The homeland security and emergency management market is projected to grow from an estimated USD 557.14 Billion in 2018 to USD 742.06 Billion by 2023, at a CAGR of 5.90% from 2018 to 2023.
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Increasing terrorist threats and biohazard attacks and occurrence of unpredictable natural disasters due to ever-changing climatic conditions worldwide are key factors driving the growth of the homeland security and emergency management market.
Based on vertical, the homeland security segment is expected to lead the homeland security and emergency management market
Based on vertical, the homeland security segment is expected to lead the homeland security and emergency management market and is expected to continue to lead till 2023. The homeland security and emergency management market has been segmented into homeland security and emergency management, which provide security and safety across various verticals including aviation, border control, law enforcement & intelligence agencies, financial service industries, government intelligence agencies, and cyber security. It is essential to safeguard these verticals from various intrusions which can cause harm to financial assets leading to financial loss.
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Based on end use, the cyber security segment of the homeland security and emergency management market is expected to grow at a high rate during the forecast period
Based on end use, the homeland security and emergency management market has been segmented into law enforcement and intelligence gathering, risk and emergency services, border security, maritime security, aviation security, cyber security, critical infrastructure security, and CBRNE security. The cyber security segment is projected to grow in the homeland security and emergency management market at the highest CAGR during the forecast period. Cyber security solutions are categorized into 6 major types, namely, network security, endpoint security, application security, cloud security, wireless security, and others. The increasing deployment of mobile and web based application security solutions by organizations is expected to lead to the growth of cyber security market.
The market for homeland security and emergency management in the Asia Pacific is projected to grow at the highest rate during the forecast period
The rapid growth of the homeland security and emergency management market in the Asia Pacific can be attributed to the increasing spending on homeland security by emerging countries, such as China, Japan, South Korea, and India. China is estimated to account for the largest share of the Asia Pacific homeland security and emergency management market in 2018. This high share 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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Lockheed Martin (US), Raytheon (US), IBM (US), FLIR Systems (US), Thales Group (France), Elbit System (Israel), General Dynamics (US), Unisys (US), and others.
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