The global market for homeland security is growing at a strong rate in the last few years. The market deals with the plans and initiatives that are taken by the government bodies in order to protect their nations from different types of threats. In the last few years, there has been a tremendous rise in the number of terrorist attacks, owing to which, the government organizations are investing heavily for the enhancement of the market. The global homeland security market is projected to register a healthy 5.60% CAGR between 2014 and 2020.
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The rise in the number of government initiatives so as to ensure the safety at orders and reduce the terrorist attacks, which is predicted to enhance the market growth in the near future. In addition to this, the rising occurrence of several unpredicted natural disasters, due to the constant change in the climatic conditions and the rise in the biohazard attacks, the global homeland security market is anticipated to grow in the next few years.
However, the rising concern related to the limited budget for security, particularly in developing nations and the less prioritization given the risk management, the market is likely to observe a fall in the coming few years. Nonetheless, the introduction of cloud-based applications and the rising focus of governments on the upgradation of the infrastructure are expected to support the growth of the global homeland security market in the next few years.
The leading players in the global homeland security market are emphasizing on research and development activities and technological developments, which is predicted to enhance the growth of the market in the next few years. In addition to this, the developed nations, across the globe, are looking forward to reduce their defense forces so as to make them more effective and efficient, thus boosting the demand for advanced homeland security solutions in the coming years.
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