Market Trends of Asia-Pacific Public Safety Industry
Crime Analysis to Hold Significant Market Share
- Crime analysis is pivotal in bolstering public safety by aiding law enforcement in thwarting, addressing, and probing criminal acts. It hinges on data culled from a spectrum of sources: incident reports, arrests, and geographic information systems. This data scrutiny empowers law enforcement to allocate resources judiciously, especially in high-crime zones. A case in point: in 2023, South Korea's National Police Agency unveiled intentions to embrace cutting-edge technologies, including AI, to enhance criminal investigation capabilities.
- Predictive policing is a proactive approach to crime prevention that enables law enforcement agencies to anticipate when and where a crime may occur. This measure is achieved through advanced analytics and machine learning models. Technologies like artificial intelligence, machine learning, and IoT are expected to become critical instigators in developing advanced solutions, helping law enforcement agencies realize the concept of predictive policing in the region.
- Owing to the increasing adoption of digital technologies, financial crime is also witnessing significant growth, encouraging banking and financial organizations to incorporate advanced solutions for tracking online criminal activity to enhance the economic safety of the users. According to CNNIC, as of June 2023, prize and lottery-winning related scams held the highest share of online frauds encountered by internet users in China, followed by online shopping and part-time job scams.
- Driven by escalating demand, industry vendors are rolling out cutting-edge solutions. In 2023, SymphonyAI Sensa-NetReveal, a leading enterprise AI SaaS provider, unveiled the Sensa Investigation Hub. This platform, powered by generative AI, is tailored for case management and investigations, specifically crafted to steer financial institutions in Asia-Pacific toward the forefront of financial crime management.
- Implementing modern technologies has transformed how law enforcement and investigation are conducted. For example, as of September 2023, the Indian Law Enforcement Agency's actual police strength in the country stands at 150 officers per lakh population after considering vacancies. Nevertheless, there are ways in which law enforcement agencies can leverage technology to enhance their effectiveness and efficiency. Technology can be used as a powerful force multiplier in this regard. The emergence of advanced digital technologies transforms how police serve and protect the public, allowing organizations to combat crime more efficiently and effectively.
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India to Witness Significant Growth
- The demographic, urban, and industrial growth and the development and modernization of infrastructure and public transportation systems are leading to heightened public safety and security expectations, particularly concerning critical national infrastructure projects in India. The expansion of India's safety and security sector is attributed primarily to the increasing demands for security and a surge in technological innovation across all sectors of society. For instance, the Indian government continues to prioritize security and border management as a top priority. Collaborating with various state governments, it strives to modernize and modernize police services nationwide.
- The Indian government has recently embarked on several essential infrastructure initiatives, such as constructing new airports and seaports, the expansion of highways, implementing urban rail networks, and developing smart city technologies in the country. This measure, combined with the increasing prevalence of IoT, advanced manufacturing processes, and smart technologies in various industries, has increased the demand for public safety and security services to ensure the safety of critical records.
- According to a recent report by the cybersecurity firm Zscaler, in 2023, India was ranked third among the most prominent countries with the highest number of phishing attacks after the United States and the United Kingdom. Hence, such trends will also create a favorable ecosystem for the demand for public safety systems in the country.
- The prevalence of remote work and the use of online services has necessitated the development of more comprehensive cybersecurity solutions to safeguard confidential healthcare data and essential infrastructure from cyber-attacks. For instance, according to the Reserve Bank of India, the number of bank fraud cases across India increased to 13,530 in FY23, compared to 5,916 in FY18. Hence, such trends will drive the demand for advanced technical solutions to enhance users' financial safety.
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