This report on the Homeland Security and Emergency Management Market provides a detailed trend analysis from 2018 to 2025. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market.
The homeland security and emergency management market size is projected to grow from USD 668.7 billion in 2021 to USD 904.6 billion by 2026, at a CAGR of 6.2% from 2020 to 2025. Increasing terrorist threats and biohazard attacks, rising adoption of cloud-based applications and cloud computing technologies, and the occurrence of unpredictable natural disasters due to the ever-changing climatic conditions worldwide are the major growth drivers for the market.
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Based on vertical, the market has been segmented into homeland security and emergency management. The homeland security segment is projected to witness a higher CAGR from 2020 to 2025. The growth of this segment can be attributed to the increasing adoption of biometric and advanced identification technologies. The requirement for effective identification and security checking and the need to provide access control to critical infrastructure are expected to increase the adoption of biometric and other identification technologies.
Based on end use, the cyber security segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased deployment of web and mobile applications by organizations. Today’s cyber breaches are targeted and determined and do not stop until ways are found to achieve their objectives. According to the Kaspersky Lab, in 2017, in the US, the average cost of a cyber-attack for enterprises grew from USD 1.2 million in 2016 to USD 1.3 million in 2017.
Based on the solution, the systems segment is projected to register a higher CAGR than the services segment during the forecast period. The growth of the systems segment can be attributed to increasing global threats, which have forced governments to employ high levels of security at borders, airports, public institutions, ports, and transportation systems. Intelligence and surveillance systems help detect, track and recognize unauthorized intruders, namely, terrorists, illegal immigrants, and smugglers, who can endanger the lives of citizens.
Based on installation type, the new installation segment is projected to register a higher CAGR than the upgradation segment during the forecast period. The growth of the new installation segment can be attributed to the constant upgradation and development of new commercial and military end-use systems like Intelligence and Surveillance Systems, Detection and Monitoring Systems, Weapon Systems, Access Control Systems, and Communication Systems, and constant changes in technology.
Based on region, the homeland security and emergency management market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. Various Asia Pacific countries, such as China, Japan, South Korea, and India, have increased their homeland security spending due to the increasing possibility of being targeted by attacks. The growth of the market in Asia Pacific can be attributed to the need to counter rising terrorist activities, geopolitical conflicts, strikes and protests, chemical attacks, and natural disasters, which have led major homeland security and emergency management solution providers of the region to develop enhanced techno-efficient homeland security and emergency management systems and equipment.
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