Northbrook, IL -- (SBWire) -- 05/21/2021 --According to the report "Homeland Security and Emergency Management Market By Vertical (Homeland Security, Emergency Management), Solution (Systems, Services), Installation (New Installation, Upgrade), End-Use, Technology, and Region- Forecast to 2026", published by MarketsandMarkets™, the Homeland Security And Emergency Management Market size is estimated to be valued at USD 668.7 billion in 2021. It is projected to reach USD 904.6 billion by 2026, recording a CAGR of 6.2% in terms of value.
The increasing number of terrorist attacks are also boosting market growth. Homeland security solutions offer significant benefits such as seamless connectivity and communication. These solutions enable officials to offer enhanced security to citizens as they enable reduced downtime and are cost-effective. The homeland security and emergency management market is developing further as the concept of management evolves and new institutions and protocols are introduced. This requires strong partnership between governments and private players which is expected to be witnessed during the forecast period.
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Apart from encouraging public and private sector cooperation to deal with the threats posed by cybersecurity, these are also expected to lead to an increase in the coordination of efforts among nations to deal with new kinds of threats. The new emerging security scenarios across the globe are trans-national in nature and warrant a unified approach among nations. Industries having a global presence and undergoing partnerships with local and international homeland security industry participants and governments are expected to benefit in this highly competitive business environment. Companies wanting to grow in this market must to able to track the various trends with respect to the threats and technologies needed to tackle these, and also provide complete solutions, which include homeland security and emergency management services and equipment.
The homeland security and emergency management market is being driven by the increased political dissents and separatists' movements and occurrence of natural disasters that need to be prevented. Various separatist movements across the world are still highly active and armed, creating hazardous situations for nations in which these are taking place. Countries in the Middle East, Europe, and the Asia Pacific are increasingly facing separatist movements. Governments are spending millions of dollars to equip their homeland security and emergency management personnel. Natural disasters affect not only individuals and communities but also domestic markets, governments, and economies globally. The number of disasters has increased in recent decades from approximately 100 to 150 a year in the early 1980s to an annual average of 394 between 2011 and 2020. Additionally, natural disasters are affecting developed as well as emerging countries, resulting in loss of lives and damage to economies as well as the environment.
Based on solution, the systems segment is projected to grow at the highest CAGR during the forecast period
Due to increasing global threats, the systems segment is expected to lead the homeland security and emergency management market. The rising demand for non-lethal weapons used to control riot situations is one of the key factor contributing to the growth of the systems segment. Growth in procurement of new homeland security systems by various law enforcement agencies across globe is further propelling the segment growth.
Based on vertical, the homeland security segment is projected to grow at the highest CAGR during the forecast period
The growth for this segment is attributed to various factors such as dynamic climatic conditions, rising natural calamities, government emphasis on safety policies, frequent terror attacks, and domestic violence. Homeland security and emergency management agencies are looking for upgraded and technologically advanced solutions as majority of existing installations have either become obsolete or are running on outdated technologies. The homeland security and emergency management market is presently ripe, with several Tier 1 companies offering technologically advanced and sophisticated solutions.
Based on end-use, cybersecurity segment is projected to grow at the highest CAGR during the forecast period
The increased deployment of web and mobile applications by organizations is expected to lead to the growth of the cybersecurity market. Advanced cybersecurity products provide comprehensive security to critical business applications and maintain confidentiality, integrity, and availability. In this report, cybersecurity solutions are categorized into six major types, namely, network security, endpoint security, application security, cloud security, wireless security, and others. Critical infrastructure is a prime target for cyberattacks, both from hostile governments and cyber-terrorist organizations.
In November 2020, NTT DATA Services Federal Government, a public sector subsidiary of NTT DATA Services, was awarded a $23.3 million task order under NTT DATA's General Services Administration multiple award schedule contract to support the US Department of Homeland Security's (DHS) Cybersecurity Infrastructure Security Agency (CISA) and Cybersecurity Division.
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The Asia Pacific region is the fastest-growing in the homeland security and emergency management market in the forecast period
The Asia Pacific homeland security and emergency management market is projected to grow at the highest CAGR during the forecast period. The growth of the Asia Pacific homeland security and emergency management market is primarily driven by increasing focus on modernization of existing homeland security and emergency management systems by major economies in this region. In addition, factors including increasing geopolitical tensions and increased defense-related expenditure are expected to drive the demand for homeland security and emergency management in the region.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Thales Group (France), BAE Systems (UK), Elbit Systems (Israel), Leidos (US), and L3Harris Technologies (US).
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Homeland Security and Emergency Management Market Worth $904.6 Billion by 2026