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The global Homeland Security market is subject to witness a substantial growth due to the growing demand for safety equipment and solutions by various sectors such as aviation industry, maritime industry, and border-fence security. This market size is expected to value at USD 452.46 billion by 2024, providing numerous opportunities for market players to invest in research and development, according to a new report published by millioninsights.com.
The presence of a large number of manufacturers coupled with a rise in the R&D operations to develop novel products are anticipated to increase the competition and fuel the growth of the homeland security market in the upcoming years.
The introduction of highly advanced machinery such as mission-critical communication devices with fast-paced operational capability and cost-effectiveness are estimated to fuel the market demand for homeland security solution in the near future.
Numerous initiatives undertaken by local governments to limit rising cross-border insurgencies and terrorist activities, particularly in the Asia Pacific region, are predicted to drive the market demand.
Other security concerns such as growing human trafficking, drug smuggling, and illicit migration are some of the critical factors for encouraging the regional authorities to implement advanced security measures to mitigate risks, by means of adapting homeland security solutions.
Cybersecurity – this field is considered one of the fastest growing segment in the homeland security market with significant revenue generation in the last couple of years. The increasing demand for cybersecurity to limit number of cyber-attacks and data breaches from North America, and European region are anticipated to foster market growth in the upcoming years. Rising implementation of cyber defenses by private organization is also expected to positively influence market demand in the near future.
Additionally, shifting trends towards the adoption of the latest technologies including cloud computing, and next-generation mobile computing for private enterprises are permanently changing the way an organization uses information technology for distributing an information and piloting e-commerce, thus propelling market growth in the recent years.
Unmanned systems – As unmanned systems and vehicles are becoming less expensive, easy to use and easily available leading substantial market growth in the last decade. The increase in adoption of unmanned vehicle systems that are largely utilized for national safety missions all around the globe with prominently expected outcomes is projected to boost market demand for homeland security.
The aviation segment has also witnessed significant growth in the recent years due to the development of technologies like biometric identification, handheld screening, and RFID technology.
North America has shown major growth in recent years owing to the rise in the implementation of latest technologies in cybersecurity sector, increase in the prevalence of cyber-attacks each year, and existence of well-established industrial infrastructure in the region. Asia-Pacific region holds a major share in the homeland security industry to display a massive growth in the forecast period.
Countries such as India, China and Singapore are leading the Asia-Pacific market with increasing security concerns due to terrorist activities, strong economic growth, and significant investment by leading industry players considering potential growth opportunities in the region.
According to the report, the key players in the homeland security market are Elbit Systems, FLIR Systems, General Dynamics, Harris, L-3 Communications, Holding Incorporations, Megal Security Systems, Raytheon, Safran, Thales, and Unisys.