The Europe policing technologies market is expected to register a 6.0 per cent CAGR from 2016 to 2024, with the revenue set to increase from US$1.4 billion in 2015 to US$2.4 billion by the end of the forecast period, according to a new 7801 Transparency Market Research (TMR) report, Policing Technologies Market - Europe Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.
Accounting for a share of 36 per cent in 2015, detection and surveillance technologies emerged as the leading policing technologies segment by type. This segment is poised to expand at a 6.2 per cent CAGR during the course of the forecast period to cross US$910 million by 2024. Registering a steady 6.8per cent CAGR from 2016 to 2024, aviation technology is projected to emerge as the fastest growing segment by revenue.
By geography, the UK formed the leading market for policing technologies. The country is also forecast to be the most rapidly growing regional segment in the overall market, fuelled by the introduction of technologies such as automatic number plate recognition.
The highly competitive policing technologies market in Europe has companies such as PredPol, Aventura Technologies, Reveal Media, Zepcam, Basler, SmartWater Technology, Computer Sciences Corporation, Brite-Strike Tactical Illumination Products, Aeryon Labs and Taser International at the forefront. TMR predicts that the competition among the major players will intensify during the forecast period with manufacturers competing with each other for contracts of various projects.
According to the study’s author, competitive rivalry in terms of product upgrade and new product development will work in favour of the policing technologies market. Continuous research and development to introduce new features to existing technologies is a key growth strategy identified by TMR. For instance, Aventura Technologies launched new software in February 2016 that has the ability to evaluate face recognition, access control, video analytics, and licence plate recognition on a common operating platform.
Europe has been a witness to several terrorist attacks over the recent past, a factor that has forced law enforcement departments to become more vigilant and efficient in countering such attacks, says the lead author of the report.
The crime rate in Europe has also exhibited an alarming increase, TMR finds. Crimes such as drug trafficking, theft, and assault are rather common and Europe's comparatively lenient criminal-sentencing regimes have added to the troubles citizens face. This acts as a driving factor for the policing technologies market.
The lack of proper training acts as a major deterrent to the policing technologies market in Europe. The incorporation of new technologies in the police departments requires additional staff training. There is also the need to thoroughly and regularly test, upgrade, and maintain these technologies and the various products and devices they encompass. The complexities associated with the adoption and use of new policing technologies is likely to limit its usage in Europe.
In addition, strict international human rights laws prohibiting the use of various weapons in the region are also a factor threatening to hamper the policing technologies market.
Accounting for a share of 36 per cent in 2015, detection and surveillance technologies emerged as the leading policing technologies segment by type. This segment is poised to expand at a 6.2 per cent CAGR during the course of the forecast period to cross US$910 million by 2024. Registering a steady 6.8per cent CAGR from 2016 to 2024, aviation technology is projected to emerge as the fastest growing segment by revenue.
By geography, the UK formed the leading market for policing technologies. The country is also forecast to be the most rapidly growing regional segment in the overall market, fuelled by the introduction of technologies such as automatic number plate recognition.
The highly competitive policing technologies market in Europe has companies such as PredPol, Aventura Technologies, Reveal Media, Zepcam, Basler, SmartWater Technology, Computer Sciences Corporation, Brite-Strike Tactical Illumination Products, Aeryon Labs and Taser International at the forefront. TMR predicts that the competition among the major players will intensify during the forecast period with manufacturers competing with each other for contracts of various projects.
According to the study’s author, competitive rivalry in terms of product upgrade and new product development will work in favour of the policing technologies market. Continuous research and development to introduce new features to existing technologies is a key growth strategy identified by TMR. For instance, Aventura Technologies launched new software in February 2016 that has the ability to evaluate face recognition, access control, video analytics, and licence plate recognition on a common operating platform.
Europe has been a witness to several terrorist attacks over the recent past, a factor that has forced law enforcement departments to become more vigilant and efficient in countering such attacks, says the lead author of the report.
The crime rate in Europe has also exhibited an alarming increase, TMR finds. Crimes such as drug trafficking, theft, and assault are rather common and Europe's comparatively lenient criminal-sentencing regimes have added to the troubles citizens face. This acts as a driving factor for the policing technologies market.
The lack of proper training acts as a major deterrent to the policing technologies market in Europe. The incorporation of new technologies in the police departments requires additional staff training. There is also the need to thoroughly and regularly test, upgrade, and maintain these technologies and the various products and devices they encompass. The complexities associated with the adoption and use of new policing technologies is likely to limit its usage in Europe.
In addition, strict international human rights laws prohibiting the use of various weapons in the region are also a factor threatening to hamper the policing technologies market.
