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Almost 18 years have passed since 9/11, and the global public safety and homeland security market is forecast to go through major shifts. New and maturing technologies, such as artificial intelligence, big data & data analysis, smart sensors, AI-based cybersecurity, 5G, TETRA & LTE emergency communication and AI based video analytics, will create new market segments and fresh business opportunities.
The global public safety and homeland security market is forecast to grow from $431B in 2018 to $606B by 2024, according to a new market research report published by market and technology research firm Homeland Security Research Corp. (HSRC), regarding 2019-2024.
Figures include sales, integration & installation, outsourced services, planning, consulting, maintenance and upgrades.
During the 2019-2024 forecast period, legacy and dominating technologies, such as C2/C4ISR and intrusion detection systems will be replaced by more advanced technological solutions such as cybersecurity, big data analytics & artificial intelligence, and video analytics.
According to the report, big data & AI, video analytics and cybersecurity technologies are expected to grow at a double digit 2018-2024 CAGR, while, on the other hand, counter-IED technologies, intrusion detection systems and personal protective gear are forecast to show minimal growth during the forecast period.
Furthermore, during the 2019-2024 period, governments and the private sector are forecast to direct most of the HLS and public safety related efforts and budgets to the following sub-markets:
- Counter-terror & crime information collection and sharing systems
- Law enforcement
- Natural disasters mitigation
- Private sector (w/o CIP) crime mitigation and business continuity means
- Border and perimeter security
- Safe Cities
- Land, sea and aviation transportation security systems
- Critical infrastructure security objects like oil-gas facilities, nuclear plants, IoT security, military bases, etc.
According to prnewswire.com, investments are predicted to grow in several aspects: Outdated equipment-systems upgrade, next-generation technologies R&D, as well as re-organization and expansion of the HLS and public safety elements of the intelligence community. Additional aspects of investment growth will include crime mitigation and defending their most sensitive assets against terror by private sector; and the restructuring of the armed forces to meet their asymmetric warfare counter-terror missions.