Homeland Security Market Dynamics, Growth Prospect and Consumption Analysis till 2024

Posted on 2021-01-07 by researchinsights in Technology // 0 Comments

Felton, California , USA, Jan 07, 2021 — /EPR Network/ —

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.

Homeland Security Type Outlook (Revenue, USD Billion, 2015 – 2024)

Aviation security
Maritime security
Border security
Critical infrastructure security
Cyber security
CBRN security
Mass transit security
Others

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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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.

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