Leading market analysis firm Transparency Market Research (TMR) has published a new market research study, detailing the global homeland security market. According to TMR analysts, the market is set to exhibit a robust 5.60% CAGR from 2014 to 2024. The market, worth US$245.7 bn in 2013, is expected to rise to US$364.4 bn by 2024. The report, titled ‘Homeland Security Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2024’, is available for sale on TMR’s website.
Homeland security is a collective term for a wide variety of initiatives and plans undertaken by government bodies to protect their country from threats. The umbrella term of homeland security covers diverse agencies such as aviation, marine, mass transit, etc. that can be targeted by terrorists and other illicit and dangerous activities such as human trafficking. Due to its crucial nature to a nation’s safety and integrity, homeland security is among the highest priorities for any government.
Apart from the various physical threats to a country, the rising threat of cyberattacks has added a new dimension to the global homeland security market. Cyber security held a share of more than 39% in the global homeland security market in 2013 and is expected to expand at a higher-than-average CAGR of 5.8% over the forecast period. Due to proliferation of advanced Internet resources, hacking has gained immense importance today, with both illicit and lawful cyber branches beefing up in recent years. Failure to contain a cyberattack poses a serious challenge to a nation’s integrity, as confidential information about virtually every aspect of a country could then be used for illicit purposes.
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This, however, poses one of the two major restraints on the global homeland security market, as detailed in the report. The lack of sufficiently skilled personnel has left many countries at risk of cyber infiltration. While Western countries such as the U.S., the U.K., Germany, and other European powers have the manpower to handle the rising volume of cyber threats, this aspect of the homeland security market is in need of strengthening in developing countries.The other major restraint acting on the global homeland security market is the defense budget cuts initiated by several governments in recent years. The U.S., notably, has cut back on defense spending in recent years.
“The defense cuts have another angle to them,” says a TMR analyst. “Many countries, particularly developed countries, are looking to trim down their defense forces to make them more efficient and effective.”This helps countries achieve the same level of protection at reduced costs. This bodes well for the global homeland security market in the long run, as this will lead to smart homeland security options, such as unmanned drones and other high-tech products
