analytics Industry Overview
Due to numerous companies, the Public Safety Analytics Market is very competitive. To diversify their product offerings, broaden their geographic reach, and ultimately maintain their competitiveness in the market, the businesses are implementing methods including product innovation, mergers, and acquisitions.
July 2022 - iBwave launched a new smartphone-based coverage verification solution. A palm-sized RF scanner attaches to the backside of an Android smartphone.iBwave is expanding its target market to focus on campus networks, private networks, and public safety.
September 2022 - The government of Canada announced an investment of 1.9 million USD over three years for Phase 2 of their Terrorist Content Analytics Platform (TCAP). This secure online application automates the identification, notification, and analysis of verified terrorist content. TCAP will contribute towards the safety of Canadians by addressing harmful online information in novel and efficient ways and collaborating with international allies to thwart terrorist and extremist operations in a fast-evolving digital environment.
December 2022 - Germany-based cybersecurity startup VMRay fixed a 34 million USD deal with Tikehau Capital to help the company expand into new target markets by providing superior threat detection and analysis services.
*Additional Benefits:*
The market estimate (ME) sheet in Excel format
3 months of analyst support
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