The US private sector homeland security market is forecast to rise to over $11 billion by 2014, according to research by Homeland Security Research Corporation.
In its report US Private Sector Homeland Security Market - 2010-2014, the organization predicts that the US private sector HLS market will grow at a compound annual growth rate of 9.1 percent from $7.7 billion in 2010 to $11.2 billion by 2014.
The report acknowledges that the economic downturn has had an adverse effect on the private sector HLS market this year (a 35 percent decline vs. 2009), but says that the market is positioned to recover strongly in the 2011-2014 period, noting a trend towards upgrading chemical industry security, smart grid security systems, cyber security, perimeter security, command, control & communication systems, IT systems and workforce & visitors screening systems.
The report reveals that the private sector procurement of homeland security related products and services represents $69 billion, 15-16 percent of the US Homeland Security market for financial year 2010, andlarger than the combined aviation, maritime and land transportation HLS markets.
It concludes that industry sectors such as smart grid security and chemical industry security provide unique business opportunities to new market entrants.
