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.
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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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