Northbrook, IL -- (SBWIRE) -- 11/26/2021 -- According to MarketsandMarkets, the homeland security and emergency management market is estimated to be valued at USD 668.7 billion in 2021 and is projected to reach USD 904.6 billion by 2026, recording a CAGR of 6.2% in terms of value. It is witnessing significant growth due to increasing political dissents and separatists' movements The Asia Pacific region will dominate the market due to the growing investments in homeland security and emergency management solutions.
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 factors contributing to the growth of the systems segment. Growth in the procurement of new homeland security systems by various law enforcement agencies across the globe is further propelling the segment growth.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=575
Based on vertical, the homeland security segment is projected to grow at the highest CAGR during 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advanced solutions as the majority of existing installations have either become obsolete or are running on outdated technologies.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.
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.
Key Market Players:
Lockheed Martin Corporation (US), Northrop Grumman Corporation (US), Thales Group (France), BAE Systems (UK), Elbit Systems (Israel), Leidos (US), and L3Harris Technologies (US).