Homeland security is an umbrella term for safeguarding the nation against any anti-social groups and threats by terrorist organizations. The market is chiefly driven by various government initiatives undertaken to prevent cross border insurgency and increasing terrorist threats around the world.
Albany, NY -- (SBWIRE) -- 11/17/2016 -- Homeland security refers to a collective term utilized for a broad variety of plans and initiatives initiated by government bodies for the protection of their nation from threats. Owing to the increasing concern on safety of nations, homeland security has emerged as amongst the top priorities of governments globally.
Transparency Market Research (TMR), a market research company, highlights the factors fuelling and restraining the development of the homeland security systems market. It also throws light on the steps taken by companies to better penetrate in the market and increase the sales of homeland security systems globally.
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Q. What will be the growth rate of the homeland security market in the forecast period and what factors will provide impetus to the market's development?
The homeland security market is predicted to rise at a 5.60% CAGR between 2014 and 2020. The market pegged at US$245.72 bn in 2013 and is anticipated to touch US$364.44 bn by 2020. The growing equipment demand for tackling issues such as cyber threats, human and drug trafficking, illegal immigration, cross border insurgency, and terrorist threats is providing impetus to the development of the market for homeland security systems.
The market is also fuelled by numerous initiatives undertaken by governments globally for impeding the rising terrorism. In addition, the increasing cases of illegal immigration, human trafficking, and drug smuggling is forcing the governments of numerous countries to make investments for homeland security products' procurement. Furthermore, the dominant companies in this market are focusing on price reduction of cutting-edge technologies and next generation solutions including sensor technology, etc.
For instance, FLIR systems are taking steps to reduce the prices of cutting-edge sensing products as the price of thermal technology is declining continuously.
However, the absence of adept personnel globally has made many nations susceptible to cyber infiltration, thus hampering the development of the market.
Which security type led the market and why?
On the basis of security type, the market is segmented into maritime security, mass transit security, aviation security, border security, cyber security, critical infrastructure security, CBRN security, and others including C3I, counter terror intelligence, and public safety. Of these, in 2013, the segment of cyber security emerged as the top segment and held a share of 39.31% in the market. This is owing to the rising demand for solutions and products to take an action against cyber threats. This segment is predicted to rise at a CAGR of 5.80% from 2014 to 2020.
On the other hand, the segment of critical infrastructure security trailed the segment of cyber security and held the second position in the market in the same year. The growth of this segment is attributed to the rising occurrence of terrorist attacks over strategic sites such as nuclear plants, water supply access points, power stations, oil and gas terminals, communication centers, and dams.
Which region will lead the homeland security systems market and why?
Geographically, North America emerged as the top region in the market owing to technological developments and rising expending in the defense segment of this region. The region of Asia Pacific trailed North America and took the second position in the market due to rising investments in military technologies by nations such as that of India and China.