The competitive rivalry among players operating in the global homeland security market is intense as they strive to compete in terms of price, performance, and technology, reports Transparency Market Research in a new study. To expand their consumer base and secure more contracts, companies are investing considerably in research and development projects for developing technologically advanced homeland security systems. This, in turn, is expected to further intensify the competitive rivalry among the market players in the coming years. Established players such as Harris Corporation, General Dynamics, FLIR Systems, Finmeccanica S.p.A, and Elbit systems among others have a strong hold on the global market and they dominate the market in terms of quality standards, trustworthiness, and reliability.
The global homeland security market is projected to rise at a steady CAGR of 5.6% between 2014 and 2020. In 2013, the global homeland security market had a valuation of US$245.72 bn and is projected to rise to US$364.44 bn by 2020. On the basis of product, cyber security systems are expected to emerge dominant with a projected market worth US$145.49 bn by the end of 2020. The growth of this segment is attributed to the rise in the number of cyber attacks and the growing concerns regarding virtual data security across the world.
Asia Pacific to Lead Owing to Growing Incidences of Terrorist Attacks
In terms of geography, Asia Pacific is anticipated to emerge as the leading region in terms of adoption of homeland security systems. It accounted for 27.3% of the global revenues in 2013 and is expected to hold a share of 29.0% by 2020 in the homeland security market. Asia Pacific is projected to beat North America and acquire the lead by 2020 owing to initiatives undertaken by governments of various countries in this region to combat the rising terrorist attacks and cyber thefts and security breach. Countries such as China, India, and Pakistan are focusing on investing extensively in the development of advanced homeland security systems. Among these regions, China led the Asia Pacific market for homeland security with a share of 71.34% in 2013.
Growing Concern over Restriction of Illegal Immigration and Trafficking of Humans and Drugs to Drive Demand for Homeland Security Systems
According to a TMR analyst, “With the rise in illegal immigration and drug trafficking, the penetration of terror forces and drainage of public funds has substantially increased over the last couple of years across the world.” Illegal immigration not only puts pressure on public funds but can also pose a threat to national security. The rise in human and drug trafficking cases has also impelled governments across the world to take measures in order to combat these situations. As a result of this, government bodies are not only imposing strict immigration laws but also enhancing their border surveillance activities. They are also focusing on the adoption of advanced homeland security services to prevent terrorist attacks. Moreover, the rising risk from cyber threats is another factor driving the demand for homeland security services across the world.
Lack of Proper Operational Knowledge of Cyber Security Systems among Professionals to Impede Growth of Homeland Security Market
As the threat of cyber attacks is substantively increasing, the need for skilled professionals to operate advanced cyber security systems is also rising. To combat and detect cyber threats, governments, business organizations, and general public have to vigilant. However, governments of many nations find it difficult to operate such security systems due to the shortage of skilled professionals in the cyber security segment. The lack of skilled professionals is expected to widely affect the adoption of homeland security systems globally. Furthermore, curtailments in defense budgets by governments of several countries are also likely to impede the growth of the global homeland security market.
However, manufacturers of homeland security systems can gain potential opportunities from the untapped markets of many countries across the world. The modernization of the homeland security departments of various countries is another opportunity market players can capitalize on in the coming years.
The review is based on the findings of a TMR report titled, “Homeland Security Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2020.”
Segmentation of the global homeland security market is as follows:
Homeland security market: By security type
- Aviation security
- Maritime security
- Border security
- Critical infrastructure security
- Cyber security
- CBRN security
- Mass transit security
Homeland security market: By geography
- North America
- Asia Pacific
- Rest of the World
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