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Homeland Security And Emergency Management Market: Insights, Analysis, Size, Share Demand 2024-2033
Homeland Security And Emergency Management Market Demand
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According to The Business Research Company's, The homeland security and emergency management market size has grown strongly in recent years. It will grow from $709.58 billion in 2023 to $767.25 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to global terrorism threats, natural disasters, critical infrastructure protection, increasing urbanization, public safety concerns.
The homeland security and emergency management market size is expected to see strong growth in the next few years. It will grow to $1026.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to climate change impacts, biological threat preparedness, autonomous systems, global health emergencies, critical infrastructure resilience, community engagement and communication. Major trends in the forecast period include cybersecurity and information sharing, border security and immigration management, public-private partnerships, mobile and cloud-based solutions, counter-terrorism measures, biometric and identity management solutions.
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Market Drivers and Trends:
Increased defense-related expenditure is expected to propel the growth of the homeland security and emergency management market. The defense budget is a component of the national budget that pays for salaries, training, and health care; maintains and purchases armament, equipment, and structures; funds military operations; and funds research and development of new technology. The link between homeland security and emergency management and the defense budget is vital, because both fields necessitate substantial financial resources to protect the safety and security of residents and critical infrastructure. For instance, in April 2022, as per the data released by the Stockholm International Peace Research Institute, a Sweden-based international institute, total worldwide military spending will have increased by 0.7% in real terms to $2113 billion. Therefore, the Increased defense-related expenditure is expected to propel the growth of the homeland security and emergency management market.
Technological advancement is a key trend in the homeland security and emergency management market. Major companies operating in the homeland security sector are concentrating on developing new technological solutions to strengthen their position in the market. The market has witnessed the use of advanced technology, including artificial intelligence and machine learning, which incorporate functions such as face recognition, fifth-generation network technology, and chemical and biological detection to identify threats and provide suggestive action. For instance, in July 2022, Darktrace, a UK-based information technology company specialising in cyber-defence, launched PREVENT. PREVENT is a networked collection of AI technologies that provide proactive cyber security to aid enterprises in preventing upcoming cyberattacks. Through a constant feedback loop, the AI capabilities collaborate autonomously to improve the level of security within an organization.
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Major Key Players of the Market:
General Dynamics Corporation, Elbit Systems Ltd., Northrop Grumman Corporation, Thales Group, Raytheon Technologies Corporation, Lockheed Martin Corporation, Leidos, The International Business Machines Corporation, Teledyne Systems LLC, BAE Systems Plc, Honeywell International Inc., L3Harris Technologies Inc., Motorola Solutions Inc., Siemens AG, Harris Corporation, Booz Allen Hamilton Holding Corporation, Science Applications International Corporation Inc., CACI International Inc., ManTech International Corporation, Jacobs Engineering Group Inc., Parsons Corporation, AECOM, Tetra Tech Inc., ICF International Inc., WSP Global Inc., G4S plc, Securitas AB, Allied Universal, GardaWorld Corporation, Secom Co. Ltd.
Homeland Security And Emergency Management Market 2024 Key Insights:
• The homeland security and emergency management market size is expected to see strong growth in the next few years. It will grow to $1026.49 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• The Rising Tide Of Homeland Security In The Face Of Global Terrorism
• Technological Advancements Driving Innovation In Homeland Security And Emergency Management Market
• North America was the largest region in the homeland security and emergency management market in 2023
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