ALBANY, N.Y.--(BUSINESS WIRE)--Transparency Market Research has announced the release of a report titled “Homeland Security Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013–2020”. The report states that the global homeland security market will observe modest growth from US$245.72 billion in 2013 to US$364.44 billion by 2020, registering a CAGR of nearly 5.6% between 2014 and 2020.
The market is driven by rising demand for security equipment to tackle issues such as terrorist threats, illegal immigration, drug and human trafficking, and cyber threats.
The report segments the global homeland security market into maritime security, critical infrastructure security, aviation security, CBRN security, cyber security, mass transit security, border security and others (public safety, counter terror intelligence and C3I).
Among these, the cyber security segment accounted for the largest share of the market, nearly 39.31% in 2013, owing to the globally rising demand for security products and solutions to counter cyber threats. Over the forecast period, this market segment is expected to increase at CAGR of 5.8%.
The critical infrastructure security segment held the second largest share of the market, and is expected to grow at a CAGR of 6.7% during the forecast period. The growth of this market segment will be driven by rising risk of terrorist attacks on critical sites such as power stations, oil and gas terminals, nuclear plants, water supply access points, communication centers, etc.
Some of the key market players of the global homeland security market profiled in the report include Raytheon Company, L-3 Communications Holdings Inc., Elbit Systems Ltd., Magal Security Systems Ltd., Safran S.A., Thales Group, Harris Corporation, Finmeccanica S.p.A, General Dynamics Corporation, Unisys Corporation, OSI Systems, Inc. and FLIR Systems, Inc., among others.
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Transparency Market Research is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.