The Homeland Security Market research report published by Allied Market Research. Homeland security market is expected to garner $418 billion by 2022, registering a CAGR of 5.9% from 2016 to 2022. The cyber security segment is expected to dominate the global market throughout the forecast period. North America is expected to be the leading contributor to the global revenue during the forecast period.
Growing instance of terrorist attacks, wars between neighboring countries, domestic wars due to political unrest, communism, riots, and others have fostered the adoption of homeland security solutions. In addition, increasing number of natural as well as man-made disasters including earthquakes, floods, cyclones, fire, industrial hazards, rail accidents, plane crash, and others are expected to drive the market. However, lack of awareness and high installation cost of technological advanced products and services of homeland security restrict the market growth. The development of technologically enhanced products, such as unmanned vehicles and terahertz radiation (T-ray) for detecting chemical composition of objects, robots for automation, executing human tasks, and others would provide numerous opportunities for the growth and development of the homeland security market.
In 2015, cyber security accounted for the maximum revenue share in the overall homeland security market, due to increasing threat of cyber terrorism, cybercrime, and internet fraud. Increasing trend of bring-your-own-device (BYOD), Internet of Things (IoT), web deployment, trends, cloud services, and big data analytics that need enhanced security provide huge growth opportunities to the cyber security market. In addition, the critical infrastructure segment is presently the fastest growing segment, and is projected to grow at a CAGR 7.2% during the forecast period, owing to proactive government initiatives for protecting critical infrastructures in areas such as telecommunication, power plants, oil & gas, defense, financial & security services, manufacturing, and others.
North America accounted for majority of the global market share in 2015, and is expected to maintain its dominance during the forecast period due to heavy investment by government organizations in homeland security in the region.
Key findings of the Homeland Security Market:
- In 2015, cyber security segment dominated the overall homeland security market in terms of revenue, and is projected to grow at a CAGR of 4.3% during the forecast period.
- Critical infrastructure security segment is projected to grow at the highest CAGR of over 7% during the analysis period.
- Public end user segment is projected to generate the highest revenue in the market during the forecast period.
- In 2015, North America generated the highest revenue among all regions in the global homeland security market.
- Asia-Pacific is expected to grow at a CAGR of 7.2% from 2016 to 2022.
IBM Corporation, Lockheed Martin Corporation, General Dynamics Corporation, and Northrop Grumman Corporation are some of the prominent players in the market. Market players have focused on product launch and partnership for expansion in the market. For instance, in June 2016, IBM partnered with the GW Center for Cyber and Homeland Security, an organization for research and analysis on homeland security, counterterrorism, and cyber security issues in the U.S. IBM would help the latter to prepare its homeland security strategy.