Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5986
    +0.0010 (+0.17%)
     
  • NZD/EUR

    0.5543
    +0.0010 (+0.17%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • NZD/JPY

    90.4540
    +0.0610 (+0.07%)
     

Homeland Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End User and Security Type

ReportLinker
ReportLinker

The Homeland Security market is expected to grow to US$ 275. 50 billion by 2028 from US$ 188. 99 billion in 2022; it is estimated to grow at a CAGR of 6. 5% from 2022 to 2028. Homeland security plays a crucial role in ensuring the safety of both the private and public sectors of nations.

New York, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Homeland Security Market Forecast to 2028 - COVID-19 Impact and Global Analysis By End User and Security Type" - https://www.reportlinker.com/p06321044/?utm_source=GNW
Thus, the rise in spending by state and regional government bodies to procure and indicate security solutions is influencing the global homeland security market players to undertake various strategic initiatives such as new product development, strategic partnerships, and mergers & acquisitions.

Major homeland security market players include Elbit Systems, General Dynamics, IBM Corp, Lockheed Martin Corporation, Northrop Grumman Corporation, and Thales Group. Some of the strategic initiatives followed by these vendors are as follows:
• IBM Corp. has engaged itself in acquiring various cyber security and threat detection solution providers to enhance its product portfolio. In November 2021, the company acquired ReaQta to integrate its automated technology for identifying and managing threats. Similarly, in June 2022, the company acquired Randori, which provides attack surface management and offensive cyber security solutions.
• In December 2021, Leidos announced its contract with the US Department of Homeland Security (DHS) Cybersecurity and Infrastructure Security Agency (CISA) for the Priority Services Scientific, Engineering, and Technical Assistance (PS-SETA).
• In July 2022, Thales Group acquired ONEWELCOME to enhance its cyber security product portfolio. ONEWELCOME offers one of the prominent customer identity and access management solutions to both public and private players.
Thus, the rise in strategic initiatives taken by homeland security market players is enhancing the product portfolio offered. These factors are expected to further augment the growth of the homeland security market over the forecast period.

Impact of COVID-19 Pandemic on Global Homeland Security Market

North America was adversely impacted owing to the pandemic.Manufacturing units were shut or operating with a partial workforce, and the supply of components and raw materials was disrupted.

The closure of local and international borders and the temporary shutdown of airports across the region to restrict the entry of individuals directly influenced the demand for security solutions, thereby negatively impacting the market’s growth.These were some major challenges faced by homeland security system manufacturers in North America.

However, critical system manufacturers could continue their operations, and the governments aided the contractors.For instance, the Federal Aviation Administration awarded a contract to the NDI Recognition Systems surveillance system after successfully delivering the first NDI Remote Surveillance System-Maritime to the Department of Homeland Security / Customs and Border Protection in 2020.

Post experiencing a marginal drop in revenues, the homeland security manufacturers and service providers started to witness a stable demand from Q3 of 2020, which helped revive the homeland security market. However, critical investment was made in 2020 by the US Department of Homeland Security to ensure safety across the nation. For instance, in 2020, the US DHS awarded ManTech a contract worth US$ 273 million for border control analytic services for the next 5 years by 2025. Such investments made in 2020 are expected to impact the market growth positively across the region.

The terrorist attacks on the US and attacks on European countries such as the UK and Spain prompted both sides of the Atlantic to reinvigorate their respective efforts to ensure homeland security and combat terrorism.However, the US and European approaches to these issues differ.

The US has embarked on an extensive reorganization of its domestic security and border protection institutions.European countries have preferred to work within their existing institutional architectures to combat terrorism and respond to other security challenges and disasters, both natural and man-made.

For instance, in July 2021, the French Ministry of the Interior selected four companies to create the administration system for its digital identity scheme—Sopra Steria, Atos, and collaboration between Idemia and Idakto.

Further, the rising cross-border conflicts across European countries have also led to an increase in homeland security spending across the countries of the region.For instance, countries such as Germany and Belgium have already announced their spending to be doubled next year for 2023 for their national security operations.

Moreover, concerns related to national security are also on the rise across European nations due to the ongoing war between Russia and Ukraine, which is another major factor expected to propel the homeland security market growth across the European region in the next few years.

Elbit Systems, IBM Corporation, Leidos, Thales Group, Teledyne Flir LLC, Northrop Grumman Corporation, Raytheon Technologies Corporation, Textron Systems, and General Dynamics Information Technology Inc. are among the homeland security market players profiled in this market study. Many other homeland security market vendors such as Accenture; Peraton; Mantech International Corporation; AT&T; Micro-X; Echodyne; BAE Systems; L3Harris Technologies; ATOS; HFCL Limited; Mistral Solutions; Homeland Security Solutions, Inc.; and Rolta have also been analyzed during the study to get a better and holistic view of the homeland security market. Organic and inorganic growth strategies adopted by these companies to expand their product portfolio and global presence are expected to contribute to the growth of the homeland security market.

The overall homeland security market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the homeland security market size.

The process also serves the purpose of obtaining an overview and forecast of the homeland security market growth with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic.

Participants of this process include VPs, business development managers, intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global homeland security market.
Read the full report: https://www.reportlinker.com/p06321044/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________

CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001