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Homeland Security Market
OREGAON, PORTLAND, UNITED STATES , April 3, 2024 /EINPresswire / -- 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.
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Border security remains an important policy area as nations aim to regulate immigration and combat cross-border crimes. Emerging technologies like sensors and analytics may aid authorized monitoring at official ports of entry. Any border security measures should uphold international laws, treat all people with dignity, and balance enhanced enforcement with pathways for lawful entry. The report could explore security solutions that align with ethical values of justice, compassion and shared responsibility.
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.
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.
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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.
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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KEY FINDINGS OF THE STUDY
By type, the cyber security segment is anticipated to exhibit significant growth in the near future.
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 anticipated to exhibit significant growth in the near future.
By region, LAMEA is anticipated to register the highest CAGR during the forecast period.
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David Correa
Allied Market Research
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