Homeland security Market is expected to grow with a CAGR of XX% during the forecast period of 2018 to 2025.
Homeland security is a term referred to the national efforts taken to ensure a homeland that is safe, secure, and resilient against terrorism and other hazards. Homeland security system increases the resilience of a nation against threats such as terrorism, illegal immigration, smuggling, natural disasters, cyber frauds, and others. It also provides credible security against cyber fraud and cyber espionage, along with detection and protection capabilities against CBRN threats. According to United Nations, nearly 431 million people are affected by cybercrime - that is 14 adult victims every second. The rising incidences of terrorist attacks and cybercrimes worldwide are generating the need to strengthen a nation’s homeland security and thus contributing to the growth of global homeland security market.
Homeland Security Market Determinants
The key factor driving the growth of global homeland security market is the initiatives taken by the government to protect its nation from the cross border disputes & civil wars. Moreover, the emergency services provided for disaster management, and upsurge in smuggling & trafficking incidences are also responsible for the growth of the market. On the other hand, high cost of homeland security products, and lack of availability of skilled workforce act as major hurdles in the growth of the market. However, advances in communication technology and the need for information security are expected to create huge opportunities for the market growth in the upcoming years.
The global homeland security market is segmented on the basis of type, end user, and geography. By type, the market is segmented into border security, maritime security, aviation security, cyber security, CBRN (Chemical, Biological, Radiological, and Nuclear) security, critical infrastructure security, mass transport security, and others. As per UN, cybercrime has grown into a business that may exceed $3 trillion a year. The increasing prevalence of cybercrime is expected to boost the demand for cyber security. On the basis of end user, the market can be segmented into private sector, and public sector. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific region is expected to grow at a fast pace owing to increasing number of terrorist threats in a country like India.
Some key players in the market are Northrop Grumman Corporation, IBM Corporation, General Dynamics Corporation, L-3 Communications Holdings, Inc., Lockheed Martin Corporation, Unisys Corporation, Harris Corporation, SAIC, Finmeccanica SpA, and Elbit Systems Ltd. In September 2017, Elbit Systems of America was awarded a U.S. Customs and Border Protection (CBP) contract to provide a tower and in-fill radar system that supplies a complete capability to detect flying objects in highly cluttered environments.
GLOBAL HOMELAND SECURITY MARKET SEGMENTATION
• Border Security
• Maritime Security
• Aviation Security
• Cyber Security
• CBRN (Chemical, Biological, Radiological, and Nuclear) Security
• Critical Infrastructure Security
• Mass Transport Security
• Others (C3I, counter terror intelligence, first responders, and pipeline security)
By End user
• Private sector
• Public sector
Homeland Security Market By Geography
• North America
o Rest of Europe
o Rest of Asia-Pacific
• Rest of the World
o Latin America
o Middle East
o South Africa
KEY MARKET PLAYERS
• Northrop Grumman Corporation
• IBM Corporation
• General Dynamics Corporation
• L-3 Communications Holdings, Inc.
• Lockheed Martin Corporation
• Unisys Corporation
• Harris Corporation
• Finmeccanica SpA
• Elbit Systems Ltd.