NEW YORK, Aug. 26, 2021 /PRNewswire/ — As per the latest report published by Research Dive, the Global Homeland Security Market is predicted to gain a revenue of $8,03,967.3 million by 2028, rising from $4,92,362.3 million in 2020, at a CAGR of 6.1% from 2021-2028.
Regional Analysis: Homeland Security Market
The North American Homeland Security Market is expected to garner revenue of $2, 91,598.9 million by 2028, rising at a steady CAGR of 5.9% in the analysis period. This growth is primarily due to the region having a highly advanced set of defence organizations and ensured effective safety of both the public and commercial sectors. Additionally, North American countries such as the USA and Canada are constantly investing in internal security which according to the Stockholm International Peace Research Institute (SIPRI) was valued at $778 billion in 2020. These factors are expected to further add to the growth of the region in the forecast period.
Key Market Segments
- By type, the cyber security sub-segment is expected to hold the highest market share with a revenue of $2,27,201.8 million by 2028, rising from $1,34,648.5 million in 2020. This growth is due to the need to secure computers as well as networks from the constant threat of cyber crimes such as counterfeiting, forgery, and identity theft. These factors are expected to add to the growth of the sub-segment in the analysis period.
- By technology, the security platform sub-segment is predicted to dominate the market with a revenue of $3,84, 114.6 million by 2028. The rising requirement to provide solutions within various sections of counter terrorism which include border, military, and police is set to ensure the growth of the sub-segment. Additionally, the implementation of artificial intelligence or AI into the security platforms has further enhanced military field operations by providing accurate yet live information to the officials. It also provides rapid assessments that can help to accomplish successful missions while protecting all the assets. These factors are set to contribute to the growth of the sub-segment in the forecast period.
- By end-user, the public sector sub-segment is expected to gain the highest market share with a significant rise in the revenue from $3,20,453.3 million in 2020 to over $5,18,643.4 million by 2028 in the analysis period. Governments which are a part of the public sector, constantly need to spend on national security which is further expected to lead to the growth of the sub-segment in the estimated timeframe.
Global homeland security is a sector that looks after defense requirements of a country which is why it holds significance. It provides constant protection against terror attacks all over the world which ensures the safety of various countries. As per the Institute of Economics and Peace, the worldwide number of deaths due to terrorism stood at 13,826. To add further, the global economy had to bear a cost of over $26.4 billion in 2019 as a result of multiple terror attacks. These factors along with the need to strengthen the defense system of countries are expected to add to the growth of the market.
On the other hand, several countries require advanced defense systems to help secure all the sectors which include aviation, maritime, and cyber security. The security of these countries also relies on effective mass transportation systems, cyber security, and power plants where the cost of implementing these is extremely high. These factors are anticipated to restrain the growth of the segment in the analysis period.
Rapid developments in technology have led to the introduction of nanotechnology and biotechnology which have been assisting in further improving security systems around the world. In terms of nanotechnology, advanced security devices are being built which use miniature radio frequency identification transponders in addition to biochemical sensors. These devices are compact and also ensure protection in case a need arises. In the field of biotechnology, experts have been developing a advanced variant of X Ray which uses terahertz radiation known as the T Ray. This device is expected to be highly effective in identifying objects based on their chemical composition. These factors are expected to provide an opportunity of growth to the market.
Top 10 Key Players, New Developments, and Strategies: Homeland Security Market
- Northrop Grumman.
- L3Harris Technologies INC.
- General Dynamics Corporation
- BAE Systems.
- Thales Group
- Leonardo S.p.A.
- Elbit Systems Ltd.
- Rohde & Schwarz
- Leidos Holdings, Inc
- Unisys Corporation.
In October 2020, General Dynamics Technology, a renowned aerospace and defense organization, received a contract with regard to IT system modernization from the Defense Intelligence Agency (DIA). The contract covers engineering support to the organization along with testing plans, system designs, and architecture.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments.
Impact of COVID-19 on the Global Homeland Security Market
The rapid increase in the number of coronavirus patients around the world led to governments taking a decision to implement social distancing guidelines suggested by medical professionals. This led to travel bans as well as lockdowns to contain the spread of the virus. As a result of this, governments shifted their attention to providing the required solutions to the raging pandemic, due to which the defense of countries was not the top priority. Also, the travel ban led to the supply chain being severely affected due to which multiple industries unable to acquire their supply of equipment were used to make acoustic sensors, C4ISR systems, sensors, and more. These factors affected the global homeland security market in a negative manner, but it is expected to recover eventually due to the implementation of Industrial Internet of Things in the production of advanced defense devices.
More about Homeland Security
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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