Overview
Threat detection is one of the key features of security where an advanced system is deployed to ensure the security of an organization. The ‘threat’ could be a human being or an autonomous program. A threat detection system includes explosive detection, intrusion detector, radiological and nuclear detector, and others. The global threat detection systems market focuses on six regions namely North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The global threat detection systems market is expected to witness significant growth during the forecast period, owing to increasing incidences of terrorist infiltrations.
Market Dynamics- Driver
Growing incidences of terrorist infiltrations, rising cyber-attacks, and proactive initiatives governments of various countries are expected to drive growth of the global threat detection systems market over the forecast period. For instance in August 2013, the Government of India formulated National Cyber Security Policy, which was aimed at a building a secure and robust cyberspace for citizens, businessmen, and the government. Moreover, growing focus on cutting-edge technology such as artificial intelligence (AI) and internet of things (IoT) are expected to propel the global threat detection systems market over the forecast period. Moreover, growing awareness regarding benefits offered by threat detection systems is expected to drive the market growth in the near future.
Market Dynamics- Restrain
High initial investment required for installation of such systems is expected to restrain the global threat detection systems market over the forecast period.
Regional Insights
Among regions, North America is expected to witness significant growth in the global threat detection system market over the forecast period. This is owing to presence of key players and high purchase power in the region. Furthermore, Asia Pacific is expected to witness significant growth during the forecast period, owing to growing awareness among government organizations regarding benefits of threat detection systems.
Competitive Landscape
Key companies operating in the global threat detection systems market are Smiths Group, Thales, Rapiscan Systems, Mirion Technologies, AXIS Communications, RAE Systems, Chemimage Corporation, and Chemring Group.
Key companies in the market are focused various growth strategies such as forming strategic alliance, in order to enhance their market presence. For instance, in February 2019, Trustwave and NikSoft formed a strategic alliance to strengthen the U.S. Government Cybersecurity capabilities.
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