The global homeland security market size is expected to reach USD
452.46 billion by 2024 according to a new report by Grand View Research, Inc.
Technological advances in homeland security across the globe are expected to
drive the market over the forecast period. Asia Pacific is anticipated to
witness considerable growth owing to the advancements across emerging economies
such as China and India. Currently, police modernization along with tackling
terrorism is the largest growing segments in India with the increasing annual
spending.
Manufacturers in the homeland security market are
increasingly adopting mergers & acquisitions as a part of their growth
strategy. For example, in 2015, Harris Corporation acquired Exelis Inc., which
brings a strong portfolio of complementary technologies. The acquisition also
significantly enhances the company’s position as one of the primary provider of
mission-critical solutions while expanding channels and product offerings to
the growing customer base.
The Homeland Security Advanced Research Projects
Agency (HSARPA), established by the Homeland Security Act of 2002, supports
fundamental research to create revolutionary changes in new capabilities,
technologies and risk & threat assessments for the Homeland Security
Enterprise (HSE). It uses modernization and innovation for scientific progress
and produces front-line products. These products support DHS components such as
the U.S. Secret Service, U.S. Customs and Borders Protection, the U. S. Coast
Guard, and the Transportation Security Administration.
View
summary of this report @ http://www.grandviewresearch.com/industry-analysis/homeland-security-market
Further key findings from the report
suggest:
·
Cyber security is anticipated to grow at a CAGR
of over 5.5% from 2016 to 2024, owing to the increasing number of cyber crimes
and rising privacy concerns. Cyberspace and its essential infrastructure are
vulnerable to a wide range of risk increasing from both physical and cyber
threats & hazards.
·
The maritime segment accounted for over 8% of
overall revenue share in 2015, which is expected to grow over the forecast
period. It has become critical due to the rising number of maritime threats,
sabotage, piracy and unlawful acts. During recent years, maritime terrorism has
drawn considerable attention in the marine sector. Incidents of maritime
terrorism are very few as compared to piracy. However, it attracts more media
attention due to the involvement of greater loss of life, property and
consequential economic losses.
·
Aviation segment is expected to witness
substantial growth at CAGR of nearly 5% over the period of 2015 to 2024.
Airport safety has undergone enormous transformations after the terrorist
activities across the globe. Also, it has endured significant improvements
regarding protection. Several airports such as ODG (Paris), Munich, Chhatrapati
Shivaji Airport (India) and Narita (Tokyo) are the examples of the
change in airport protection technologies.
·
Stringent government guide lines worldwide are
expected to regulate the global homeland security market over the future. North
America dominated the industry contributing to over 25% of the global revenue
in 2015. The presence of several prominent homeland safety solutions
manufacturers in the region is expected to generate high demand over the
forecast period.
·
Key industry participants include FLIR Systems
Inc.,Elbit Systems Ltd., General Dynamics Corporation, L-3 Communications
Holding Inc., Harris Corporation, Megal Security Systems Ltd., Safran SA,
Raytheon Company, Thales SA and Unisys Corporation. Manufacturers are steadily
adopting innovative production techniques to gain a competitive advantage over
others.
Browse All Reports of
this category @ http://www.grandviewresearch.com/industry/network-security-software-and-services
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