AI For Public Security And Safety Market
The Business Research Company recently released a comprehensive report on the Global AI For Public Security And Safety Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The AI for public security and safety market size has grown exponentially in recent years. It will grow from $12.62 billion in 2023 to $16.45 billion in 2024 at a compound annual growth rate (CAGR) of 30.3%. The growth in the historic period can be attributed to increased data availability, integration of video analytics, rise in concerns about terrorism, urbanization and smart city initiatives, and increased cybersecurity threats.
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Market Drivers and Trends:
Increasing security threats are expected to propel the growth of AI in the public security and safety market going forward. Security threats refer to potential dangers or risks that can compromise the confidentiality, integrity, or availability of information, systems, and resources. Security threats use AI for public security and safety to rapidly analyze vast amounts of data, identify patterns, and enhance the efficiency of surveillance, threat detection, and response mechanisms, ultimately augmenting the capabilities of security systems to adapt to evolving threats and protect communities. For instance, in January 2024, according to AAG IT Services, a UK-based information technology and services company that provides cloud technology solutions, global cyberattacks increased by 38% in 2022 compared to 2021, and in 2022, data breaches cost businesses an average of $4.35 million, up from $4.24 million in 2021. Therefore, increasing security threats are driving the growth of AI in the public security and safety market.
Major companies operating in the AI for public security and safety market are developing innovative products by integrating stacks purpose-built for AI-powered applications, such as GenAI in EVSec, to transform product and system development for enhanced security. Generative AI (GenAI) refers to the use of artificial intelligence to create new content, such as text, images, or code, based on existing data. For instance, in August 2023, C2A Security, an Israel-based security company, launched its Generative AI Integration product. GenAI in EVSec improves threat detection and training capabilities and enables adaptive responses, fostering more efficient and effective security measures for public security and safety. It also allows developers, security engineers, and product leaders to optimize production processes, detect inefficiencies, automate security controls, and prioritize responses to vulnerabilities.
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Major Key Players of the Market:
Microsoft Corporation, Dell Technologies Inc., Hitachi Ltd., IBM Corporation, Cisco Systems Inc., Oracle Corporation, Honeywell International Inc., Telefonaktiebolaget LM Ericsson, NVIDIA Corporation, BAE Systems plc, Thales SA, Atos SE, Motorola Solutions Inc., Hexagon AB, Elbit Systems Ltd., Tata Communications Limited, Milestone Systems A/S, Palantir Technologies Inc., Axis Communication AB, Ainsworth Game Technology Limited, Alcatel Lucent Enterprise SA, Verient Systems Inc., NEC Corporation, Veritone Inc., Genetec Inc., Intelli-Vision Technologies Corporation, Voyager Labs Ltd., Quanergy Systems Inc., XenonStack Pvt. Ltd., Agent Video Intelligence Ltd.
AI For Public Security And Safety Market 2024 Key Insights:
• The ai for public security and safety market is expected to grow to $46.52 billion in 2028 at a compound annual growth rate (CAGR) of 29.7%.
• Mitigating Escalating Security Threats For Enhanced Public Security And Safety
• C2A Security’s GenAI Integration Unleashes Innovation In EVSec Platform
• North America was the largest region in the AI for public security and safety market in 2023
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