Global Homeland Security Market Report, published by Variant Market Research, forecast that the global market is expected to reach $479.3 billion by 2024 from $295 billion in 2016; growing at a CAGR of 6.3% from 2016 to 2024. The homeland security offer products and services related to aviation security, cyber security, border security, among others to protect public and private national assets. Factors such as, threat of cybercrime, piracy, drug trade, cross border terrorism, internal dissent, and separatist would show an attractive homeland security market trend.
"Homeland Security Market (By Type: Aviation Security, Maritime Security, Border Security, Critical Infrastructure Security, Cyber Security, CBRN Security, Mass Transit Security and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Increasing threat of cybercrime, cross border terrorism and need for security to drive the Homeland Security Market
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. On the other hand, high price of these technologies and skilled labor forces are some of the factors which are expected to restrict the market specially in developing countries which have considerably higher need for these securities and can emerge as potential market in future. Increasing demand and needs for information security or data security in public and private sector organization such as energy, utilities, IT & telecom, railways, military, and others are anticipated to develop various opportunities for the homeland security market.
Type, and geography are the major segments of global homeland security market. Type segment is further categorized into aviation security, maritime security, border security, critical infrastructure security, cyber security, CBRN security, mass transit security, and others. Based on geography, the global homeland security market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
Cyber Security accounted for the largest market share in the type segment
Cyber Security accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016-2024. The general IT transformation has greatly enhanced record keeping and management of cases across the internal safety department and has gained wide acceptance, increasing the need for actual knowledge, control and intelligence apparatus for the first responders led to the need for effective security systems.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
Asia-Pacific is expected to attain the fastest CAGR of 7% during the forecast period 2016-2024, driven by the expanding needs for cybercrime control and also due to increasing focus on security services in the region. North America held the largest market share of 27.9% in 2016, owning to well-developed economy.
Manufacturers or producers in the homeland security market are progressively accepting mergers & acquisitions as a part of their growth and expansion strategy. For instance, in 2015, Harris Corporation acquired Exelis Inc., which fetches a solid portfolio of balancing technologies together. The achievement also meaningfully improves the company’s position as one of the prime provider of mission-critical solutions while expanding channels and product offerings to the growing customer base
The major key players operating in the market are IBM Corporation, General Dynamics Corporation, L-3 Communications Holdings, Inc., Northrop Grumman Corporation, Unisys Corporation, Finmeccanica spA, Harris Corporation, Lockheed Martin Corporation, Elbit Systems Ltd, and SAIC among others.