According to the new research report published by The Insight Partners on "Homeland Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis," the market is expected to grow at a CAGR of 6.5% from 2022 to 2028 to reach US$ 275.50 million by 2028.
The global homeland security market is characterized by the presence of key players, including Elbit Systems, IBM Corporation, Leidos, Thales Group, Teledyne Flir LLC, Northrop Grumman Corporation, Raytheon Technologies Corporation, Textron Systems, and General Dynamics Information Technology Inc. Additionally, other companies such as Accenture, Peraton, Mantech International Corporation, AT&T, Micro-X, Echodyne, BAE Systems, L3Harris Technologies, ATOS, HFCL Limited, Mistral Solutions, Homeland Security Solutions, Inc., and Rolta have also been thoroughly analyzed in this market study to provide a comprehensive view of the market. These market players have implemented various strategies, both organic and inorganic, to expand their global presence and product portfolio, which is expected to contribute to the growth of the homeland security market.
The global homeland security market ecosystem is comprised of various stakeholders, including component manufacturers, homeland security solution providers, homeland security service providers, and end users. Homeland security systems are made up of several components, which are sourced by system manufacturers from a vast network of component manufacturers. These component manufacturers supply the basic parts to global homeland security market players. Homeland security solution providers are responsible for developing and manufacturing the final system and solution by integrating each component. Key players in this market include Thales Group, IBM Corp., Elbit Systems Ltd., Lockheed Martin Corporation, and Northrop Grumman Corporation.
Homeland security service providers offer security services to both private and public enterprises. Services are provided for cyber security, aviation security, maritime or border security, and critical infrastructure security, among others. Major service providers in this market include AT&T, Accenture, and Perspecta Engineering Inc. The end users of the global homeland security market are government bodies and private organizations that provide safety and security across airports, coastlines, and borders. Increased investments by developed and developing nations to ensure the safety of their population and critical infrastructure from issues such as drug trafficking, terrorism, and undocumented immigration are driving the growth of the homeland security market.
The homeland security market is segmented based on end user and security type. Based on end user, the homeland security market is bifurcated into public security and private security. In terms of security type, the homeland security market is further segmented into border security, mass transit security, cyber security, critical infrastructure security, aviation security, maritime security, and others.
Key Findings of Study:
During the forecast period, the global homeland security market is expected to experience robust growth due to increasing cyberattacks and rising concerns over data security worldwide. Furthermore, the growing conflicts among several major countries, including China, India, Russia, Ukraine, Taiwan, the US, and Afghanistan, are driving the adoption of border security and cybersecurity solutions and services worldwide as countries invest in securing their borders. Many European countries have nearly doubled their homeland security spending due to ongoing wars between several countries in Europe and the Asia Pacific region.
Additionally, the rise of the commercial and industrial sectors worldwide is driving demand for more homeland security solutions and services. The modernization and automation of the industrial sector is driving the adoption of cloud-based technologies, which in turn is generating demand for cybersecurity solutions and services globally, further fuelling growth in the homeland security market. Moreover, the adoption of advanced systems and technologies by police and federal forces in different countries is spurring demand for new homeland security hardware systems for their respective operations, further driving market growth on a global scale.
The increasing incidence of cyberattacks is jeopardizing critical data of private and public organizations, resulting in significant financial losses and adverse effects on national economies. As a result, businesses and governments worldwide are recognizing the need for sophisticated cybersecurity solutions. Regional authorities are also ramping up investments in security measures, with the US government allocating more funds for cybersecurity each year. In November 2021, a federal agency announced that it would allocate $1 billion to improve cybersecurity for local, state, and territorial governments. These trends are driving the growth of the homeland security market.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com