The global air traffic control equipment market expected to expand at a CAGR of 5.8% during the forecast period from 2018 to 2026. Air traffic has grown over the last few years on the back of recovering economic conditions worldwide. Improving discretionary income has had positive impact on both corporate and leisure air travels in recent years.
The homeland defense market is expected to cross US $1500 billion by 2030, growing at a CAGR of 6.5% between 2023 and 2031. Increased political dissension and separatist movements are contributing to its rapid expansion. Increasing investments in homeland security and emergency management solutions will cause the Asia-Pacific region to dominate the market. Homeland security is the defense and protection of a nation against any antisocial danger. It is a government endeavor to offer security and resilience against all potential natural and man-made calamities. Homeland security involves protection against a variety of threats and misfortunes, such as terrorist attacks, illegal weapons, cyber fraud, drug trafficking, hurricanes, floods, earthquakes, and tornadoes, among others. It encompasses aviation security, border security, transportation security, cyber security, and law enforcement to ensure public safety. The global homeland security market is anticipated to expand at a rapid rate as a result of, among other factors, an increase in terrorist attacks, cross-border disputes, illegal immigration, smuggling, and human trafficking, as well as the occurrence of numerous natural disasters. Numerous businesses are investing considerably in the manufacture of innovative products and services in order to combat and defend against undesirable events in countries throughout the world. On the other hand, high-priced goods and services and national economic recessions are anticipated to restrain the expansion of this sector. Throughout the projected period, the rising need for information security and technological advancements are anticipated to generate various opportunities for the homeland security market.
Demand for cloud-based security solutions as the predominant delivery mechanism to address IT security requirements is growing significantly. Several firms, including IBM, HPE, Symantec, McAfee, and Cisco, offer cloud-based Software-as-a-Service (SaaS)-based cybersecurity solutions. These cloud-based solutions provide a centralized method for securing the organization's web and mobile apps and networks during the development, production, and implementation phases. As it provides better flexibility and scalability for solution deployments, the SaaS-based method is easier and more effective than the on-premises deployment strategy. As more applications are placed on the cloud, large companies and SMEs are shifting from traditional on-premises cybersecurity solutions to cloud-based solutions. In the next five years, SaaS-based security solutions are anticipated to present an opportunity for enterprises with limited security budgets.
Leading industry participants in the homeland security market are unceasingly focused on reducing the price of new next-generation technologies and solutions, such as sensor technology, in order to meet the increasing needs of customers. Industry suppliers engage heavily in R&D to provide efficient, scalable solutions that deliver real-time instrumentation and network-wide analytics. It entails offering comprehensive insight and high-fidelity visibility on networked systems, their vulnerabilities, and the necessary security information.
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