New York, Aug. 17, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on "Homeland Security Market Forecast to 2028 - Covid-19 Impact and Global Analysis - By End User (Public Security and Private Security) and Security Type (Border Security, Mass Transit Security, Cyber Security, Critical Infrastructure Security, Aviation Security, Maritime Security, and Others) and Geography" The global homeland security market growth is driven by Rise in Severe cyberattacks and growing number of airports and air passenger traffic globally is influencing the demand for aviation security solutions. The total flight departures also increased by 30% across the globe.
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|Market Size Value in||US$ 188.99 Billion in 2022|
|Market Size Value by||US$ 275.50 Billion by 2028|
|Growth rate||CAGR of 6.5% from 2022 to 2028|
|No. of Pages||180|
|No. of Charts & Figures||73|
|Historical data available||Yes|
|Segments covered||End User, and Security Type|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Homeland Security Market: Competitive Landscape and Key Developments
Elbit Systems, IBM Corporation, Leidos, Thales Group, Teledyne Flir LLC, Northrop Grumman Corporation, Raytheon Technologies Corporation, Textron Systems, and General Dynamics Information Technology Inc. are among the key homeland security market players profiled in the report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which can help major homeland security market players strategize their growth.
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In May 2021, Elbit Systems Ltd. was awarded a US$ 69 million contract to supply Electronic Warfare (EW) capabilities to a country in Asia-Pacific. The contract will be delivered over a period of three years.
In April 2022, Lockheed Martin and Intel Corporation started leveraging their expertise in technology and communications to bring together innovative 5G-capable solutions, enabling faster and more decisive actions for 21st-century security.
Based on geography, the homeland security market is primarily segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. North America is expected to dominate with largest homeland security market share in 2022. Further, the United States country is expected to dominate with largest homeland security market share in North America in 2022.
The rising government expenditure to procure innovative and technologically advanced security solutions across airports, coastal borders, land borders, and critical infrastructures is contributing to the market's growth. For instance, in June 2022, the US Department of Homeland Security and Federal Protective Service offered a contract to Constellis to provide protective security officer services for the St. Elizabeth complex.
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Additionally, the presence of many homeland security market players in the region is further contributing to the North America homeland security market growth. Some of the major North American homeland security market players include IBM Corporation, Lockheed Martin Corporation, Leidos, Teledyne FLIR LLC, Northrop Grumman Corporation, Raytheon Technologies Corporation, Textron Systems, and General Dynamics Information Technology, Inc.
Developing and developed nations have experienced a rise in cyber attacks over the years. The adoption of digitalization across all industries and commercial sectors across the globe has resulted in organizations adopting cloud storage solutions, which have led to the easy availability of important business documents on the internet. This has influenced the rise in cyber attacks across the globe. Some of the recent cyber attacks that led to huge losses faced by organizations are as follows:
In May 2021, the colonial pipeline, which is the largest fuel pipeline in the US, faced a cyber-attack that disrupted fuel supplies to 12 US states for several days. This attack made the company shut down its entire operations for damage control and to stop further severity.
In May 2021, Ireland's Health Service Executive (HSE) department faced a ransomware cyber-attack for US$ 20 million. The attack led to the cancellation of all outpatient appointments and the mismanagement of patients across hospitals. The health sector had to shut down its IT systems temporarily to prevent further damage.
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Most countries do not have separate homeland security bodies or agencies to look after homeland security operations, which is one of the major challenges faced by this market. Such countries have governments that regulate and are responsible for homeland security operations and procurement of technologies. Additionally, developing and underdeveloped nations have a low budget for homeland security. Countries such as Bangladesh, Sri Lanka, and majority of African countries are economically backward. They are focusing on improving the standard of living of their population and have a low budget for both military and homeland security expenditures. These factors are contributing to the low adoption rate of security solutions, thereby restraining the homeland security market growth.
Homeland Security Market: End User Overview
Based on end user, the homeland security market is bifurcated into public security and private security. The public security segment is expected to dominate the homeland security market in 2022. The segment growth is attributed to the rising investments by governments and regulatory bodies in a country's homeland security operations. For instance, the US Department of Homeland Security (DHS) is one of the major regulatory bodies that regulates and handles all types of homeland security solutions and services adoption for different forces such as federal agencies, border security forces, marine patrol divisions, and intercity security agencies.
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Browse Adjoining Reports:
Homeland Security and Emergency Management Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Components (Solution, Services); End Use (Cyber Security, Aviation Security, Maritime Security, Law Enforcement and Intelligence Gathering, Critical Infrastructure Security, Risk and Emergency Services, Border Security, Others) and Geography
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Security Solutions Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Offering (Product, Services); End-user (Commercial, Residential, Government and Education, Transportation, Retail, BFSI, Healthcare, Energy and Utility, Others) and Geography
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Cloud Security Market to 2028 – COVID-19 Impact and Global Analysis – by Solution (Data Loss Protection, Email Protection, Web Security, Cloud IDS/IPS, Network Security, Encryption Services, Cloud IAM); Service (Implementation and Maintenance, Training and Certification); Industry Vertical (BFSI, Healthcare, IT and Telecom, Government and Military, Commercial, Others) and Geography
Digital Security Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Components and Applications
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