Global homeland security market to reach $364.44 billion in 2020

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market reportAccording to a new market report published by Transparency Market Research the global homeland security market was valued at USD 245.72 billion in 2013, growing at a CAGR of 5.6% from 2014 to 2020 to account for USD 364.44 billion in 2020.

The major factor driving the growth of homeland security market is several government initiatives undertaken to restrict increasing terrorist threats and cross border insurgency. In addition, rising cases of illegal immigration, drug smuggling and human trafficking is compelling the governments of various countries to invest heavily in procurement of homeland security products. Growing demand for products and solutions to tackle increasing risks of cyber attacks is also contributing to the growth of this market. Moreover, adoption of unmanned aerial vehicles (UAVs) by various armies for border surveillance is influencing the growth of this category. Some of the government initiatives undertaken to enhance homeland security include Sisfron program undertaken by Brazil, TECS Mod program undertaken by the U.S., and Project Cytoon undertaken by South Africa among others.

On the basis of security type, the homeland security market is categorized into eight segments namely – aviation security, maritime security, border security, critical infrastructure security, cyber security, CBRN security, mass transit security, and others (C3I, public safety, and counter terror intelligence). Cyber security segment was the largest segment and accounted for 39.31% market share globally in 2013. The reason behind is increase in demand for products and solutions to counter the cyber threats globally. The cyber security segment is expected to grow at a CAGR of 5.8%.

In 2013, the North America market was the leading regional market for homeland security market. The dominance of North America is due to technological advancement and huge expenditure in defense sector. Replacement of legacy homeland security equipments with modern high-end devices is also driving the growth of homeland security market in the region.