Homeland Security Market is Expected to Reach USD 452.46 Billion 2024 Homeland Security Market 2024

Homeland Security Market is expected to reach USD 452.46 billion
by 2024: Radiant Insights, Inc
The global homeland security market size is expected to reach USD 452.46 billion by 2024 according to a
new report by Grand View Research, Inc. Technological advances in homeland security across the globe
are expected to drive the market over the forecast period. Asia Pacific is anticipated to witness
considerable growth owing to the advancements across emerging economies such as China and India.
Currently, police modernization along with tackling terrorism is the largest growing segments in India
with the increasing annual spending.
Manufacturers in the homeland security market are increasingly adopting mergers & acquisitions as a part
of their growth strategy. For example, in 2015, Harris Corporation acquired Exelis Inc., which brings a
strong portfolio of complementary technologies. The acquisition also significantly enhances the
company's position as one of the primary provider of mission-critical solutions while expanding channels
and product offerings to the growing customer base.
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The Homeland Security Advanced Research Projects Agency (HSARPA), established by the Homeland
Security Act of 2002, supports fundamental research to create revolutionary changes in new capabilities,
technologies and risk & threat assessments for the Homeland Security Enterprise (HSE). It uses
modernization and innovation for scientific progress and produces front-line products. These products
support DHS components such as the U.S. Secret Service, U.S. Customs and Borders Protection, the U. S.
Coast Guard, and the Transportation Security Administration.
Further key findings from the report suggest:
Cyber security is anticipated to grow at a CAGR of over 5.5% from 2016 to 2024, owing to the increasing
number of cyber crimes and rising privacy concerns. Cyberspace and its essential infrastructure are
vulnerable to a wide range of risk increasing from both physical and cyber threats & hazards.
The maritime segment accounted for over 8% of overall revenue share in 2015, which is expected to grow
over the forecast period. It has become critical due to the rising number of maritime threats, sabotage,
piracy and unlawful acts. During recent years, maritime terrorism has drawn considerable attention in the
marine sector. Incidents of maritime terrorism are very few as compared to piracy. However, it attracts
more media attention due to the involvement of greater loss of life, property and consequential economic
losses.
Aviation segment is expected to witness substantial growth at CAGR of nearly 5% over the period of
2015 to 2024. Airport safety has undergone enormous transformations after the terrorist activities across
the globe. Also, it has endured significant improvements regarding protection. Several airports such as
ODG (Paris), Munich, Chhatrapati Shivaji Airport (India) and Narita (Tokyo) are the examples of the
change in airport protection technologies.