Dublin, June 08, 2021 (GLOBE NEWSWIRE) -- The "Situation Awareness System Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The situation awareness system market is expected to grow at a compound annual growth rate of 9.19% over the analyzed period to reach a market size of US$33.186 billion in 2026 from US$17.931 billion in 2019.
Situation Awareness systems are used to monitor and control an organization's environment. Further, security and surveillance systems are used to reduce the risk of unwanted activities and human negligence which have the potential to cause hazards or disaster. Moreover, surging cybercrime and terrorism has increased the need for situation awareness systems to curb and remove terror activities. Hence the prime reasons driving the growth of the situation awareness system market are growing human negligence and human-made disaster. But high implementation cost may constraint the market growth during the forecasted period.
Growing cybercrime and terrorism is driving the market growth for the situation awareness market.
The prime driver of growth in the Situation Awareness System market is increasing episodes of cybercrimes and terrorism causing huge economical losses and loss of human life. McAfee Corp. published a report in 2014, based on a study conducted by the organization, which states that in the year, the global economic loss caused by cybercrime was worth around the US $ 445 billion. In the same year, the US $ 1.5 billion loss as a result of online debit and credit card frauds, in the US alone. Cybercrime includes computer-based crime and has been categorized into 5 divisions.
Hackers and criminals hack into the database of various organizations with an intention to extract sensitive information that has the potential to harm people. The defense sector faces huge cybercrime threats and information robbery from this sector has the potential to put a nation's security in danger. Center for Strategic and International Studies (CSIS) published in its 2018 report that economic loss in 2018 due to cybercrime was worth the US $ 600 billion. China, the US, and India are the top most cyber malicious countries, respectively. Terrorism is another humongous threat faced by various governments and institutions around the world. Terrorist activity causes loss of life and property, disturbing the economic operations severely.
Over the previous decade, the average annual death due to terrorist attacks was 21,000 people that range from 8,000 in 2010 to 44,000 death in 2014. In the year 2017, terrorism was responsible for global 0.05% of deaths. Human negligence and mishandling also cause huge damage to the economy. Studies have linked human carelessness and laziness as a cause of fire, hazard, and disaster, causing loss of life and property. Reports show that since 2016, episodes of forest fires have surged by 30% and 95% of them are caused due to human activities. Chemical, radiological, and nuclear hazards have a huge economic impact.
Situation Access Systems helps in avoiding loss of life and property owing to hazards and disasters caused by human activities. Based on product type, the market is segmented into fire and flood alarm systems, human-machine interface, access control, radio frequency identification, and others. Fire and flood alarm systems help in the early detection and catering of fire and flood disasters to avoid loss of life and property. Access control and radio frequency identification systems help in decreasing the threat of cybercrime and terrorism. By components, sensors, display, and GPS systems have huge market potential as they facilitate better analysis of the disaster situation.
Defense and aviation sectors to dominate the market growth during the forecasted period
Based on industry vertical, the market is segmented into defense, automation, industrial, aviation, and others. The Defense and aviation sectors are anticipated to dominate the market during the forecasted period. Situation awareness systems are quite crucial for the defense sector as any leak of information severely threatens the nation's security and safety. Products such as radiofrequency and access control enable better analysis of the on-ground situation and construction of a plan to tackle it. The Aviation sector was once a prime target of terrorists and criminals to disturb the economic peace and break the government. Airline hijacking was once a common terrorist attack, which has been significantly reduced with the adaption of security and surveillance systems at all levels. The banking and financial sector is another wide employer of situation awareness system market owing to the financial sensitivity of data that they carry.
The North American region dominates the market of situation awareness system industry
By geography, the market for the situation awareness system is segmented into the North American region, the South American region, the European region, the Middle East and African region, and the Asia Pacific region. The North American region is predicted to dominate the market owing to strengthening military and government policies for better defense and protection of the country. The USA is the world's leading country when it comes to expenditure on military and defense, followed by China, India, and Russia, respectively. However, the Middle East and Africa, and the Asia Pacific region will grow at the fastest rate owing to the greater threat of terrorism and cybercrime. Terrorism, in particular, is quite geographic and 95% of deaths linked with it in 2017 were caused in these regions. The governments are increasing their expenditure on military and defense for avoidance and better counter-attack. This will significantly surge the market
The analysis report covers a deep study of the coronavirus pandemic's impact on the situation awareness system market. The reports explain how the pandemic has positively impacted the industry with the greater adoption of awareness systems for better monitoring the situation and curb the spread of the virus. Moreover, the report also covers the industry-based demand impact on the market.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Situation Awareness System Market, by Product
5.2. Fire and Flood Alarm System
5.3. Human Machine Interface
5.4. Access Control
5.5. Radio Frequency Identification
6. Situation Awareness System Market, by Component
7. Situation Awareness System Market, by Application
7.2. Disaster Response
7.4. Security and Surveillance
7.5. Driving/ Connected Cars
8. Situation Awareness System Market, by Industry Vertical
9. Situation Awareness System Market, by Geography
10. Competitive Environment and Analysis
10.1. Major Players and Strategy Analysis
10.2. Emerging Players and Market Lucrative
10.3. Mergers, Acquisition, Agreements, and Collaborations
10.4. Vendor Competitiveness Matrix
11. Company Profiles
11.1. Honeywell International Inc.
11.2. Qualcomm Inc.
11.4. General Electric
11.5. Denso Corporation
11.6. BAE Systems
11.7. Collins Aerospace
For more information about this report visit https://www.researchandmarkets.com/r/jqhl0b
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