Homeland security market to reach $801.01 billion, 5.7% CAGR, Globally
PORTLAND, OREGON, UNITED STATES, July 13, 2023/EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Homeland Security Market by Type, End-User, and Technology: Global Opportunity Analysis and Industry Forecast, 2021–2028,” the global homeland security market size was valued at $514.38 billion in 2020, and is projected to reach $801.01 billion by 2028, registering a CAGR of 5.7%.
North America dominates the market, in terms of revenue, followed by Asia-Pacific, Europe, and LAMEA. U.S. dominated the global homeland security market share in 2020, owing to the increase in R&D activities, technological developments by big players, and the rapid adoption of AI technologies in homeland security sector. Asia-Pacific region is expected to grow at a significant rate during the forecast period, owing to rise in the investments to ensure safety of its citizens and valuable assets across various countries in the region.
The departments concerned with homeland security across the globe have a critical mission, which is to secure the nation from various threats. In order to ensure high security to its nationals and assets, homeland security departments deploy their staff in jobs that range from border and aviation security to emergency response, from cybersecurity to law enforcement. The rise in adoption of AI in homeland security products and services is expected to support different teams under the homeland security department. For instance, in aviation, with the implementation of AI, airlines are expected to be able to offer higher safety to airports and airlines. Other benefits of implementing AI include highly accurate, instantaneous weather conditions and information about turbulence to lessen missed connections and delays.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭-https://www.alliedmarketresearch.com/request-sample/1707
Moreover, the launch of various AI-powered solutions by big players such as IBM, Thales Group, increasing partnerships among different AI firms, and rising investments for implementation of AI are promising for the defense against mishaps and are expected to support the homeland security teams in handling unlawful events and calamities.
By type, the market is categorized into border security, aviation security, maritime security, critical infrastructure security, cyber security, mass transport security, law enforcement, CBRN security, and others. The cyber security segment accounted for the highest revenue in 2020, owing to high demand for different cyber security solutions being used across various sectors globally. The rising demand for preventing the data breaches is expected to result in a higher demand for cyber security in the future.
By technology, the homeland security market is segregated into recognition and surveillance systems, AI-based solutions, security platforms, and others. The AI-based solutions segment accounted for the highest revenue in 2020, owing to the benefits offered by AI-based solutions for border management, aviation security, and other areas.
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭- https://www.alliedmarketresearch.com/homeland-security-market/purchase-options
Government initiatives to protect nation from cross border disputes and civil wars and rise in cases of smuggling and trafficking globally are expected to drive the global homeland security market growth during the forecast period. However, high costs involved in ensuring homeland security and lack of implementation of required measures and slow adoption of security solutions are anticipated to hamper growth of the homeland security market during the forecast period. Moreover, rising demand for information security and technological advancements are expected to offer growth opportunities for the homeland security market in the future.
COVID-19 Impact Analysis
The COVID impact on the homeland security market is unpredictable and is expected to remain in force till the second quarter of 2021.
The COVID-19 outbreak forced the governments across the globe to implement strict lockdowns and made the social distancing mandatory to contain the spread of the virus. Consequently, several organizations started the work from home programs which as safety measures. This led to sudden fall in demand for weapons for homeland security use across the world.
Moreover, the nationwide lockdown forced the weapon manufacturers to partially or completely shut their operations.
The adverse impacts of the COVID-19 pandemic have resulted in the delays in the activities and initiatives regarding the development of innovative homeland security products and services globally.
𝐌𝐚𝐤𝐞 𝐚𝐧 𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/1707
Key Findings Of The Study
By type, the cyber security segment is expected to register a significant growth during the forecast period.
By, end-user, the private sector segment is anticipated to exhibit significant growth in the near future.
By technology, the AI-based solutions segment is projected to lead the global homeland security market owing to higher CAGR as compared to smart maintenance and training segments.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in the global homeland security market include Elbit Systems Ltd., General Dynamics Corporation, International Business Machines Corporation, L3Harris Technologies, Inc., Leonardo SpA, Lockheed Martin Corporation, Northrop Grumman Corporation, Science Applications International Corporation (SAIC), Thales Group, and Unisys Corporation.
Allied Analytics LLP
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