Global Homeland Security Market is projected to grow at a CAGR of 5.89% By 2032
Visiongain Reports Ltd
7 min read
Visiongain Reports Ltd
Visiongain has published a new report entitled the Homeland Security Market Report 2022-2032. It includes profiles of Homeland Security Equipment and Forecasts By End Use (Border Security, Aviation, Maritime, Critical Infrastructure Security, Cyber Security, CBRN, and Others), By Installation (New Procurement and Upgradation), By Technology (Facial Recognition Camera, Thermal Imaging Technology, Artificial Intelligence-Based Solutions, Command And Control Systems Solutions, Border Security Systems, and Others), By Solution (Systems and Services). PLUS, Regional Market Analysis And COVID-19 Recovery Scenarios.
The global homeland security market was valued at US$ 675.4 million in 2021 and is projected to grow at a CAGR of 5.89% during the forecast period 2022-2032. The global market is expected to reach US$ 872.6 million in the year 2026 whereas it is anticipated to reach US$ 1,252.8 million in 2032.
Integration of Security Solutions with the Internet of Things, Cloud, & Machine Learning
By 2025, it has been predicted that there will be over 41 billion connected IoT devices. However, safety and reliability of IoT products primarily depends upon robust, end-to-end security approaches to protect consumers, and their data without detracting from user experience.
While, on the other hand, machine learning is an emerging technology which constantly learns by analyzing data and finds patterns to better detect malware in encrypted traffic, predict where bad neighbourhoods are online to keep users safe when browsing, find insider threats, or protect data in the cloud by uncovering suspicious user behaviour. Machine learning has become prominent part of cyber security systems across the globe. Furthermore, owing to the international growth of smart city programmes, home security systems are seeing substantial integration of AI & deep learning. Internet of Things (IoT), cloud, and machine learning (ML) are important part of smart cities initiatives. Hence, such factors are projected to create lucrative demand for homeland security market.
How Has COVID-19 Had a Negative Impact on the Homeland Security Market?
In the year 2021, the COVID-19 pandemic had a negative impact on growth of the global homeland security market. For instance, the COVID-19 pandemic has forced countries to deprioritized spending and reduce the research & development efforts in defence sector. In addition, COVID-19 has posed threat to the homeland security market, as the investment in homeland security systems is likely to reduce during the pandemic. For instance, according to the World Bank forecasts, the global economy was anticipated to shrink by 5.2% in the year 2020. Furthermore, the spending on information security & services reduced during the COVID-19 pandemic. This has further hampered adoption of security solutions across the globe, impeding market growth.
Additionally, the homeland security market players have witnessed slight negative impact during this uncertain time as the COVID-19 pandemic continues around the world. Moreover, logistical, and economic hindrances have disrupted development, sales, and manufacturing of homeland security equipment, hampering growth of the market. However, COVID-19 pandemic had a positive impact on cybersecurity spending, fuelling demand for the homeland security solutions for securing network and cyber security infrastructure across countries.
How this Report Will Benefit you?
Visiongain’s exhaustive report on global homeland security provides 464 tables and 482 charts/graphs. Our new research report is beneficial for any stakeholder who intends to gain in depth insights into the global homeland security market in terms of qualitative and quantitative aspects. The report also provides detailed analysis segment wise with COVID-19 impact analysis. Our new report will be highly beneficial for decision making and company positioning as it not only gives global and broad regional analysis but also provides in-depth insights of more than ten countries in various geographic regions. The companies can benefit from our new report by being better positioned for upcoming opportunities and potential threats by being well informed and resultantly taking actions to mitigate those threats. The comprehensive analysis of major players will help the companies to understand their position vis-a-vis their competitors and help in better decision making by the higher management.
What are the Current Market Drivers?
Demand for Security Solutions to Counter Criminal Activities
Rising awareness regarding features and benefits associated with the homeland security, increased rate of terrorist activities, demand for security solutions to counter criminal activities, and favourable government regulations pertaining to the homeland security are the major drivers boosting the growth of the global homeland security market. Further, rising need for security solutions in both the private and public sector to secure their operations as well as prevent criminal and illegal activities is projected to drive the market. Additionally, major countries across the globe are investing in the advanced security solutions to combat terrorism in a different way. For instance, the Netherlands invested on advanced security solutions that promptly identifies individuals who may be becoming radicalized, monitors potential terrorists, and provides at-risk buildings and people with additional security. In February 2021, the United States' Secretary of Homeland Security issued a funding notice for eight distinct kinds of preparation awards totalling US$1.87 billion. More than US$1.8 billion in crucial support is available via these programmes to assist local and state partners in developing and maintaining capacity to prevent, react to, defend against, and recover from acts of terrorism and other catastrophes.
Rising Development of Technologically Advanced Weapons and Security Solutions
The key opportunities for growth of the global homeland security market include rising military focus on the development and modernization of homeland security solutions and services among developing countries; implementation of security solutions with the internet of things, cloud, and machine learning (Ml), emerging trend of development of advanced homeland security technologies in emerging economies is anticipated to fuel market growth in upcoming years. Additionally, in 2019, according to the data from the Stockholm International Peace Research Institute (SIPRI), China spent an estimated $261 billion and India an estimated $71.1 billion on security enhancement measures. This investment in defence sector has led to the adoption of advanced capability enabled homeland security systems. Such investments are anticipated to offer lucrative growth opportunities for the homeland security market.
Competitive Landscape
The major players functioning in the homeland security market are AXIS Communications, BAE Systems, Boeing, Booz Allen Hamilton Inc, Bosch Security Systems, CACI International, ECA Group, Elbit Systems Ltd., FLIR Systems, General Dynamics Corporation, Hewlett-Packard, Honeywell International, IBM, L3Harris Technologies Inc, Leidos, Lockheed Martin Corporation, Motorola Solutions, Northrop Grumman Corporation, Rapiscan Systems, Raytheon Company, SAIC, Siemens, Smiths Detection Group, Thales Group, and UNISYS.
Above mentioned are the major players profiled in the overall homeland security market, concentrating on adopting various strategies comprising new product launches, collaborations, M&A, regional expansion, and R&D investment. For instance, in October 2021, Lockheed Martin UK announced to create a virtual network of businesses to enable small UK-based companies, specialized in cyber-security expertise, to obtain investment and support for the development of modern technologies and markets.
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