Albany, NY -- (SBWIRE) -- 10/30/2017 -- The highly competitive Policing Technologies Market in Europe has companies such as PredPol, Inc., Aventura Technologies, Inc, Reveal Media Ltd., Zepcam B.V., Basler AG, SmartWater Technology Limited, Computer Sciences Corporation, Brite-Strike Tactical Illumination Products Inc., Aeryon Labs Inc., and Taser International Inc at the forefront. Transparency Market Research predicts that the competition among the major players will intensify during the forecast period with manufacturers competing with each other for contracts of various projects.
"Competitive rivalry in terms of product upgrade and new product development will work in favor of the policing technologies market," the author of the study comments. Continuous research and development to introduce new features to existing technologies is a key growth strategy identified by TMR. For instance, Aventura Technologies launched a new software in February 2016 that has the ability to evaluate face recognition, access control, video analytics, and license plate recognition on a common operating platform.
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Europe's Law Enforcement Bodies Support Widespread Use of Policing Technologies
"Europe has been a witness to several terrorist attacks over the recent past, a factor that has forced law enforcement departments to become more vigilant and efficient in countering such attacks," the lead author of the report states.
In 2014 alone, an estimated 774 individuals were arrested in the European Union for various terrorism-related offences. The number of deaths caused by terrorist attacks in Western Europe has risen significantly since 2004. This has greatly driven the need for effective and advanced policing technologies in the region.
The crime rate in Europe has also exhibited an alarming increase, TMR finds. Crimes such as drug trafficking, theft, and assault are rather common and Europe's comparatively lenient criminal-sentencing regimes have added to the troubles citizens face. This acts as a driving factor for the policing technologies market.
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Complexities Associated with New Policing Technologies Deter Adoption
The lack of proper training acts as a major deterrent to the policing technologies market in Europe. The incorporation of new technologies in the police departments requires additional staff training. There is also the need to thoroughly and regularly test, upgrade, and maintain these technologies and the various products and devices they encompass. The complexities associated with the adoption and use of new policing technologies is likely to limit its usage in Europe.
Moreover, strict international human rights laws prohibiting the use of various weapons in the region is also a factor threatening to hamper the policing technologies market.
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Aviation Technology to Offer Promising Opportunities
The Europe policing technologies market is expected to register a 6.0% CAGR from 2016 to 2024, with the revenue set to increase from US$1.4 bn in 2015 to US$2.4 bn by the end of the forecast period. Accounting for a share of 36% in 2015, detection and surveillance technologies emerged as the leading policing technologies segment by type. This segment is poised to expand at a 6.2% CAGR during the course of the forecast period to cross US$910 mn by 2024. Registering a steady 6.8% CAGR from 2016 to 2024, aviation technology is projected to emerge as the fastest growing segment by revenue.
By geography, the U.K. formed the leading market for policing technologies. The country is also forecast to be the most rapidly growing regional segment in the overall market, fueled by the introduction of technologies such as automatic number plate recognition.