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?
Drivers & Restraints-
High Demand for Situational Awareness to Propel Growth
There is a high demand for situational awarenessas it is capable of analyzing and identifying complex data regarding the battlefield scenarios. It is very helpful of the 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 real-time database. However, in the field of cybersecurity, lack of proactive measures may obstruct this market growth in the coming years.
Browse Summary of This Research:
Rising Usage in Military System to Favor Growth of Detection and Monitoring SystemSegment
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.
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 &mergency management marketrevenue in 2019. This growth is attributable to the rising military expenditure and upgradation 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 spending 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.
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:
Fortune Business Insights™provides a list of all the organizationspresent in this market. They are as follows:
• BAE Systems
• CACI International Inc.
• Collins Aerospace
• Elbit Systems Ltd.
• General Dynamics Corporation
• L3Harris Technologies Inc.
• Lockheed Martin Corporation
• Northrop Grumman Corporation
• SAAB AB
• Thales Group
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