Threat Detection Systems Market to USD 94.14 billion growth from 2022 to 2027, Market driven by an increasing number of terrorist activities- Technavio

NEW YORK, Nov. 14, 2023 /PRNewswire/ — The “Threat Detection Systems Market by Application (Defense, Commercial, Industrial, Public infrastructure, and Residential), Type (Hardware, Software, and Services), and Geography (North America, Europe, APAC, Middle East and Africa, and South America) – Forecast and Analysis 2023-2027″ report has been added to technavio offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the threat detection systems market between 2022 and 2027 is USD 94.14  billion. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

The increasing number of terrorist activities is notably driving market growth. The surge in territorial conflicts, geopolitical instability, and terrorism has led to a heightened demand for more sophisticated threat detection methods. The increasing frequency of terrorist attacks has underscored the urgency for advanced security systems capable of averting such incidents. For example, the deployment of metal detectors proves crucial in detecting explosives or firearms in public spaces.

Market Challenge

The high cost of threat detection systems is the major challenge impeding market growth. The substantial costs directly impact the interests of companies committed to implementing and embracing new technologies for threat detection. The expense of implementing threat detection systems can vary based on factors like the extent of integration, required functionalities, and the number of connected devices. Achieving a high level of integration is crucial to enhancing the seamlessness of threat detection systems, yet it concurrently drives up the overall cost. In addition to these considerations, the cost and time involved in establishing a connectivity model for each network and on-site device are pivotal factors that contribute to the expense of these systems.

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The threat detection systems market share growth of the defense segment will be significant during the forecast period. Defense forces rely on intricate, multi-layered threat detection and screening solutions to uphold high-level security, enabling their personnel to prioritize vital missions over safeguarding infrastructure. Consequently, the surge in terrorist attacks and heightened concerns regarding the security of defense facilities are driving the demand for security and threat detection solutions in defense applications. North America is estimated to account for 37% of the global market growth during the forecast period. 

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Key Companies in the Threat Detection Systems Market:

Alert Logic Inc., Amazon.com Inc., Axis Communications AB, ChemImage Corp., Chemring Group Plc, Corptz, Fortra LLC, Group IB Service Ltd, Honeywell International Inc., LogRhythm Inc., Mirion Technologies Inc., OSI Systems Inc., PerimeterX Inc., Safran SA, Smiths Group Plc, Stellar Cyber, Synapse Technology Corp., Teledyne Technologies Inc., Thales Group, and Vectra AI Inc.

Related Reports:

The Security Analytics Market size is estimated to grow at a CAGR of 10.15% between 2022 and 2027. The market size is forecast to increase by USD 6,512.26 million. 

The Video Surveillance as a Service (VSaaS) Market size is estimated to grow at a CAGR of 18.65% between 2022 and 2027. The market size is forecast to increase by USD 4,936.48 million. 

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application 

Market Segmentation by Type 

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio