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Global Homeland Security Market Worth $418 Billion by 2022
November 1, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Homeland Security Market by Type, and by End-user - Global Opportunity Analysis and Industry Forecast, 2014 - 2022" report to their offering.
A new report titled, "Homeland Security Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2022", forecasts that the global homeland security market is expected to garner $418 billion by 2022, registering a CAGR of 5.9% from 2016 to 2022. The cyber security segment is expected to dominate the global market throughout the forecast period. North America is expected to be the leading contributor to the global revenue during the forecast period.
Growing instance of terrorist attacks, wars between neighboring countries, domestic wars due to political unrest, communism, riots, and others have fostered the adoption of homeland security solutions. In addition, increasing number of natural as well as man-made disasters including earthquakes, floods, cyclones, fire, industrial hazards, rail accidents, plane crash, and others are expected to drive the market.
However, lack of awareness and high installation cost of technological advanced products and services of homeland security restrict the market growth. The development of technologically enhanced products, such as unmanned vehicles and terahertz radiation (T-ray) for detecting chemical composition of objects, robots for automation, executing human tasks, and others would provide numerous opportunities for the growth and development of the homeland security market.
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