New York, USA, Jan. 18, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global homeland security market is anticipated to rise at a stable CAGR of 6.1%, thereby garnering a revenue of $8,03,967.3 million by 2028. This comprehensive Research Dive report presents a brief outlook of the current framework of the homeland security market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Market
Drivers: Growing threat of terrorist activities across the globe is predicted to be the primary growth driver of the homeland security market in the forecast period. Additionally, technological advancements in the field of nanotechnology are expected to further drive the market forward.
Opportunities: Rising adoption of robotics in security applications is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, an increase in the number of terrorist activities around the world is anticipated to augment the growth rate of the market.
Restraints: However, high investments required in homeland security services may restrict the growth of the homeland security market in the forecast period.
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Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns impacted the homeland security market in a negative way. The pandemic saw a shift in focus of governments across the globe from counter-terrorism to addressing the public health crisis. Also, the shortage in critical components and equipment like facial recognition cameras, C4ISR systems, etc., negatively impacted the market during the pandemic years.
Segments of the Market
The report has fragmented the homeland security market into segments based on type, technology, end user, and region.
Type: Cybersecurity Sub-segment to be the Most Lucrative
By type, the cybersecurity sub-segment is expected to have the dominating share and register a revenue of $2,27,201.8 million by 2028. The increasing threat of cybercrimes such as identity theft, counterfeiting forgery, etc., around the world is anticipated to help in the growth of this sub-segment.
Technology: Security Platform Sub-segment to be the Most Profitable
By technology, the security platform sub-segment of the homeland security market is expected to have the highest market share and is projected to garner $3,84,144.6 million by 2028. Increasing use of security platforms such as recognition cameras, thermal imaging technology, etc. for military and policing purposes is predicted to be the primary growth driver of the sub-segment in the forecast period.
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End User: Public Sector Sub-segment to Have the Maximum Market Share
By end user, the public sector sub-segment is expected to have the dominating share and register a revenue of $5,18,643.4 million by 2028. A massive surge in defense expenditure globally by various governments is anticipated to help in the growth of this sub-segment.
Market in the North America Region to be the Most Dominant
By regional analysis, the homeland security market in North America region is predicted to grow rapidly in the 2021-2028 timeframe and is expected to reach $2,91,598.9 million by 2028. The presence of highly advanced countries with established security frameworks in commercial and public sectors is expected to become the main growth driver of the market in this region.
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Prominent Market Players
Some leading players in the homeland security market are
- Northrop Grumman
- Thales Group
- Rohde & Schwarz
- L3Harris Technologies INC.
- Leonardo S.p.A.
- Leidos Holdings Inc
- General Dynamics Corporation
- Elbit Systems Ltd.
- Unisys Corporation
- BAE Systems
These players are formulating numerous business strategies like mergers, acquisitions, and collaborations to get a commanding position in the market.
For instance, in June 2022, the US Department of Homeland Security (DHS) announced that its Science and Technology Directorate was partnering with Israeli National Cyber Directorate (INCD). This collaboration is aimed at kickstarting an initiative called Binational Industrial Research and Development (BIRD) Cyber program to counter cybersecurity threats to critical infrastructure in the US and Israel.
Finally, this comprehensive report also summarizes many crucial aspects of the global market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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More about Homeland Security Market:
- 4 Impeccable Benefits of Working in Homeland Security
- Global Homeland Security Market Predicted to Garner a Revenue of $8,03,967.3 Million by 2028, at a CAGR of 6.1% from 2021-2028
