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.
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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.
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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
- Cybersecurity
- 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.
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