According to Marketsandmarkets the Homeland Security and Emergency Management Market and Global Forecast to 2023″, this market is projected to grow from an estimated USD 557.14 billion in 2018 to USD 742.06 billion by 2023, at a CAGR of 5.90% from 2018 to 2023. The researchers found that Increasing terrorist threats and biohazard attacks and occurrences of unpredictable natural disasters due to ever-changing climatic conditions worldwide are key factors driving the growth of the homeland security and emergency management market.
Based on verticals, the homeland security segment is expected to lead the homeland security and emergency management market and is expected to continue to lead till 2023. The homeland security and emergency management market has been segmented into homeland security and emergency management, which provide security and safety across various verticals including aviation, border control, law enforcement & intelligence agencies, financial service industries, government intelligence agencies, and cyber security. It is essential to safeguard these verticals from various intrusions which can cause harm to financial assets leading to financial loss.
Based on end use, the homeland security and emergency management market has been segmented into law enforcement and intelligence gathering, risk and emergency services, border security, maritime security, aviation security, cyber security, critical infrastructure security, and CBRNE security. The cyber security segment is projected to grow in the homeland security and emergency management market at the highest CAGR during the forecast period. Cyber security solutions are sub-categorised into 6 major types, namely, network security, endpoint security, application security, cloud security, wireless security, and others. The increasing deployment of mobile and web based application security solutions by organisations is expected to lead to the growth of cyber security market.
The rapid growth of the homeland security and emergency management market in the Asia Pacific can be attributed to the increasing spending on homeland security by emerging countries, such as China, Japan, South Korea, and India. China is estimated to account for the largest share of the Asia Pacific homeland security and emergency management market in 2018. This high share can be attributed to the need to counter rising terrorist activities, geopolitical conflicts, strikes and protests, chemical attacks, and natural disasters, which have led major homeland security and emergency management solution providers of the region to develop enhanced techno-efficient homeland security and emergency management systems and equipment