by Market Overview:
Public safety analytics refers to collection, integration, and analysis of data generated through various public safety applications to gain meaningful insights which aids decision making process. It involves real-time collection of location data, videos, police records and other necessary information to gain granular level visibility and help identify patterns and trends.
Market key trends:
One of the key trends in the public safety analytics market is the growing adoption of cloud-based services. Cloud-based services provide cost-effective solutions for storage, accessibility and scalability needs of data accumulated from various public safety operations and resources. They also allow real-time data analysis and actionable insights using cloud computing capability. This is positively impacting the market growth as cloud platforms support large volume of diverse dataset and advanced analytical techniques. For example, the shift towards cloud-based services by players like NEC and Cisco is enhancing their capabilities and market presence.
Segment Analysis
The public safety analytics market is segmented by component, application, deployment model, organization size, and region. Based on the component, the solution segment dominated the market in 2022. The increasing adoption of advanced public safety technologies to enhance situational awareness, optimize safety, and reduce crime is driving the growth of this segment.
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.
Key Takeaways
The global public safety analytics market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to the increasing need for real-time emergency response solutions and safe cities initiatives.
Regional analysis: North America dominated the market in 2022, accounting for around 40% share of the global market. This is owing to early adoption of advanced technologies and strong government support for Public safety initiatives in the US and Canada. Asia Pacific is expected to grow at the fastest pace during the forecast period due to rising spending on smart city projects in China and India.
Key players: 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, ShotSpotter. IBM holds the leading position in the market, leveraging its data analytics and AI capabilities to provide next-generation public safety solutions to government agencies.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
