Homeland Security and Emergency Management Market Size to Reach USD...

Homeland Security and Emergency Management Market Size to Reach USD 777.0 Billion by 2027; Technological Advancements to Boost Growth, Says Fortune Business Insights™

Posted 2021-07-13 04:23:22

The global homeland security and emergency management market is likely to gain momentum from the rising utilization of cloud-based services and applications. Besides, the outdated equipment and infrastructure are being upgraded persistently. This information is 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, Communication System, Rescue And Recovery Systems, Intelligence And Surveillance System, Detection And Monitoring System, Weapon System, Command And Control, And Others), By End-Use (Cyber Security, CBRNE Security, Aviation Security, Maritime Security, Law Enforcement and Intelligence Gathering, Critical Infrastructure Security, Risk and Emergency Services, and Border Security), and Regional Forecast, 2020-2027” The study further mentions that the homeland security and emergency management market size was USD 549.40 billion in 2019 and is projected to reach USD 777.0 billion by 2027, thereby exhibiting a CAGR of 4.43% during the forecast period.

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This Report Answers the Following Questions:

What are the homeland security and emergency management market trends, growth drivers, and hindrances?
How will the market be affected in the near future?
Which vital strategies are implemented by key companies to boost sales?
Which region is likely to remain in the dominant position in terms of revenue?
Which segment would lead the market by generating the largest share?

Market Driver:

High Demand for Situational Awareness to Propel Growth

There is a high demand for situational awareness as it is capable of 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 provide maritime, ground, and air solutions with unique command, control, communication, computers, combat, intelligence, surveillance, and reconnaissance (C5ISR) services for providing access to the real-time database. However, in the field of cybersecurity, lack of proactive measures may obstruct this market growth in the coming years.

Segmentation:

Rising Usage in Military System to Favor Growth of Detection and Monitoring System Segment

In terms of system, the market is divided into intelligence and surveillance system, modeling and simulation, command and control, rescue and recovery systems, weapon system, communication system, detection and monitoring system, and others. Out of these, the detection and monitoring system segment held 25.87% homeland security and emergency management market share in 2019. This growth is attributable to their increasing usage in various military equipment and systems.

Regional Analysis:

Upgradation of Conventional Equipment to Favor Growth in North America

Based on geography, the market is fragmented into South America, the Middle East and Africa, Asia Pacific, Europe, and North America. Amongst these, North America procured USD 208.77 billion homeland security & emergency management market revenue in 2019. This growth is attributable to the rising military expenditure and up-gradation of airborne, air, and land systems in the U.S. In addition to that, the country houses several prominent companies, namely, Lockheed Martin Corporation, Raytheon Company, and Northrop Grumman Corporation. It would also contribute to the growth of the market in this region.

Asia Pacific, on the other hand, would remain in the second position owing to the military modernization programs and spendings in the developing countries, such as South Korea, India, and China. Also, the increasing rates of cybercrime and cross-border conflicts would boost growth. Europe is set to hold the third position backed by the presence of many renowned homeland security manufacturers in this region.

List of Key Companies Operating in the Homeland Security and Emergency Management Market are:

BAE Systems
CACI International Inc.
Collins Aerospace
Elbit Systems Ltd.
General Dynamics Corporation
IBM
L3Harris Technologies Inc.
Lockheed Martin Corporation
Northrop Grumman Corporation
SAAB AB
Thales Group

Key Companies Aim to Win New Contracts to Strengthen Positions

The companies are following inorganic and organic strategies, such as novel product launches and mergers and acquisitions to intensify competition. They are also trying to get new orders and contracts from reputed firms to deliver their products and gain a competitive edge. Below are a couple of the key industry developments:

Major Industry Developments of the Market include:

January 2019: General Dynamics Information Technology (GDIT) bagged the Navy Cyber Mission Engineering Support contract from the U.S. Navy’s Space and Naval Warfare Systems Center. The total value of this contract is worth USD 898 million. It consists of one six-month option-to-extend-services option, one two-year option ordering period, and a five-year base ordering period. GDIT will be able to provide innovative solutions catering to the warfighting needs of the Navy and Marine Corps.
January 2018: Serco Inc. acquired BTP Systems, a technology services contractor for USD 20 million. It would help the former in broadening its defense sector and include new federal consumers.

Browse Detailed Research Insights:

https://www.fortunebusinessinsights.com/homeland-security-and-emergency-management-market-102743

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