Pune, India, June 28, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Homeland Security Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By End User, Security Type, and Geography”, the global homeland security market is expected to grow from USD 188.99 Billion in 2022 to USD 275.50 Billion by 2028; it is estimated to grow at a CAGR of 6.5% from 2022 to 2028. The increasing security threats, and growing threats of cyber-attack on the information and technology. However, the lack of high priced products and services is expected hinder the growth of the market.
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Homeland Security Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 188.99 Billion in 2022 |
| Market Size Value by | USD 275.50 Billion by 2028 |
| Growth rate | CAGR of 6.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 180 |
| No. of Tables | 54 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | End User, and Security Type |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
| Country scope | US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Elbit Systems Ltd., Lockheed Martin Corporation, Thales Group, Northrop Grumman Corporation, Textron Systems, Teledyne FLIR LLC, General Dynamic Information Technology Inc., IBM Corporation, Leidos, Raytheon Technologies Corporation. |
Homeland Security Market Analysis: Competitive Landscape and Key Developments
The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
March 2022: Vihaan Networks Ltd. (VNL), a company based in India announced the launch of their Border Intrusion Detection System for border protection globally. The system comprises a combination of multiple sensors that form integrated, multi-layer security to deter, detect, delay, and avert intrusions across the borders.
February 2022: The French government inaugurated a new cyber campus near Paris' La Défense business district. The center brings together specialists from the public and private sectors in an effort to develop new security and defend the country from cyber-attacks.
The United States has emerged as a dominant force in the global homeland security market, exerting its influence and capturing a substantial market share. Several key factors contribute to the U.S. dominance in the market, distinct from the broader North American region. Firstly, the United States has a robust and well-established homeland security infrastructure. The country has a dedicated Department of Homeland Security (DHS), which oversees and coordinates various security initiatives and agencies. The DHS plays a central role in shaping national security policies, implementing security measures, and allocating significant budgets toward enhancing homeland security capabilities.
Secondly, the United States possesses advanced technological capabilities and a successful defense and security industry. The country has numerous renowned technology providers, defense contractors, and cybersecurity firms. These companies have expertise in developing and deploying cutting-edge security solutions, including surveillance systems, biometric identification technologies, and critical infrastructure protection tools. The availability of developed technologies and the ability to innovate and adapt to evolving threats contribute to the U.S. dominance in the market. Thirdly, the United States faces unique security challenges due to its geographical location and global influence. As a nation with extensive land borders, vast coastlines, and significant international trade and travel, the U.S. government strongly focuses on border security. The country invests heavily in border control technologies, advanced screening systems, and border management solutions to address these challenges effectively.
The United States has also been at the forefront of intelligence gathering and counterterrorism efforts. With a comprehensive intelligence community and a strong emphasis on intelligence sharing, the country has developed sophisticated intelligence analysis capabilities. The United States invests in technologies that enhance intelligence gathering, data analytics, and surveillance systems to counter emerging threats. Furthermore, the United States actively promotes public-private partnerships in the homeland security sector. The government collaborates with private companies, research institutions, and academia to foster innovation, develop advanced technologies, and improve security solutions. This collaboration provides a conducive environment for the growth and dominance of the U.S. homeland security market.
Homeland Security Market: Segmental Overview
Based on end user, the homeland security market is bifurcated into public security and private security. The public security segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period. In terms of security type, the homeland security market is segmented into border security, mass transit security, cyber security, critical infrastructure security, aviation security, maritime security, and others. The cyber security segment held the largest share of the homeland security market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
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Need for Efficient and Secure Border Control Measures Provides Lucrative Opportunities for Homeland Security Market:
The need for efficient and secure border control measures presents a significant opportunity within the homeland security market. With the increasing concerns about illegal immigration, smuggling, and cross-border threats, governments are actively seeking advanced technologies and solutions to strengthen their border security. Efficient and secure border control measures are essential for maintaining national security, preventing criminal activities, and assuring the smooth flow of legitimate trade and travel. As a result, there is a growing demand for innovative solutions that can enhance border security operations. This opportunity encompasses various aspects, including advanced screening technologies, integrated border management systems, and biometric identification tools.
Advanced screening technologies such as X-ray scanners, explosive trace detectors, and radiation detection systems enable thorough inspections and threat detection at border checkpoints. These technologies help to identify illicit goods, weapons, and other contraband materials. Integrated border management systems offer opportunities for streamlining border operations and information sharing between different agencies and countries. These systems facilitate efficient coordination among customs, immigration, law enforcement, and intelligence agencies, ensuring a comprehensive and cohesive approach to border security.
Biometric identification tools, such as fingerprint, iris, and facial recognition systems, play a crucial role in enhancing border control measures. These technologies provide accurate and reliable means of verifying the identity of individuals entering or exiting the country. They enable quick and efficient processing of travelers while ensuring strict security standards. Developing and deploying efficient and secure border control measures requires collaboration between governments and technology providers. Public-private partnerships offer innovation, knowledge sharing, and technology transfer opportunities, contributing to the market's growth. Companies specializing in border control technologies have the opportunity to offer comprehensive solutions that address the specific needs of governments and contribute to the enhancement of border security worldwide.
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