Some of the factors driving the growth of global homeland security market includes the threat of cybercrime, piracy, drug trade, cross border terrorism, internal dissent, separatist movements. Increasing IT modernization and use of technology in defense, includes increasing risk of terrorist attack.
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Global Homeland Security Market Report, published by Variant Market Research, forecast that the global market was valued at $295 billion in 2016 and is expected to reach $479.3 billion by 2024; growing at a fastest CAGR of 6.3% from 2016 to 2024.
"Homeland Security Market (By Type: Maritime Security, Aviation Security, Critical Infrastructure Security, Border Security, Cyber Security, Mass Transit Security, CBRN Security, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
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The homeland security provides products and services associated with border security, aviation security, cyber security, amongst others which are used to guard public and private national assets. Issues such as, piracy, cross border terrorism threat of cybercrime, drug trade, internal dissent, and separatist would show an attractive homeland security market trend.
Homeland Security Market Is driven by growing cybercrime cases
Driving factors of the global homeland security market are growing cybercrime cases, piracy, cross border terrorism, growing IT upgradation and usage of technology in defense, and rising threat of terrorist attack.
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Though, scarcity of skilled labor forces for functioning these services and high cost of these technologies may hamper the market growth. Furthermore, growing adoption and requirements about information security or data security in public & private sector organization such as military, railways, energy, utilities, IT & telecom, and others are expected to develop several growth opportunities for the homeland security market over the forecasted period.
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The global homeland security market is bifurcated into type, and geography. By type, the market is further segmented into border security, cyber security, aviation security, maritime security, critical infrastructure security, mass transit security, CBRN security, and others.
By geography, the global homeland security market is bifurcated into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Cyber Security held the major market share in the type segment
In 2016, cyber security held the major market share and is anticipated to continue the trend during the forecast period 2016 – 2024. The general IT transformation has significantly improved record keeping and management of cases among the internal safety department and has increased wide adoption, growing the requirement for actual knowledge, control and intelligence device for the first responders controlled to the necessity for effective security systems.
Asia-Pacific is expected to grow at a fastest CAGR during the forecast period 2016 – 2024
Asia-Pacific is anticipated to reach the fastest CAGR of 7% over the forecast period 2016 – 2024, owing to the increasing requirements about cybercrime control and growing emphasis on security services in the region. In 2016, North America accounted for the major market share of 27.9%, driven by well-developed economy.
Producers or manufacturers in the global homeland security market are continuously accepting mergers & acquisitions as a part of their growth and expansion strategy. For instance, in 2017, Global security systems and defense company Northrop Grumman Corporation is funding its US$9.2bn purchase of aerospace and defense technology company Orbital ATK with an US$8.5bn bridge loan, the highest loan by an investment-grade company for an acquisition in the sector in six years.
Northrop Grumman with its merger have access to profitable government contracts, improving its arsenal of missile defense systems and space rockets.
The major companies operating in this market are Northrop Grumman Corporation, IBM Corporation, L-3 Communications Holdings, Inc., Unisys Corporation, Finmeccanica spA, Harris Corporation, General Dynamics Corporation, Elbit Systems Ltd, SAIC, and Lockheed Martin Corporation, among others.
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Scope of the Global homeland security Market
- Aviation Security
- Maritime Security
- Critical Infrastructure security
- Cyber Security
- CBRN Security
- Mass transit Security
- Border Security
- North America
- Asia- Pacific
- South Korea
- South America
- Middle East
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