Increasing demand for actionable insights is anticipated to open up the new avenue for Public Safety Analytics Market

 
Public Safety Analytics Market

Market Overview:

The public safety analytics market involves the use of data analytics and technologies to help public safety agencies like police and fire departments gain insights and intelligence from various data sources. It involves collecting data from different public safety tools like surveillance cameras, 911 call records, social media, and others. The data is then analyzed using advanced analytics techniques to help agencies identify patterns,trends and take preventive actions. It helps identify risks, threats and helps agencies make informed decisions and deploy resources efficiently.

Market Dynamics:
One of the major drivers of the public safety analytics market is the growing need for data-driven decision making among public safety agencies. With the volume of data growing exponentially, agencies are realizing the importance of analyzing data to gain valuable insights. This is helping them be more proactive and predictive in operations. Additionally, rise in crime rates has increased the need for enhanced situational awareness and prevention capabilities among agencies which public safety analytics provides. Agencies are able to identify crime hotspots, understand behavioral patterns of criminals and deploy resources accordingly by analyzing past data patterns. Further, advancements in technologies like AI, machine learning are making analytics more powerful and affordable for agencies to adopt. This is contributing to increased spend on public safety analytics software and solutions.

The global Public Safety Analytics Market Share is estimated to be valued at US$ 5.26 Bn in 2023 and is expected to exhibit a CAGR of 16 % over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Segment Analysis
The public safety analytics market is dominated by the command and control sub segment. This sub segment holds the largest market share as it helps emergency response teams to effectively coordinate, communicate and collaborate during emergency situations. It provides real-time situational awareness and responses are managed through a common operating platform.

PEST Analysis
Political: Increased investments by public safety agencies on smarter technologies to enhance public safety. Economic: Growing investments in predictive intelligence solutions to enable data-driven decision making for prevention of criminal activities. Social: Rising concerns regarding security threats and prevention of terrorist activities are propelling the demand. Technological: Adoption of Internet of Things (IoT), AI/ML and advanced video/image analytics are facilitating actionable insights for public safety organizations.

Key Takeaways
The global public safety analytics market size was valued at US$ 5.26 Bn in 2023 and is expected to reach US$ 18.63 Bn by 2030, expanding at a CAGR of 16% during the forecast period.
Regional analysis: North America dominated the market in 2023 with over 40% market share owing to large-scale technological adoption and modernization of public safety infrastructure in the US and Canada. Asia Pacific is anticipated to witness fastest growth during the forecast period.
Key players operating in the public safety analytics market are IBM, Cisco, NEC, Hexagon, ESRI, NICE Systems, Haystax Technology, Splunk, Verint Systems, Hitachi Vantara, Motorola Solutions, Genetec, Palantir Technologies, Tyler Technologies, Numerica Corporation, Cyrun, Increased Safety, Qognify, Cody Systems, and ShotSpotter. Key players are focusing on technological advancements and partnerships with public safety agencies to gain competitive edge.

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