Global Homeland Security Market: Increasing Terrorist Threats and Modernization to Benefit Market, says TMR

The global homeland security market is dominated by leading companies including Elbit Systems, FLIR Systems, Harris Corporation, Safran Group, L-3 Communications Holdings, Thales Group, and Unisys Corporation. Well-established players are currently having a strong dominance in the global homeland security market. Going forward, the level of competition is expected to rise. Key companies are aiming to increase their investment in the research and development activities to introduce new homeland security solutions, thus maintain their dominance. Transparency Market Research (TMR), in a new report, states that rising private and public partnerships are expected to propel the global demand for homeland security systems.

The global homeland security market is expected to reach US$364.44 bn by 2020. By region, the global homeland security market is expected to be dominated by Asia Pacific. The Asia Pacific homeland security market is expected to reach US$105.55 bn by 2020. This market is expected to be driven by the government initiatives to counter terrorist attacks. In the Asia Pacific homeland security market, China is likely to dominate the demand for homeland security products.

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Cyber Security to Dominate Product Segment

In 2013, the global homeland security market was led by the cyber security segment and this segment is expected to maintain its dominance throughout the forecast period. The cyber security product segment is expected to reach US$145.49 bn by 2020 owing to the rising risks from cyber crimes. The rising occurrence of cyber-attacks is expected to force governments of many nations to improve their cyber protection infrastructure, thus is likely to fuel the demand for homeland security products.

Rising terrorist threats to propel demand for homeland security products

Terrorist threats and attacks have increased of late. Many Middle-Eastern terrorist organizations target western nations as their primary enemies. These terrorist organizations continue to change their procedures, tactics, and techniques to target the western nations. The growing terrorist threats is the primary factor driving the demand for homeland security products. Governments of many nations across the globe are taking measures to minimize illegal immigrations. Governments are also taking efforts to reduce the trafficking of humans and drugs. Owing to these factors, the demand for homeland security products is expected to rise in the years to come.

The rising risk from cyber threats is another factor expected to contribute towards the growth of the global homeland security market. Cybercrimes in the form of cyber espionage and cyber-attacks are the primary concerns for governments of many nations. Cyber-attacks would damage important infrastructure systems and further lead to disruption of services. “The rising number of cybercrimes is expected to propel the global demand for homeland security products,” says a TMR analyst.

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Defense budget cuts continue to hamper global market

The global homeland security market is considerably impacted owing to the defense budget cuts. The United States and the U.K. governments have planned to cut their defense spending. This is expected to further hamper the demand for homeland security products. Lack of trained professionals to manage cyber security is a key challenge for the global market, says a TMR analyst.

Innovations in homeland security to benefit global market

Many nations from across the globe are concentrating on innovating homeland security products to maintain their dominance in the global market. The growing modernization of homeland security is expected to benefit the key companies operating in this market. Many nations are planning to sign merging contracts to enhance homeland security solutions. For instance, Finland signed an agreement with the United States to enhance counter-terrorism activities in both the nations.

This information is based on the findings of a report published by Transparency Market Research titled “Homeland Security Market (Security Type – Aviation Security, Maritime Security, Border Security, Critical Infrastructure Security, Cyber Security, CBRN Security, and Mass Transit Security) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2020.”

The homeland security market is segmented as follows:

Homeland security market: By security type
• Aviation security
• Maritime security
• Border security
• Critical infrastructure security
• Cyber security
• CBRN security
• Mass transit security
• Others

Homeland security market: By geography
• North America
• Europe
• Asia Pacific
• Rest of the World

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.