The exponential rise in criminal activities and terrorist attacks, smart city initiatives, and growing trend of IoT in public safety will drive the Public Safety and Security Market.
Northrook, IL -- (SBWIRE) -- 11/04/2019 -- The global Public Safety and Security Market size is expected grow from USD 277.02 billion in 2017 to USD 532.39 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 14.0% during the forecast period, as per a report by MarketsandMarkets.
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Why emergence of big data analytics in public safety and security present an opportunity?
The phase of technology innovation is accelerating year over year. The connected devices are generating huge amounts of information more than ever before. This information can provide actionable insights to solve and prevent the critical infrastructures from crimes. The big data and data analytics technologies can yield valuable insights from the data available. Data analytics is the concept in which one can gain valuable insights by analyzing the historical data. Big data analytics is the same concept of analyzing huge amounts of data that can be structured or unstructured. Data generated from various security devices are first cleaned and managed in such a way that it would support pattern recognition and anomaly identification, which would help public safety organizations and security officers to understand the crime suspect and prevent further crimes easily. Advanced big data analytics capabilities are now integrated with various CCTV surveillance systems of the country to improve the response times to crime incidents.
How lack of efficient storage and data management capacities pose a key challenge?
Public safety and law enforcement agencies are incorporating various digital solutions, such as high-quality video surveillance, body-worn cameras, and in-car cameras to provide reliable evidence against the conviction of criminals. Body-worn cameras provide various public safety benefits, but also create various public safety challenges, such as data security. For instance, the US-based law enforcement agency, Seattle Police Department, generates more than 360 terabytes of data from the dashboard cameras alone. Moreover, the police department in Duluth (a city in Minnesota, US) was able to afford USD 5,000 to purchase cameras, but struggled with spending USD 78,000 toward data storage fees, just for 2 years. Furthermore, as per Motorola 2016 Law Enforcement Survey Report, around 85% of the respondents wanted more multimedia capabilities for investigating criminals' activities.
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Agencies are incorporating cloud technologies for storage of huge amount of data as they are more cost effective for agencies and that might not be able to accommodate an on-premises software system. Therefore, storage of huge amount of data is the biggest challenge in front of public safety and security vendors.
APAC is projected to grow at the highest CAGR during the forecast period. The countries in the region are rapidly digitizing and adopting smart technologies to make the business operations effective. Cybercriminals target cyber infrastructure to access the confidential data for personal gains. North America is expected to hold the largest market share in the global public safety and security market.
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