Wilmington, Delaware:, Jan. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Homeland Security Market by Component (Border Security, Aviation Security, Maritime Security, Critical Infrastructure Security, Cyber Security, Mass Transport Security, Law Enforcement, CBRN Security, and Others), End-User (Public Sector and Private Sector), and Technology (Recognition and Surveillance Systems, AI-based Solutions, Security Platforms, and Others): Global Opportunity Analysis and Industry Forecast, 2023–2032”.
According to the report, the global homeland security industry size generated $531.4 billion in 2022 and is anticipated to generate $898.2 billion by 2032, witnessing a CAGR of 5.6% from 2023 to 2032.
(We are providing homeland security industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
- 133 - Tables
- 90 - Charts
- 299 - Pages
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Prime determinants of growth
The growth of the global homeland security market is driven by factors such as government initiatives to protect nations from cross-border disputes and civil wars, rise in security threats from increasing terrorism, cybercrimes, cross-border infiltration incidents globally, and technological advancements in surveillance, biometric identification, and imaging systems. However, privacy issues, ethical concerns related to pervasive monitoring posing public acceptance barriers, lack of implementation of required measures, and slow adoption of security solutions hamper the growth of the market. On the contrary, surge in demand for information security and the development of smart city initiatives adoption are expected to offer remunerative opportunities for the expansion of the homeland security market during the forecast period.
Homeland Security Industry Report Coverage and details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size In 2022 | $531.4 Billion |
| Market Size In 2032 | $898.2 Billion |
| CAGR | 5.6% |
| No. Of Pages in Report | 300 |
| Segments Covered | Component, End-User, Technology, And Region. |
| Drivers | Government Initiatives to Protect Nations from Cross-Border Disputes and Civil Wars Rise In Security Threats from Increasing Terrorism, Cybercrimes, And Cross-Border Infiltration Incidents Globally Technological Advancements in Surveillance, Biometric Identification, And Imaging Systems |
| Opportunities | Surge In Demand for Information Security The Development of Smart City Initiatives |
| Restraints | Privacy Issues and Ethical Concerns Related to Pervasive Monitoring Posing Public Acceptance Barriers Lack Of Implementation of Required Measures and Slow Adoption Of Security Solutions |
Impact of Russia-Ukraine War Scenario
- The conflict between Russia and Ukraine has led to increased defense spending and security concerns among NATO members and European nations. Significant opportunities are being created by this in several important homeland security market segments.
- European countries such as Germany, France, and Italy saw a notable increase in their defense spending in 2022 compared to 2021 because of their efforts to update their military capabilities and equipment in light of the conflict.
- As a result, the conflict between Russia and Ukraine has generated significant technological and economic opportunities in the European homeland security market, which providers can take advantage of in the years to come by developing specialized solutions and suitable countermeasures.
The cyber security segment to maintain its leadership status throughout the forecast period.
By type, the cyber security segment held the highest market share in 2022, accounting for one-fifth of the global homeland security market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 7.8% from 2023 to 2032, owing to the rise of ransomware and nation-state threats underscoring the necessity for proactive cyber surveillance.
Recent Key Developments in Homeland Security Industry:
- Defense Intelligence Agency offers $700 million contract to Northrop Grumman for integrated cloud and sensor solutions (December 2023).
- General Dynamics signs $712 million contract with U.S. DHS for modernizing St. Elizabeths Campus infrastructure (October 2023).
- General Dynamics secures two $580 million contracts for full-spectrum cybersecurity and software development services (June 2023).
- Leonardo S.p.A. partners with Siemens Digital Industries to provide advanced cybersecurity solutions (April 2023).
- Elbit Systems receives $109 million agreement to supply Iron Fist active protection system (September 2023).
- Northrop Grumman secures $3 billion agreement from Missile Defense Agency for overseeing missile defense systems (August 2022).
- Elbit Systems secures $16 million deal to supply advanced night vision equipment to the British Armed Forces (June 2021).
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The public sector segment to maintain its leadership status throughout the forecast period.
By end user, the public sector segment held the highest market share in 2022, accounting for more than four-fifths of the global homeland security market revenue and is estimated to maintain its leadership status throughout the forecast period as governments globally are moving toward smarter border security infrastructure integrated with technologies like biometrics, 3D scanning, and intuitive access control systems. Moreover, the private sector segment is projected to manifest the highest CAGR of 6.2% from 2023 to 2032, owing to rising cyber threats such as ransomware, and increasing physical threats.
The AI-based solutions segment to maintain its lead position during the forecast period
By technology, the AI-based solutions segment accounted for the largest share in 2022, accounting for nearly two-fifths of the global homeland security market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is projected to manifest the highest CAGR of 6.3% from 2023 to 2032, owing to adoption of AI for data analytics to identify high-risk individuals, detect anomalies and suspicious behavior as well as predict potential threats is rising within the homeland security domain.
North America to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the homeland security market revenue and is projected to dominate the market during the forecast period, as the U.S. invests significantly in security tech, including biometrics and emergency response systems. However, LAMEA is expected to witness the fastest CAGR of 7.5% from 2023 to 2032, as LAMEA faces diverse security challenges, with Latin America prioritizing border security, the Middle East focusing on intelligence and cybersecurity, and Africa investing in critical infrastructure protection and counterterrorism.
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Leading Market Players: -
- IBM Corporation
- Lockheed Martin Corporation
- General Dynamics Corporation
- Northrop Grumman Corporation
- L3Harris Technologies, Inc.
- Unisys Corporation
- Elbit Systems Ltd.
- Science Applications International Corporation (SAIC).
The report provides a detailed analysis of these key players in the global homeland security market. These players have adopted various strategies such as contract, collaboration, agreements, and others to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.
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