A newÂ MarketsandMarketsÂ report rorecastsÂ the maritime security marketÂ to reachÂ $20.87 billion in valueÂ in 2019Â at a compound annual growth rate of 8.4 percent overÂ the nextÂ five years.
The firm said ThursdayÂ that the awareness of maritime threats, regulations, standards and international trade practices, as well as the globalization of maritime security operations will drive the market.
MarketsandMarkets pointed to the Middle East, Africa and Asia-Pacific regions as having potential market opportunities due to demandÂ smart container systems, surveillance and tracking systems and scanning and screening systems.
North America has the biggest market share for 2014, the research firm says.
Vessel securityÂ isÂ the top market category identified by MarketsandMarkets over port and critical infrastructure security and coastal surveillance.
Other subsegments included in the report were the type of technology and type of service.