Selbyville, Delaware, Aug. 26, 2024 (GLOBE NEWSWIRE) --
The homeland security market valuation is predicted to reach USD 900 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing number of immigrations, drug trafficking, and smuggling activities worldwide and the subsequent need for advanced border security solutions will influence the market growth. For example, in January 2024, the Drug Enforcement Administration’s Washington Division constituting the District of Columbia, Maryland, and Virginia disclosed that it had confiscated over 639,000 fentanyl pills as well as 189 pounds of fentanyl powder in 2023.
Lately, homeland security is witnessing a growing involvement from the private sector, which is offering technology solutions, security services, and safeguarding critical infrastructure. To that end, several leading companies are partnering with government entities to bolster security protocols across diverse sectors, such as transportation, energy, and healthcare. To cite an instance, in July 2024, the Great British Energy joined forces with The Crown Estate, with a potential to leverage nearly £60 billion of private investment, to drive energy independence in the U.K.
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The homeland security market value from the maritime security segment is estimated to record notable growth by 2032. Maritime regions face numerous threats, including terrorism, piracy, smuggling of illicit goods, such as drugs and weapons, and illegal immigration. These challenges are necessitating stringent security measures to safeguard coastlines, ports, and vessels. Surging technological advances like surveillance systems, radar technologies, autonomous vessels, and cybersecurity measures, are also enhancing maritime security capabilities and driving the need for updated security infrastructure.
The security platforms technology segment will account for a considerable CAGR from 2024 to 2032. With several countries investing in infrastructure development, including energy grids, transportation networks, and communication systems, the need to protect these assets from physical and cyber threats has grown paramount. To that end, homeland security platforms are largely favored for safeguarding critical infrastructure from potential attacks. The strong demand for transparency and accountability in security operations along with the growing efforts to provide real-time monitoring, data collection, and reporting capabilities will drive segment expansion.
Asia Pacific homeland security market held a sizable revenue share in 2023 and is set to exhibit robust growth by 2032 on account of hefty investments for the modernization of military and security forces. Governments in the region are broadening their defense budgets to cater to growing security threats, including terrorism, cyberattacks, border disputes, and internal unrest. The strong need for urban security solutions to protect critical infrastructure, public spaces, and mass transit systems from terrorist attacks will influence the regional market growth.
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Some of the prominent homeland security market players include BAE Systems, Boeing, General Dynamics, Lockheed Martin, Northrop Grumman, Raytheon Technologies, and Thales Group. These firms are committing to the development of cutting-edge solutions to scale their revenue sales. For instance, in April 2024, the Missile Defense Agency selected Lockheed Martin to design a next-generation interceptor for homeland defense to offer protection against intercontinental ballistic missiles.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Market scope & definition
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Homeland security market 360º synopsis, 2021 - 2032
Chapter 3 Homeland Security Market Insights
3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news and initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Government investments in protecting nation from cross border disputes
3.8.1.2 Rise in cases of smuggling and trafficking globally
3.8.1.3 Occurrence of natural disasters
3.8.1.4 Strategic initiatives by market players
3.8.1.5 Rising prevalence of cyber threats
3.8.2 Industry pitfalls & challenges
3.8.2.1 Rapid technological advancements
3.8.2.2 High procurement and maintenance costs
3.9 Growth potential analysis
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
