Situational Awareness System Market To Be Worth US$24.532 Billion by 2023
Situational awareness system is used by security forces, military, emergency services, and other agencies involved in coordinated activities for operations such as drug trafficking, terrorism, border control, defense, and emergency support situations. It helps in collecting, visualizing, and analyzing information to facilitate surveillance and security. It is used for the application that requires continuous monitoring of different events for timely action.
Drivers and restraints of Situational Awareness System Market
According to supply chain studies conducted by Knowledge Sourcing Intelligence, increasing demand for situational awareness systems for security and surveillance applications worldwide is the major driver of the situational awareness system market. Growing cases of cyber attacks and terrorist attacks across the globe are encouraging the use of situational awareness systems for homeland and cybersecurity boosting the situational awareness systems market growth. Growing concern about improvement in security and public safety and the rise in organized crime and terrorism are increasing the demand for these systems. Rising government investments in the defense sector to improve military intelligence is increasing the situational awareness system market growth. However, the high implementation cost of these systems hamstrings the overall market growth. Growth in IoT and increasing applications of sensors is going to increase the situational awareness systems market size.
Geographically, North America has a significant market share of the global situational awareness system market share. The market share is projected owing to high investment across the military and defense sector coupled with the increasing incidence of cyber-attacks across different industries. High demand for advanced security & surveillance systems and smart devices is propelling the market growth. The market of Asia Pacific region is expected to witness rapid growth on account of rising demand for internet-based services coupled with the growing adoption of smart appliances. Increasing military expenditure in the region is also contributing to the growth of the market
By product, the market is segmented into fire and flood alarm systems, human-machine interface, access control, radio frequency identification, and others. The access control segment is expected to have a significant market share due to its high demand for threat identification and assessment, strategy planning aid, risk analysis, course of action development, and monitoring. By component, the market is segmented into sensor, MEMS, GPS, display, and others. By application, the market is segmented as disaster response, robots, security & surveillance, driving/connected cars, and others. Situational awareness in the security & surveillance segment is expected to have a significant market share owing to increasing terrorism, organized crime, hijacking, refugee smuggling, narcotics trading, and illegal underwater activities. Moreover, security & surveillance is very necessary for the homeland, cyber, maritime, and network security. By industry vertical, the market is segmented into defense, automotive, industrial, aviation, and others. The defense segment is expected to have a significant market share on account of the increasing demand of these systems in the defense sector to increase the safety of civilians.
According to competitive intelligence done by Knowledge Sourcing Intelligence, major industry players are Honeywell, Qualcomm Inc., Microsoft, General Electric, Denso Corporation, Rockwell Collins, and BAE System among others.
Key Questions Answered in This Report:
· What are the key regions having a significant market share of the market?
· What are the drivers and restraints of the market?
· Who are the key market players in the market?
· What is market segmentation of the situational awareness system market?
· What are the applications of the situational awareness system?