NEW YORK, June 11, 2024 /PRNewswire/ — The global threat detection systems market size is estimated to grow by USD 230.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 22.24% during the forecast period. Increasing number of terrorist activities is driving market growth, with a trend towards use of emerging technologies for increasing efficiency. However, high cost of threat detection systems poses a challenge. Key market players include 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..
Technavio has announced its latest market research report titled Global threat detection systems market 2024-2028
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Threat Detection Systems Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.24% |
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Market growth 2024-2028 |
USD 230.6 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
17.93 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 37% |
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Key countries |
US, Germany, Canada, UK, and China |
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Key companies profiled |
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. |
Market Driver
Threat detection systems are essential components in various industries, particularly in the face of increasing cyber attacks. Technologies like wireless connectivity and artificial intelligence (AI), including machine learning (ML), are driving the development of flexible, adaptive security-oriented systems. ML tools, a key AI discipline, require domain knowledge to effectively analyze data and identify threats. Predictive analytics, a branch of advanced analytics, uses techniques like data mining and statistics to make future event predictions, enabling continuous learning and improvement. The market for global threat detection systems is expected to grow significantly due to the adoption of these advanced technologies.
The Artificial Intelligence (AI) market is experiencing significant growth in the Threat Detection Systems sector. Machines and learning algorithms are becoming essential tools for identifying and responding to cyber threats. Companies are investing in technologies like machine learning and big data analytics to improve threat detection and response times. The use of biometric authentication and behavioral analytics is also increasing to enhance security.
The market for these systems is expected to continue growing, with a focus on creating more sophisticated and effective threat detection solutions. The future of threat detection lies in the ability to predict and prevent attacks before they occur. This requires advanced technology and a deep understanding of cyber threats and attack patterns. The market for these systems is competitive, with many players offering similar solutions. However, those that can provide the most accurate and timely threat detection will be in high demand.
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Market Challenges
• The global threat detection systems market faces a significant challenge due to the high cost of implementation. Factors contributing to this expense include hardware costs for sensors and switches, software acquisition or licensing fees, ongoing labor costs for installation, maintenance, and usage, and annual fees for software maintenance and updates. Integration costs for seamless threat detection also add to the overall expense. These factors can significantly increase the budget for regulatory authorities, potentially hindering market growth during the forecast period.
• The Threat Detection Systems market faces several challenges in ensuring effective security. These include the need to identify new and advanced threats, such as those using machine learning and artificial intelligence. Additionally, the vast amount of data being generated daily requires robust and efficient detection methods.
• False positives and negatives can also hinder the performance of these systems, leading to potential security breaches. Furthermore, the integration of various systems and technologies can be complex, requiring expertise and resources. Lastly, the constant evolution of threats necessitates continuous updates and improvements to keep up with the latest trends.
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Segment Overview
Application
1.1 Defense
1.2 Commercial
1.3 Industrial
1.4 Public infrastructure
1.5 Residential
Type
2.1 Hardware
2.2 Software
2.3 Services
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 Middle East and Africa
3.5 South America
1.1 Defense- The defense sector faces the challenge of safeguarding forces and societies against terrorist attacks, leading to a heightened demand for advanced threat detection systems. Governments are investing significantly in defense infrastructure, allocating large budgets for upgrades. Threat detection systems offer benefits such as advanced technologies, durable equipment, and user-friendly interfaces.
CE certification ensures suitability for harsh conditions. Applications include military base security, narcotic and explosion detection, and CBRNE threat detection. Vendors like Smiths Detection, ChemImage Corp., RAE Systems Inc., and Thales Group provide solutions. These factors will drive the growth of the global threat detection systems market in the defense sector.
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Research Analysis
The Threat Detection Systems market encompasses innovative technologies such as Artificial Intelligence (AI) and Machine Learning (ML) to enhance security measures in various sectors. These systems utilize data analytics, IoT, and sensor technology to identify potential threats, including explosives, weapons, chemical, biological, and illicit substances.
Advanced security systems employ imaging techniques and software algorithms to analyze patterns and anomalies, ensuring the safety of airports, commercial centers, and tourist destinations. Market engineering processes involve studying objectives, engaging with directors and executives, and conducting value chain analysis. This analysis includes profiling primaries, identifying raw material suppliers, and analyzing component suppliers and system designers to optimize the overall market landscape.
Market Research Overview
This study focuses on advanced security systems for radiological and nuclear (CBRN) hazards. It aims to explore AI, ML, data analytics, IoT, sensor technology, and imaging techniques in this context. The report profiles key directors and executives, detailing their roles in value chain analysis from raw material suppliers to system designers. The study covers sectors including explosives, weapons, chemical, biological threats, and illicit substances, emphasizing applications in airports, commercial centers, and tourist destinations. The market engineering process includes software algorithms and data-driven insights to enhance security measures and efficiency.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Defense
Commercial
Industrial
Public Infrastructure
Residential
Type
Hardware
Software
Services
Geography
North America
Europe
APAC
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio