Portland, OR, June 28, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global homeland security market generated $514.38 billion in 2020, and is estimated to generate $801.01 billion in 2028, witnessing a CAGR of 5.7% from 2021 to 2028. The report offers a detailed analysis of changing market dynamics, key segments, value chain, top investment pockets, regional scenario, and competitive landscape.
Supportive government initiatives for protection from cross border disputes and civil wars along with increase in cases of smuggling and trafficking worldwide drive the growth of the global homeland security market. However, high costs for maintaining homeland security, lack of proper implementation of required measures, and slow adoption of security solutions hinder the market growth. On the other hand, demand for information security and technological advancements create new opportunities in the coming years.
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Covid-19 Scenario:
- The private and commercial security industries were affected considerably by the pandemic and there had been a decline of investments during the initial stages.
- During the pandemic, there has been a rapid shift towards online working systems. This led to a surge in demand for cybersecurity. In addition, the use of AI-based solutions at airports increased to verify the identity of people.
- The usage of innovative homeland security solutions rose moderately during the pandemic to maintain security across various verticals such as aviation, border, maritime, cybersecurity, and others.
The research offers detailed segmentation of the global homeland security market based on type, end-user, technology, and region.
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Based on type, the cyber security segment contributed to the highest market share, holding more than one-fifth of the total share in 2020, and is expected to maintain its leadership status during the forecast period. Moreover, this segment is expected to portray the highest CAGR of 7.4% from 2021 to 2028.
Based on end-user, the public sector segment accounted for the highest share in 2019, contributing to more than four-fifths of the global homeland security market, and is estimated to continue its lead position throughout the forecast period. However, the private sector segment is expected to witness the largest CAGR of 6.3% from 2021 to 2028.
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Based on region, North America held the largest market share in 2020, accounting for nearly one-third of the total share, and is expected to continue its dominance in terms of revenue by 2028. However, Asia-Pacific is estimated to register the fastest CAGR of 6.8% during the forecast period.
Leading players of the global homeland security market analyzed in the research include Elbit Systems Ltd., International Business Machines Corporation, General Dynamics Corporation, Leonardo SpA, L3Harris Technologies, Inc., Northrop Grumman Corporation, Lockheed Martin Corporation, Thales Group, Science Applications International Corporation (SAIC), and Unisys Corporation.
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