The global Homeland Security market size was USD 279.64 billion in 2015. The market is expected to garner $418 billion by 2022, registering a CAGR of 5.9% from 2016 to 2022.
North America dominated the industry with over 25% of the revenue share in 2015 and is expected to grow at a CAGR of nearly 3.5% from 2016 to 2024. The Asia-Pacific homeland security market is expected to grow at a CAGR of over 6.0% from 2016 to 2024. Emerging economies such as China and India are expected to drive regional growth over the future. The increase in demand for safety equipment and solutions across several industries such as aviation, maritime, cyber, and border security is anticipated to drive market growth over the forecast period. The industry is highly competitive, and manufacturers invest heavily in R&D operations to offer innovative products. Cyber security has accounted for over 20% of the overall revenue share, which is expected to grow at a CAGR of over 5.5% from 2016 to 2024. The significant cyber protection risks occur from the widespread and increasing dependence on information and communication technology infrastructure and e-services, which has led the key focus on ensuring safety by combating cybercrime more efficiently and advancing national defense capabilities. Aviation segment is expected to witness significant growth at a CAGR of nearly 5% owing to the advances in technologies such as biometric identification, handheld screening, and RFID technology.CBRN segment is estimated to grow at a CAGR of nearly 4.5% over the forecast period. Technological innovations, such as nanotechnology, networked video cameras, and software design, to identify critical intelligence information have become powerful tools for counter-terrorism operations, increasing the effectiveness of anti-terrorism countermeasures. However, diffusion of advanced technological capabilities could facilitate terrorist access to CBRN materials, as well as guided missiles which could harm the homeland safety.
With it’s highly experienced team of HLS and Technology specialist KPM ASSET offers following Global Sales & execution support to companies in Homeland Security Space
