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(IT-NEWSWIRE.COM, November 01, 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.
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.
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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.
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.
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The report details various growth strategies, such as mergers and acquisitions, partnerships and collaborations, business expansions, and product developments, adopted by the major players to increase their market share. Some of the major technology vendors in the public safety and security are SAP(Germany), Genetec (Canada), Hitachi Vantara (US), Atos (France), Bittium (Finland), Cisco (US), Ericsson (Sweden), General Dynamics (US), Harris Corporation (US), Hexagon (Sweden), Huawei (China), IBM (US), Motorola Solutions (US), NEC Corporation (Japan), and Esri (US).
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
MarketsandMarkets™
Mr. Shelly Singh
1-888-600-6441
raviraj.tak@marketsandmarkets.com
Source: EmailWire.Com 
Source: EmailWire.com
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