The global homeland security and emergencymanagement market is likely to gain momentum from the risingutilization of cloud-based services and applications. Besides, the outdatedequipment and infrastructure are being upgraded persistently. This informationis published by Fortune Business Insights™ in a recent study,titled, “Homeland Security and Emergency Management Market Size,Share and Industry Analysis, By System (Modeling And Simulation, CommunicationSystem, Rescue And Recovery Systems, Intelligence And Surveillance System,Detection And Monitoring System, Weapon System, Command And Control, AndOthers), By End-Use (Cyber Security, CBRNE Security, Aviation Security,Maritime Security, Law Enforcement and Intelligence Gathering, CriticalInfrastructure Security, Risk and Emergency Services, and Border Security), andRegional Forecast, 2020-2027” The study further mentions that thehomeland security and emergency management market size was USD549.40 billion in 2019 and is projected to reach USD777.0 billion by 2027, thereby exhibiting a CAGR of 4.43% duringthe forecast period.
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Market Driver:
High Demand for Situational Awareness to Propel Growth
There is a high demand for situational awareness as it is capableof analyzing and identifying complex data regarding the battlefield scenarios.It is very helpful for decision-makers and hence, a significant factor in land,naval, and air-based operations. Cutting-edge technologies also providemaritime, ground, and air solutions with unique command, control,communication, computers, combat, intelligence, surveillance, andreconnaissance (C5ISR) services for providing access to the real-time database.However, in the field of cybersecurity, lack of proactive measures may obstructthis market growth in the coming years.
Segmentation:
Rising Usage in Military System to Favor Growth of Detection andMonitoring System Segment
In terms of system, the market is divided into intelligence andsurveillance system, modeling and simulation, command and control, rescue andrecovery systems, weapon system, communication system, detection and monitoringsystem, and others. Out of these, the detection and monitoring system segmentheld 25.87% homeland security and emergency management market share in 2019.This growth is attributable to their increasing usage in various militaryequipment and systems.
Regional Analysis:
Upgradation of Conventional Equipment to Favor Growth in NorthAmerica
Based on geography, the market is fragmented into South America,the Middle East and Africa, Asia Pacific, Europe, and North America. Amongstthese, North America procured USD 208.77 billion homeland security &emergency management market revenue in 2019. This growth is attributable to therising military expenditure and up-gradation of airborne, air, and land systemsin the U.S. In addition to that, the country houses several prominentcompanies, namely, Lockheed Martin Corporation, Raytheon Company, and NorthropGrumman Corporation. It would also contribute to the growth of the market inthis region.
Asia Pacific, on the other hand, would remain in the secondposition owing to the military modernization programs and spendings in thedeveloping countries, such as South Korea, India, and China. Also, theincreasing rates of cybercrime and cross-border conflicts would boost growth.Europe is set to hold the third position backed by the presence of manyrenowned homeland security manufacturers in this region.
Competitive Landscape:
Key Companies Aim to Win New Contracts to Strengthen Positions
The companies are following inorganic and organic strategies, suchas novel product launches and mergers and acquisitions to intensifycompetition. They are also trying to get new orders and contracts from reputedfirms to deliver their products and gain a competitive edge. Below are a coupleof the key industry developments:
Browse Detailed Research Insights with Table of Content:
https://www.fortunebusinessinsights.com/homeland-security-and-emergency-management-market-102743
