July 15, 2024
Public Safety Analytics Market
Ict

Public Safety Analytics Market is Estimated To Witness High Growth Owing To Increased Crime Analytics adoption

Market Overview:

Public safety analytics involves the use of data analytics tools and technologies to gather, analyze, and visualize unstructured and structured data generated by public safety organizations. This helps public safety agencies to make data-driven decisions, understand patterns and trends, predict outcomes, and strategize effectively. Public safety analytics offers benefits such as enhanced situational awareness, predictive analysis of crimes, improved response times, and evidence-based policymaking.

Market key trends:

One of the key trends driving growth of the public safety analytics market is increased adoption of crime analytics solutions. Crime analytics involves studying historical crime data and identifying patterns, relationships, and trends to gain insights for preventing future crimes. It provides tools for spatial analysis, predictive modeling, link and association analysis. An increasing number of law enforcement agencies are adopting crime analytics solutions to strengthen intelligence-led policing initiatives, solve cases faster, and allocate resources efficiently. For instance, the Los Angeles Police Department deployed a crime analytics solution from Palantir Technologies in 2020 to enhance crime data analysis capabilities. Other drivers include rise in public safety IoT and increase in criminal activities globally.

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.

Porter’s Analysis

Threat of new entrants: The public safety analytics market requires high capital investments in technologies and specialization. Strict regulations and standards need to be followed, reducing the threat of new companies entering this market.
Bargaining power of buyers: Buyers like government agencies and organisations have significant bargaining power due to the large project sizes and requirement of customization as per their needs. They can negotiate on price and demand additional services.
Bargaining power of suppliers: Key technology providers like software and hardware companies have moderate bargaining power due to the specialized nature of products and solutions required in this industry. However, presence of multiple solution providers balances out this power.
Threat of new substitutes: There exist no close substitutes for analytics solutions dedicated for public safety and national security needs. Other security solutions only provide partial functionality.
Competitive rivalry: Being a specialized market, companies need to continuously invest in R&D to develop new capabilities and stay ahead of competition.

SWOT Analysis

Strength: Presence of specialized vendors with domain expertise and capabilities to deliver end-to-end public safety solutions. Growing acceptance of advanced technologies.
Weakness: High initial investment and involvement of multiple agencies can lead to delays in project execution. Lack of data standards and integration challenges.
Opportunity: Increasing innovation focus on AI/ML and analytics to derive deeper insights. Rising spend on smart city initiatives presents new market avenues.
Threats: Cyber threats and risks associated with data sharing between agencies. Budgetary constraints of government bodies.

Key Takeaways

The global Public Safety Analytics market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing investments in smart city projects and rising security spending. Government agencies are increasingly adopting advanced technologies to gain situational awareness and ensure public safety.

Regional analysis: North America dominates the public safety analytics market currently, owing to advanced technologies adoption and presence of leading solution providers in the US. Asia Pacific is expected to grow at the fastest pace during the forecast period, with increasing investments from countries like India, China and Japan to modernize security infrastructure through smart city initiatives.

Key players analysis: 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. They are focused on developing AI and IoT integrated solutions to deliver enhanced situational awareness and decision making capabilities for agencies.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it