Private sector homeland security to grow at 7.7 percent annually
The U.S. economic downturn has had an adverse effect on the 2009-2010 private sector homeland security (HLS) market, but despite the capital investment aversion trend, the U.S. private sector demonstrates a strong demand for HLS-related products and services. That is the assessment of the Homeland Security Research Corp., according to a news release it issued on July 9.
There is a trend towards the upgrading of outdated security infrastructure, including cyber security, chemical and HAZMAT industry security, smart grid security, perimeter security, biometric ID, IT systems and workforce and visitors screening systems, says the company.
Over the next five years, the U.S. private sector HLS market is forecast to grow at a CAGR of 7.7 percent, from $8.6 billion in 2011 to $12.4 billion by 2016.
HSRC's newest release, US Private Sector Homeland Security Market - 2012-2016, addresses this multi-billion market, which is overlooked by many. The report is an essential tool for the HLS industry decision makers who are assessing or seeking an in-depth understanding of business opportunities in this market, says the company’s news release.
Contrary to what many in the industry believe, the report reveals that:
- The private sector procurement of homeland security-related products and services hover at 13-16 percent of the total U.S. homeland security market.
- The U.S. private sector HLS market is larger than the combined federal aviation, maritime and land transportation HLS markets.
- The U.S. private sector controls more than 80 percent of the nation’s economy.
The markets are presented from two vantage points:
- Products and services sectors -- e.g., explosives and weapons screening, cyber and IT security, and perimeter security.
- Private sector industries -- e.g., chemical and petrochemical industries, banking and finance, defense industrial base, electric power and nuclear industries.
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