WASHINGTON, May 17 (UPI) -- The United States comprises just over half of the global homeland security market but its share is shrinking, says a new report.
Homeland Security Research Corp., an international market research and strategic consultancy based in Washington, said in a report issued this week that overseas markets -- especially China, India and Europe -- were growing faster than the U.S. market.
The global market would nearly quadruple in size over the next decade to more than $178 billion by 2015, the report predicts. But U.S. customers will make up only 42 percent of that market, down from the 52 percent they represent today.
The report predicts huge growth rates in homeland security spending in Asia, with the Indian and Chinese markets growing from a combined $1.7 billion today to more than $16 billion, 9 percent of the global market, by 2015.
In Europe, the report says spending will nearly quintuple, from just over $8 billion a year at present to nearly $40 billion in nine years.
The average global annual rate of growth is estimated at 16.5 percent, compared with just 12 percent in the United States.
