25th November 2019 – The global homeland
security market size is expected to value at USD 452.46 billion by
2024. The market is subject to witness a substantial growth due to the growing
demand for safety equipment and solutions by various sectors such as aviation
industry, maritime industry, and border-fence security. Increase in the
competition due to presence of large number of manufacturers coupled with rise
in the R&D operations to develop novel products are anticipated to fuel the
growth of homeland security market in the upcoming years.
Introduction of highly advanced
machineries such as mission-critical communication devices with fast-paced
operational capability and cost-effectiveness are estimated to fuel market
demand for homeland security solution in the near future. Globally, the
homeland security market is predicted to grow at high CAGR over the forecast
period, providing numerous opportunities for market players to invest in
research and development in the homeland security market.
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Numerous initiatives undertaken by local
governments to limit rising cross-border insurgencies and terrorist activities,
particularly in the Asia Pacific region, are predicted to drive the market
demand. Other security concerns such as growing human trafficking, drug
smuggling, and illicit migration are some of the critical factors for encouraging
the regional authorities to implement advanced security measures to mitigate
risks, by means of adapting homeland security solutions.
Increasing demand for cyber security to
limit number of cyber-attacks and data breaches from North America, and
European region are anticipated to foster market growth in the upcoming years.
Rising implementation of cyber defenses by private organization is also
expected to positively influence market demand in the near future.
Additionally, shifting trends towards
adoption of latest technologies including cloud computing, and next-generation
mobile computing for private enterprises are permanently changing the way an
organization uses information technology for distributing an information and
piloting e-commerce, thus propelling market growth in the recent years.
Currently, as many as total of eighty percent commercial transactions are
conducted online that holds a higher quality of safety for transparent
transactions.
Increase in adoption of unmanned vehicle
systems that are largely utilized for national safety missions all around the
globe. For example, introduction of unmanned aerial systems (UAS) by U.S army
with prominently expected outcomes is projected to boost market demand for
homeland security. As unmanned systems and vehicles are becoming less
expensive, easy to use and easily available leading substantial market growth
in the last decade.
Cyber security is considered as one of
the fastest growing segment in the homeland security market with significant
revenue generation in the last couple of years. Growing popularity of the cyber
security market segment is attributed to the increasing prevalence of
cyber-attacks and data breaches. Moreover, need for advanced cyber security
solution is generated due to widespread implementation of cloud computing and
next-generation mobile computing coupled with different e-services available in
the market.
Adoption of homeland security offers
desired level of safety, capability to combat cybercrime efficiently and
advanced defense capabilities. Aviation segment has also witnessed significant
growth in the recent years due to the development of technologies like
biometric identification, handheld screening, and RFID technology.
The homeland security market is divided
by region as North America, Europe, Asia-Pacific, Latin America and Africa.
North America has shown major growth in recent years owing to the rise in the
implementation of latest technologies in cyber security sector, increase in the
prevalence of cyber-attacks each years, and existence of well-established
industrial infrastructure in the region. Asia-Pacific region holds a major
share in the homeland security industry to display a massive growth in forecast
period.
Countries such as India, China and
Singapore are leading the Asia-Pacific market with increasing security concerns
due to terrorist activities, strong economic growth, and significant investment
by leading industry players considering potential growth opportunities in the
region. The key players in the homeland security market are Elbit Systems Ltd.,
FLIR Systems Inc., General Dynamics Co., Harris Co., L-3 Communications Co.,
Holding Incorporations, Megal Security Systems Limited, Raytheon Company, Inc.,
Safran S.A., Thales S.A., and Unisys Co.
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