Homeland security market is driven by government concerns to prevent cross border insurgency, Homeland security market is growing due to drug trafficking, Homeland security market is dominated by North America
The global homeland security market is mainly driven by the efforts taken by governments across nations to restrict the increasing terrorist threats and cross-border insurgency. Project Cytoon undertaken by South Africa, the Sisfron Program undertaken by Brazil, and the TECS Mod Program undertaken by the U.S. are some of the government initiatives aimed at enhancing homeland security. The global homeland security market was worth US$245.72 bn in 2013. Expanding at a CAGR of 5.6% during the period between 2014 and 2020, the overall market is expected to be valued at US$364.44 bn by 2020.
Homeland Security Market Description:-
Governments Looking at Managed Security Services to Address Looming Threat of Cyber Attacks
Increasing risk of cyber-attacks on government websites has made cyber security the dominant segment of the global homeland security market. Cyber security accounted for a 39.31% market share in 2013 and is projected to expand at a CAGR of 5.8% during the period from 2014 to 2020. The recent cyber-attack on the U.S. government’s Office of Personnel Management led to a security breach, with hackers accessing confidential data. An audit released last month showed that the internal websites used by the U.S. Department of Homeland Security (DHS) are vulnerable to cyber-attacks. The audit further mentioned that the department needs to establish a cyber-training program for analysts and investigators.
Taking its cue, the U.S. Department of Homeland Security has chosen the month of October as the National Cyber Security Awareness Month. With the federal government’s push to protect agency data from cyber threats, the DHS is looking at managed security services. The agency announced in September 2015 that it had chosen Massachusetts-based Raytheon Co. to help manage potential cyber threats to government websites and plug the loopholes. The contract, worth US$1 bn, points out that the federal government can no longer support its cyber security infrastructure without the help of private entities.
U.S. DHS Awards Contracts to Private Companies for Cyber Security
The U.S. federal government’s inability to keep up with the ever-increasing cyber threats can be attributed to the lack of cyber security professionals in the DHS office. A recent Government Accountability Office report revealed that one in five positions in the DHS Office of Cybersecurity and Communications remains vacant. This can be traced to long security clearance timelines and lower salary as compared to the private sector.
Insights of Homeland Security: http://bit.ly/1Tf6ERm
Apart from Raytheon Co., the DHS has also awarded contract work for cyber security to Technica, Northrop Grumman, HP, and Knowledge Consulting Group. These companies will provide automated tools and commercially developed sensors to scan agency networks for vulnerabilities. Government agencies are usually apprehensive while leaning on private companies to address their cyber security needs. However, the DHS has shown the path that other departments in the U.S. federal government are expected to follow soon. This will open new opportunities for the homeland security market, especially in North America.
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by Transparency Market Research (few months ago!)