Public Safety Analytics Market Future Growth Study, Industry Key Growth Factor Analysis and Competitive Landscape
Market Analysis
The global public safety analytics market size will touch USD 22.4 billion at a 16.22% CAGR by 2030, states the latest Market Research Future (MRFR) report.
The global market for public safety solutions for the smart city has increased in the last few years. The main parameter supporting the market's growth is the growing demands and application of technology and its developments. The developed cities with modern technology developments are utilizing IoT platforms. It assists them in maintaining and supervising infrastructural advancements such as traffic, parking, air, water, and other similar things.
Key Players
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) and among others.
Drivers
Rise in Criminal Activities to Boost Market Growth
The increasing rates of cross-border terrorism and criminal activities that is promoting the need for security measures to control such activities will boost the market growth in the forecast period.
Opportunities
Need for Strict Government Policies to Offer Robust Opportunities
The need for strict government policies & regulations for public safety analytics will offer robust opportunities for the market over the forecast period.
Restraints
Economic Constraints to act as Market Restraint
Economic constraints coupled with the lack of awareness of public safety services and solutions may act as market restraint over the forecast period.
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Challenges
High Installation & Maintenance Cost to act as Market Challenge
The high costs associated with maintenance and installation of public security and safety system, lack of advanced infrastructure in underdeveloped economies, and lack of inter-operability of systems may act as market challenge over the forecast period.
Market Segmentation
The global public safety analytics market is bifurcated based on component, analytics, deployment, application, and vertical.
By component, the social media analytics will lead the market over the forecast period.
By analytics type, the predictive analytics will dominate the market over the forecast period.
By deployment type, the on-premise segment will spearhead the market over the forecast period.
By application, the surveillance segment will have the lions share in the market over the forecast period.
By vertical, the law enforcement segment will command the market over the forecast period.
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the public safety analytics growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption.
Regional Analysis
North America to Command Public Safety Analytics Market
North America will command the public safety analytics market over the forecast period. The presence of major safety solution providers & advanced security technology in Canada and the US, focus on advanced security technology using different devices like body cameras, digital evidence management systems, and computers, the use of FirstNet in the US, the increased adoption of public safety analytics platforms across agencies for enhancing their public safety services via preventing, detecting, and preparing for the early symptoms of emergency situations, growing instances of criminals entering the country as well as overstaying & forging into unlawful activities via border controls are adding to the global public safety analytics market growth in the region.
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