Rising Criminal Activity Bolstering Demand for Public Safety IoT
According to ResearchAndMarkets.com, The global IoT in public safety market is expected to grow from $2.22 billion in 2021 to $2.60 billion in 2022 at a compound annual growth rate (CAGR) of 17.1%.
The IoT in public safety market is expected to reach $4.78 billion in 2026 at a CAGR of 16.5%.
North America was the largest region in the IoT in public safety market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the IoT in public safety market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increasing number of criminal activities is driving the demand for the IoT in the public safety market going forward. Criminal activities refer to any type of behavior that manifests physically or any type of mental desire that contributes to the commission of the crime. IoT aids in estimating the occurrence and incidence of crimes, and its data-driven methodology is crucial in anticipating crime.
For instance in March 2022, according to the Internet Crime Report 2021, published by the Federal Bureau of Investigation, a US-based domestic intelligence and security service agency, 76,741 extortion and 43,330 identity theft-related crimes occurred in 2020, increased from 43,101, and 16,053 occurred in 2019. However, 16,053 victims engaged in the extortion related crimes in 2019, which increased to 76,741 in 2020. Therefore, the increasing number of criminal activities will drive the growth of the IoT in the public safety market.
Increasing adoption of machine learning (ML) And AI-based public safety solutions is a key trend gaining popularity in the IoT in the public safety market. ML And AI-Based public safety solutions are employed to improve public safety by utilizing best AI practices and techniques, enabling AI systems to improve public safety, and utilizing ML and deep neural networks for more accurate decision-making and prediction. Major players in the IoT in the public safety sector are focused on increasing the adoption of ML And AI-based public safety solutions to sustain their marketplace.
For instance, in March 2022, Seeed Studio, a China-based company engaged in the development of IoT hardware launched AI and IoT solutions including sensors as a service for full digitalization purposes as well as EdgeAI for the real world. Due to the ultra-low-power machine learning that powers the SenseCAP sensors, they can always-on inferencing using vision and sound. Seeed introduced the 2 series of Edge Computing devices powered by Nvidia Jetson to make data gathering and inference happen in real-time, enabling more AI-based solutions to be used in the real world.