Homeland Security Market Report
Homeland Security Market by Type (Aviation Security, Maritime Security, Critical Infrastructure Security, Cyber Security, Mass Transport Security, CBRN, and Others), Technology (Recognition & Surveillance Systems, Security Platform, and Others), End-user (Public Sector and Private Sector), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028
pandemic has shown to have an enormous impact
Click Here to access our comprehensive analysis of the
Impact of covid-19 on Homeland Security Market
Global Homeland Security Market Analysis
The global homeland security market is projected to garner $8,03,967.3 million in the 2021-2028 timeframe, growing from $4,92,362.3 million in 2020, at a healthy CAGR of 6.1%
Growing threat of terrorist activities is expected to aid the growth of the homeland security market.
However, the high initial investment required in the homeland security industry is predicted to restrict the market growth.
According to the regional analysis of the market, the Asia-Pacific homeland security market share is anticipated to grow at a CAGR of 6.5%, by generating a revenue of $2,41,351.0 million during the review period.
Homeland security Overview
Homeland security is an American national security term for "the national effort to ensure a homeland that is safe, secure, and resilient against terrorism and other hazards where national interests Homeland security has been described as the ability of a state to cater for the protection and defense of its citizens. Homeland security includes customs and border protection, immigration and customs enforcement, aviation security, coast guard, cybersecurity, and others. The key functions of homeland security mission areas consist of intelligence and warning, border and transportation security, domestic counterterrorism, protecting critical infrastructure and key assets, defending against catastrophic threats, and emergency preparedness and response.
COVID-19 Impact on Homeland Security Market
The Covid-19 impact on homeland security market has been negative. During the pandemic period every country across the world has governments turning their focus from counter-terrorism operations to addressing the public health crisis. In addition to this, the shortage of critical components/materials required in the manufacturing and assembly of equipment used in the homeland security such as C4ISR systems, facial recognition cameras, thermal imaging technology, ai based solutions, emergency management and flir thermal imaging camera, electro-optical/infrared (EO/IR), acoustic sensors, embedded navigation, positioning sensors, and others is expected to negatively impact the homeland security market.
During this pandemic period, businesses across the world are experiencing the need for digital management of their operations. The need for implementation of technologies such as industrial internet of things (IIOT) that will enable real-time monitoring of manufacturing process of homeland security products and virtual control of production may have a positive impact on the market growth as well as desirable impact on the homeland security market share in the pandemic period.
Increasing Threats from Terrorism Activities are Expected to Surge the Homeland Security Market Growth
The increasing threat of terrorist activities is expected to aid the global homeland security market growth in the forecast period. As per the "Global Terrorism Index” report 2020, published by the "Institute for Economics and Peace”, a global think tank headquartered in Sydney, Australia, the total number of deaths from terrorism in 2019, were around 13,826 globally and the global economic impact of terrorism was estimated to be US $26.4 billion in 2019. The data mentioned above reflects the adverse impact of terrorism on the global population and the economy, aiding the need for implementation of homeland security measures across the world. These factors are expected to aid the growth of global homeland security market trends in the forecast period.
To know more about global homeland security market insight and drivers, get in touch with our analysts here.
The High Investment Required in Homeland Security Services to Restrain the Market Growth.
The high investment required for implementation of different security measures such as critical infrastructure security, cyber security, aviation security, maritime security, and others can act as restraints in the growth of homeland security market. There is a high capital requirement for implementation of aviation security of the air space, maritime security in the sea and inland waterways, critical infrastructure security of significant structures such as powerplants, public structures, mass transportation systems and others, cyber security of the government, and public networks. These factors can hamper the growth of the Covid-19 impact On homeland security market in the forecast period.
The Increasing Prominence of Robotics and Nanotechnology is Expected to Create Massive Opportunities for The Market
The developments in nanotechnology and biotechnology are anticipated to significantly impact homeland security market. The progress in nanotechnology, for instance, has led to the growth in new security devices based on the fusion of miniature radio-frequency identification transponders with biochemical sensors. Because of their small size and versatile detection capability, these sensors can be used extensively to provide a blanket of protection. Another security application of biotechnology is in products being developed based on research in terahertz radiation (T-ray), which is likely to lead to the replacement of X ray machines with T-ray imaging devices that detect an object’s chemical composition. By the implementation of T-ray imaging devices, explosives which are not visible via X rays can be detected, such as ceramics, plastics, and polymers These factors are expected to open new scope of opportunities for this market.
To know more about global homeland security market trends, get in touch with our analysts here.
Homeland Security Market
Based on type, the market has been divided into aviation security, maritime security, critical infrastructure security, Cyber Security, mass transport security, CBRN, and others. Among these, the Cyber Security sub-segment is anticipated to generate the maximum revenue and the mass transport security sub-segment is expected to show the fastest growth.
Source: Research Dive Analysis
The cybersecurity sub-segment is predicted to have a dominating share in the global market and register a revenue of $2,27,201.8 million in 2028, growing from $1,34,648.5 in 2020, during the forecast period.
Cyber security is the protection of computer systems, networks, and data from breach of network security. The increasing threat of cybercrime such as identity theft, counterfeiting forgery, and others is expected to aid the growth of cyber security subsegment. In recent developments, in April 2020, Cigent Technology, a start-up based in New Hampshire, United States, introduced "Cigent Data Defense", a breakthrough approach that protects companies and individuals from ransomware, data theft, and malicious insider attacks even after security breach. Developments like these are expected to positively impact the market and aid in the growth of the cyber security sub-segment in the forecast period.
The mass transport security sub-segment is anticipated to have the fastest market growth and generate a revenue of 63,496.2 million by 2028, growing from $35,461.7 million in 2020, at a healthy CAGR of 7.3%, in the forecast period. Mass transport security refers to ensuring safety & security of the mass transit systems such as light rail & passenger trains and rapid transit (metro/subway), to keep the infrastructure and passengers safe. Surging concerns regarding the mass transit systems such as railways and buses that can be easy targets for terror attacks and crimes are anticipated to increase the need for safety & security of mass transit systems and aid the growth of mass transport security market in the forecast period.
Homeland Security Market
Based on technology, the market has been divided into recognition & surveillance systems, security platform, and others. Security platform sub-segment is anticipated to generate the maximum revenue and recognition & surveillance system sub-segment is expected to show the fastest growth.
Source: Research Dive Analysis
The security platform sub-segment is estimated to have a dominating market share in the global market and register a revenue of $3,84,144.6 million during the forecast period.
Security platform refers to the security architecture, tools, and processes that enable the internal security of a country. The increasing necessity of integrating solutions in the counter terrorism operations in different domains of security such as military and police using facial recognition cameras, thermal imaging technology, border security is expected to aid the growth of the security platform in the forecast period. The utilization of AI (artificial intelligence) enabled security platforms has advantages, such as in military field operations, the utilization of AI provides real-time information and quick assessments to improve mission outcomes, protect people, assets, and information. These factors are expected to aid the growth of security platform sub-segment.
The recognition & surveillance systems sub-segment is anticipated to have the fastest market growth and generate a revenue of $2,98,167.3 million by 2028, growing from $1,78,128.7 million in 2020, at a healthy CAGR of 6.4% in the forecast period.
Recognition & surveillance systems are used for identification of people, surveillance, suspectable goods, and gathering information for security and law enforcement. The growing need for monitoring and preventing unlawful activities for national security of a country is expected to aid the growth of the recognition & surveillance systems sub-segment in the forecast period. In sensitive locations such as airports. the use of facial recognition technology is rapidly increasing for effective surveillance.
Homeland Security Market
By End User
Based on end-user, the market has been sub-segmented into Public Sector and private sector. Among the mentioned sub-segments, the Public Sector sub-segment is estimated to show a dominant share, whereas the private sector sub-segment is projected to garner the fastest growth.
Source: Research Dive Analysis
The public sector sub-segment is anticipated to have a dominating share in the global market and surpass $5,18,643.4 million by 2028, with an increase from $3,20,453.3 million in 2020. The public sector refers to the economy that is composed of all levels of government and government-controlled enterprises.
The surge in defense expenditure globally is expected to aid the growth of public sector in terms of end-user, in the forecast period. As per the Stockholm International Peace Research Institute (SIPRI), an independent international organization to research into conflict, armaments, and disarmament, the global defense expenditure increased to 1,981 billion in the year 2020, 2.6% higher in real terms than in 2019. Governments across the world have a large expenditure for procuring resources for ensuring national security of their country has and have aided the growth of the public sector sub-segment in terms of end-user.
The private sector sub-segment of the global homeland security market is projected to have the fastest growth and register a revenue of $2,85,323.9 million during the analysis timeframe, growing at a healthy CAGR of 6.3%. Private sector refers to that portion of the economy that is not covered by the government. The increasing necessity of the private sector organizations to adopt security measures such as cyber security for prevention from digital theft, loss of sensitive data, and others is expected to aid the growth of the private sector in the forecast period.
Homeland Security Market
The homeland security market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Source: Research Dive Analysis
The Market for Homeland Security in North America to be the Most Dominant
The share of North America homeland security market is estimated to grow at a CAGR of 5.9%, by registering a revenue of $2,91,598.9 million by 2028. The North American region market is the hub of most developed defense companies and has established framework of security in the commercial and public sectors. Major countries in the North America region such as the USA and Canada are having high expenditure for the internal security of their countries. For instance, the U.S. security expenditure reached an estimated $778 billion in 2020, highest in the world as per the Stockholm International Peace Research Institute (SIPRI), an independent international organization for research into conflict, armaments, and disarmament. These factors are expected to aid the growth of the Homeland Security Market in the North America region.
The Market for Homeland Security in Asia-Pacific to be the Fastest Growing
The Asia-Pacific homeland security market generated $1,43,277.4 million in 2020 and is projected to register a revenue of $2,41,351.0 million by 2028. The growing military expenditure by major countries in the region for upgrading communication systems in the armed forces is expected to increase the demand for software defined radios, which provide communication platform for seamless interoperability to the defense forces and aid the growth of the homeland security market in the Asia-Pacific region. As per the "Stockholm International Peace Research Institute (SIPRI)" an independent international organization for research into conflict, armaments, and disarmament, countries such as China ($252 billion), India ($72.9 billion), Japan ($49.1 billion), South Korea ($45.7 billion), and Australia ($27.5 billion) have increased their military expenditure in 2020. These factors are promoting the growth of the homeland security market in the Asia-Pacific region.
Competitive Scenario in the Global Homeland Security Market
Agreement and acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading homeland security market players are Northrop Grumman., L3Harris Technologies, INC., General Dynamics Corporation, BAE Systems., Thales Group, Leonardo S.p.A., Elbit Systems Ltd., Rohde & Schwarz, Leidos Holdings, Inc, and Unisys Corporation.
Porter’s Five Forces Analysis for the Global Homeland Security Market:
- Bargaining Power of Suppliers: The suppliers in the homeland security market are moderate in number. Several companies are working on new methodologies such as AI based homeland security to gain the major market share.Thus, there is less threat from the suppliers.
Thus, the bargaining power of suppliers is moderate.
- Bargaining Power of Buyers: Buyers have moderate bargaining power; they demand services at a cost-effective manner. This increases the pressure on the homeland security test providers to offer the best service in a cost-effective way. Thus, buyers can have alternatives to choose convenient service that best fits their preference.
Thus, the bargaining power of buyers is moderate
- Threat of New Entrants: Companies entering the homeland security market are adopting technological innovations such as Internet of Things (IOT) technology to reduce the cost of production and customize products such as communication systems to attract clients. The initial investment in the homeland security is high and technology is complex.
Thus, the threat of the new entrants is low.
- Threat of Substitutes: There is no alternative product for homeland security solutions.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Northrop Grumman., L3Harris Technologies, INC., and General Dynamics Corporation. Companies in the homeland security do acquisitions to gain major market share.
Therefore, competitive rivalry in the market is high.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Type
Segmentation by Technology
Segmentation by End-user
Key Companies Profiled
Q1. What is the size of the global homeland security market?
A. The size of the global homeland security market was over $4,92,362.3 million in 2020 and is projected to reach $8,03,967.3 million by 2028.
Q2. Which are the major companies in the homeland security market?
A. Northrop Grumman and L3Harris Technologies are some of the key players in the global homeland security market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific homeland security market?
A. Asia-Pacific homeland security market is anticipated to grow at a 6.5% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Acquisition and agreement are the key strategies opted by the operating companies in this market.
Q6. Which companies are investing more on R&D practices?
A. L3Harris Technologies, INC., and General Dynamics Corporation are investing more on R&D activities for developing new products and technologies.
Q7. What is global homeland security & public safety market?
A. The global homeland security & public safety market has been described as the ability of a state to cater for the protection and defense of its citizens. Homeland security and emergency management market includes customs and border protection, immigration and customs enforcement, aviation security, coast guard, cybersecurity, and others.
Q8. What is function of bigdata analytics homeland security?
A. The functioning of big data analytics homeland security is assistance of the core intelligence operations such as data collection and processing, intelligence analysis, and distribution.
Q9. Which are the popular institutes offering homeland security degree?
A. The popular institutes for homeland security degree are Naval Postgraduate School., University of Central Florida., Arizona State University., Harvard University (Kennedy) and Columbia University.
Q10. What is the function of U.S. Dept of Homeland Security?
A. The U.S. Dept of Homeland Security (DHS) is an American agency for protection of the United States against threats and wide-ranging duties including aviation security, border control and cybersecurity, prevention of terrorism, and enhancement of internal security.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
3.1.Market segmentation & definitions
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.9.Market value chain analysis
3.9.1.Stress point analysis
3.9.2.Raw material analysis
3.9.4.Distribution channel analysis
184.108.40.206.Raw material suppliers
4.Homeland Security Market, by Type
4.1.1.Market size and forecast, by region, 2021-2028
4.1.2.Comparative market share analysis, 2021-2028
4.2.1.Market size and forecast, by region, 2021-2028
4.2.2.Comparative market share analysis, 2021-2028
4.3. Critical infrastructure security
4.3.1.Market size and forecast, by region, 2021-2028
4.3.2.Comparative market share analysis, 2021-2028
4.4.1.Market size and forecast, by region, 2021-2028
4.4.2.Comparative market share analysis, 2021-2028
4.5.Mass transport security
4.5.1.Market size and forecast, by region, 2021-2028
4.5.2.Comparative market share analysis, 2021-2028
4.6.1.Market size and forecast, by region, 2021-2028
4.6.2.Comparative market share analysis, 2021-2028
4.7.1.Market size and forecast, by region, 2021-2028
4.7.2.Comparative market share analysis, 2021-2028
4.8.1.Market size and forecast, by region, 2021-2028
4.8.2.Comparative market share analysis, 2021-2028
5.Homeland Security Market, by Technology
5.1.Recognition and surveillance systems
5.1.1.Market size and forecast, by region, 2021-2028
5.1.2.Comparative market share analysis, 2021-2028
5.2. Security platform
5.2.1.Market size and forecast, by region, 2021-2028
5.2.2.Comparative market share analysis, 2021-2028
5.3.1.Market size and forecast, by region, 2021-2028
5.3.2.Comparative market share analysis, 2021-2028
6.Homeland Security Market, by End-User
6.1.1.Market size and forecast, by region, 2021-2028
6.1.2.Comparative market share analysis, 2021-2028
6.2.1.Market size and forecast, by region, 2021-2028
6.2.2.Comparative market share analysis, 2021-2028
7.Homeland Security Market, by Region
7.1.1.Market size and forecast, by Type, 2021-2028
7.1.2.Market size and forecast, by Technology, 2021-2028
7.1.3.Market size and forecast, by End-User, 2021-2028
7.1.4.Market size and forecast, by country, 2021-2028
7.1.5.Comparative market share analysis, 2021-2028
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End-User, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End-User, 2021-2028
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End-User, 2021-2028
7.2.1.Market size and forecast, by Type, 2021-2028
7.2.2.Market size and forecast, by Technology, 2021-2028
7.2.3.Market size and forecast, by End-User, 2021-2028
7.2.4.Market size and forecast, by country, 2021-2028
7.2.5.Comparative market share analysis, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End-User, 2021-2028
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End-User, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End-User, 2021-2028
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End-User, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End-User, 2021-2028
7.2.11.Rest of Europe
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End-User, 2021-2028
7.3.1.Market size and forecast, by Type, 2021-2028
7.3.2.Market size and forecast, by Technology, 2021-2028
7.3.3.Market size and forecast, by End- User, 2021-2028
7.3.4.Market size and forecast, by Country, 2021-2028
7.3.5.Comparative market share analysis, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End- User, 2021-2028
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End- User, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End- User, 2021-2028
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End- User, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End- User, 2021-2028
7.3.11.Rest of Asia-Pacific
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End- User, 2021-2028
7.4.1.Market size and forecast, by Type, 2021-2028
7.4.2.Market size and forecast, by Type, 2021-2028
7.4.3.Market size and forecast, by End-User, 2021-2028
7.4.4.Market size and forecast, by Country, 2021-2028
7.4.5.Comparative market share analysis, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End-User, 2021-2028
220.127.116.11.Market size and forecast, by Type, 2021-2028
18.104.22.168.Market size and forecast, by Technology, 2021-2028
22.214.171.124.Market size and forecast, by End-User, 2021-2028
126.96.36.199.Market size and forecast, by Type, 2021-2028
188.8.131.52.Market size and forecast, by Technology, 2021-2028
184.108.40.206.Market size and forecast, by End-User, 2021-2028
8.1.4.Recent strategic moves & developments
8.2.L3Harris Technologies INC.
8.2.4.Recent strategic moves & developments
8.3.General Dynamics Corporation
8.3.4.Recent strategic moves & developments
8.4.4.Recent strategic moves & developments
8.5.4.Recent strategic moves & developments
8.6.4.Recent strategic moves & developments
8.7.Elbit Systems Ltd.
8.7.4.Recent strategic moves & developments
8.8.Rohde & Schwarz
8.8.4.Recent strategic moves & developments
8.9.Leidos Holdings, Inc
8.9.4.Recent strategic moves & developments
8.10.4.Recent strategic moves & developments
Homeland security is an American team responsible for the security and defense of the United States of America along with 75 more countries. It ensures safety of citizens against potential acts of terrorism or other threats that could risk the country. It works on border protection, immigration, coast guard, customs, and more.
COVID-19 Impact on the Global Homeland Security Market
The pandemic has been a crucial period for several countries as most of them encountered the need to close their borders while also implementing social distancing guidelines. Due to this, the focus of most governments shifted from keeping their eyes on the defense of the country to dealing with a worldwide health crisis. To add further, due to disruption of the supply chain, most of the materials or constituents used in the production of acoustic sensors, radar, positioning sensors, C4ISR systems, as well as embedded navigation faced a severe shortage. These factors led to the pandemic negatively affecting the global homeland security market. But, with new age technology such as Industrial Internet of Things (IIOT) being used in the process of production, the market is anticipated to recover from the effects of the pandemic in the forecast period.
Key Developments in the Industry
Multiple organizations have been taking initiatives to establish themselves in the market while also taking part in research. Companies have also been using innovative methods to create high quality products to ensure customer satisfaction.
For instance, in December 2020, the Department of Homeland Security (DHS) alongside the Science and Technology Directorate (S&T) launched an entrepreneurship program directed towards finding solutions that homeland security faces. The program aims to develop new ideas that implement creativity as well as innovation. This newly introduced program is also conducted in collaboration with the Common Mission Project (CMP), as well as components of DHS namely Cybersecurity and Infrastructure Security Agency (CISA), Transport Security Agency (TSA), and Federal Emergency Management Agency (FEMA).
Forecast Analysis of the Global Market
A recently published report by Research Dive states that the global homeland security market is expected to witness a significant increase in revenue from $4,92,362.3 million in 2020 to over $8,03,967.3 million by 2028, at a steady CAGR of 6.1% from 2021-2028.
One of the primary reasons that is predicted to contribute to the growth of the homeland security market is the constant risk of terror attacks in different parts of the word. A report by the Global Terrorism Index of 2020, which was published by the Institute of Economics and Peace, mentioned how the number of deaths due to terrorism in 2019 accounted for over 13,826 worldwide. Also, the impact of the multiple terrorist attacks cost the global economy over $26.4 billion in 2019. These factors prove the need for every country to have a developed defense system which is further expected to add to the growth of the market.
On the contrary, the investment value of providing an entire country with a defense system is extremely high as it requires the implementation of security in every sector such as aviation, maritime, cyber security, and more. Also, the need to build mass transportation systems, power plants, and cyber security for not just the government but the public as well is extremely expensive. These financial factors are anticipated to hamper the growth of the market in the analysis period.
But technology has witnessed immense progress over time and the implementation of nanotechnology and biotechnology into the homeland security sector has benefitted it to a great extent. The use of nanotechnology has led to the development of new security devices that are built using miniature radio frequency identification transponders along with biochemical sensors. They are extremely compact and provide an effective source of protection in times of need. To add further, biotechnology has also been used to create products that use research based on terahertz radiation of T Ray. These devices are expected to replace X Ray machines in the future as the T Ray can identify an object by figuring out its chemical composition. These factors are expected to provide an opportunity of growth to the market in the forecast period.
To add further, many experts and pioneers of the market have put in plenty of efforts to make payments simpler and more organized. Some of them are
- Northrop Grumman.
- L3Harris Technologies INC.
- General Dynamics Corporation
- BAE Systems.
- Thales Group
- Leonardo S.p.A.
- Elbit Systems Ltd.
- Rohde & Schwarz
- Leidos Holdings, Inc
- Unisys Corporation.
Personalize this research
- Triangulate with your own data
- Request your format and definition
- Get a deeper dive on a specific application, geography, customer or competitor
- + 1-888-961-4454 Toll - Free