Global homeland security market set for growth: report
According to a newly published report, the global homeland security and emergency management market is anticipated to reach $544.02 billion by 2018, with a CARC of 5.54%.
The report, called “Global Homeland Security and Emergency Management Market 2013-2018” has been published by MarketsandMarkets and notes that the cumulative market for homeland security during the forecast period is estimated at US$2842.47 billion, though about 15% of that total is expected to be the capital expenditure.
According to the report, the U.S. and Europe are expected to remain as the main market for homeland security systems and the region has the top industry participants who cater to this sector. The second biggest growth opportunity is from the Asia Pacific region where the growing economies are set to increase their homeland security expenditure. Opportunity also exists in the Middle East, followed by Latin America and Africa. Although the Asian market, especially China’s internal security spending is significantly higher than in the United States, it is of less interest as the market is restricted to western firms.
The need for effective identification and security, as well as the need to provide access control to critical infrastructure has led to the adoption of biometric technologies. In addition, the upgrading of border security and the demand for effective immigration control has further fueled this adoption.
MarketsandMarkets has also recently published a series of reports on the gesture and touchless biometric markets, which have indicated that the total market is expected to reach $15.02 billion by 2018, growing at a CAGR of 34.94% from 2013-2018.