Asia Pacific region to lead homeland security market
The global homeland security market, which includes products made to protect infrastructure, counter terrorism, provide maritime security, modernize police forces, increase border security and provide for cybersecurity, is currently estimated to be worth approximately $197.9 billion annually, according to SBWire.com.
Over the next decade, experts at ReportReserve forecast the value of the homeland security market to increase to $280.6 billion. The Asia Pacific region is expected to provide for the highest expenditures in the sector as countries such as India and China execute major modernization programs for infrastructure security and to modernize their police forces.
The rise in terrorist attacks has driven the market over the past decade. The primary function of homeland security initiatives in most countries has been to protect against terrorist-related attacks and to recover quickly from them, SBWire.com reports.
As terrorists have adopted new technologies, many countries have invested in research and development to create effective countermeasures. ReportReserve said that while the homeland security market will remain lucrative, it is important to consider that the scale of funding needed to implement new technologies will quickly become a potential obstacle for growth, especially among countries hoping to reduce their defense budgets.