According to a new market research report Global Homeland Security & Public Safety Market – 2019-2024, published by Homeland Security Research Corp. (HSRC), the Public Safety & Homeland Security market (including sales, integration & installation, outsourced services, planning, consulting, maintenance and upgrades) is forecast to grow from $431B in 2018 to $606B by 2024.
“HSRC is proud to publish the industry’s gold standard for homeland security & public safety market research reports. This 2420-page market report consists of 16 vertical, 24 technology and 43 national market reports, segmented into 630 submarkets,” said Dan Inbar, CTO and Head of Research at HSRC.
Almost 18 years have passed since 9/11, and the global Public Safety & Homeland Security market is forecast to go through major shifts. New and maturing technologies, such as artificial intelligence, big data & data analysis, smart sensors, AI-based cybersecurity, 5G, TETRA & LTE emergency communication and AI based video analytics, will create new market segments and fresh business opportunities.
During the 2019-2024 forecast period, legacy and dominating technologies, such as C2/C4ISR and intrusion detection systems will be replaced by more advanced technological solutions such as cybersecurity, big data analytics & artificial intelligence, and video analytics.
According to the report, big data & AI, video analytics and cybersecurity technologies are expected to grow at a double digit 2018-2024 CAGR, while, on the other hand, counter-IED technologies, intrusion detection systems and personal protective gear are forecast to show minimal growth during the forecast period.
Furthermore, during the 2019-2024 period, governments and the private sector are forecast to direct most of the Homeland Security & Public Safety related efforts and budgets to the following sub-markets:
- Counter-terror & crime information collection and sharing systems
- Law enforcement
- Natural disasters mitigation
- Private sector (w/o CIP) crime mitigation and business continuity means
- Border and perimeter security
- Safe Cities
- Land, sea and aviation transportation security systems
- Critical infrastructure security objects like oil-gas facilities, nuclear plants, IoT security, military bases, etc.
“This market report is the utmost comprehensive review of the global homeland security & public safety market available today. The objective of this mega-report is to provide today’s strategic decision-makers with an expert 360-degree, time-sensitive, detailed view of this interconnected market,” said Gil Siegel, Head of Custom Research and Industry Insights Dept. at HSRC.
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According to the report, HSRC predicts that during 2019-2024 investments will grow in the following aspects:
- Outdated equipment-systems upgrade
- Next-generation technologies R&D
- Re-organization and expansion of the Homeland Security and Public Safety elements of the intelligence community
- Crime mitigation and defending their most sensitive assets against terror by private sector
- Restructuring the armed forces to meet their asymmetric warfare counter-terror missions
With a highly fragmented market HSRC addresses the “money trail” – each dollar spent, according to technology, vertical, national, revenue source and expenditure markets.