The global homeland security market is projected to be valued at $8,03,967.3 million by 2028, surging from $4,92,362.3 million in 2020, at a noteworthy CAGR of 6.1%.
Analysis of Covid-19 Impact on Homeland Security Market
The Covid-19 impact on the Homeland Security Market has been negative. The restrain in the global industrial production due to imposed lockdowns across the globe has disturbed the supply chain of defense equipment’s manufacturing industry, hindering the growth of the homeland security market. Major companies in this sector such as Northrop Grumman Corporation, Lockheed Martin Corporation, Leonardo Inc, and others have experienced a reduction in demand in the homeland security market. These factors are expected to negatively impact the market growth.
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However, companies operating in the production of software-defined radio, that are used for flawless communication and interoperability in the defense forces, and aid the homeland security market, adopting strategies such as acquisition and partnerships to gain major market share during the pandemic period. Such factors are predicted to positively impact the global homeland security market in the future. For instance, in April 2021 Israeli defense company, Elbit Systems, acquired BAE Systems, and Rokar International for $31 million, this will lead to the expansion of business and strengthen its market position. BAE Systems Rokar International is the US-headquartered subsidiary of BAE Systems. These factors are expected to positively impact market growth in the future.
Global Homeland Security Market Analysis
The increasing number of incidents related to cyber security globally is expected to aid the growth of homeland security market share in the forecast period. The sensitive information in different fields such as financial organizations, crucial defense data, and theft of public data from government records lead to high economic and social costs to the internal security of a country or an organization. The threat of cyber-attacks has increased the adoption of cyber security solutions such as critical infrastructure security, application security, antivirus programs, firewalls, encryption programs, network security, and cloud security, driving the growth of the homeland security market. These factors are expected to contribute to the growth of the global homeland security market
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The high initial capital requirement for the development of homeland security products such as surveillance systems and the complex nature of the technology involved in the homeland security, which requires a highly skilled workforce, with a majority of its manufacturers in the developed countries can act as a barrier in the transfer of technology in the developing and underdeveloped regions, hampering the growth of global homeland security market share.
The growing implementation of robotics is estimated to open new scope of opportunities for homeland security market growth. Robotics is an emerging application area that is expected to transform command, control, communications, computers, facial recognition cameras, thermal imaging technology, ai based solutions, emergency management and flir thermal imaging camera, intelligence, surveillance, and reconnaissance (C4ISR) of the armed forces in the aerial and marine forces operating from the ground. For instance, unmanned aerial vehicles (UAVs) are used for carrying missions autonomously without human command or intervention and can fly longer missions, carrying more sensors, and collecting more data. These factors are expected to open new scope of opportunities for the homeland security market.
Global Homeland Security Market, Segmentation
The global homeland security market is segmented based on type, technology, end-user, and region.
Type:
The type segment is further classified into aviation security, maritime security, critical infrastructure security, cyber security, mass transport security, CBRN, and others. Among these, the cyber security sub-segment is expected to have the largest market share and surpass $2,27,201.8 million by 2028, an increase from $ 1,34,648.5 million in 2020.
The threat of cyber-attacks has increased the adoption of cyber security solutions such as critical infrastructure security, application security, antivirus programs, firewalls, encryption programs, network security, and cloud security driving the growth of the homeland security market. The implementation of cybersecurity solutions has advantages such as the prevention of data and networks from any unauthorized access, enhancement in business continuity and information security management, prediction of potential cyberattacks, and others. These factors are expected to aid the growth of the homeland security market. These factors are expected to positively impact this sub-segment in the forecast period.
Technology:
The technology segment is further classified into recognition & surveillance systems, security platforms, and others. Among these, the security platform sub-segment is anticipated to dominate the technology sub-segment in the forecast period and surpass $3,84,144.6 million by 2028, an increase from $2,34,665.8 million in 2020.
The growing prerequisite for integrated solutions within the counter terrorism operations in numerous fields of security like armed forces, facial recognition cameras, thermal imaging technology, ai based solutions, emergency management and flir thermal imaging camera, police, and border security is predicted to aid the expansion of security platform sub-segment in the forecast period. The implementation of AI algorithms and smart sensors in police and security forces, to identify people and objects at important locations such as airports is expected to help in strengthening the ground security on the premises. In border security, the use of AI algorithms and smart sensors detect potentially dangerous people and objects at border crossings, customs checkpoints, and other ports of travel.
End-user:
The end-user segment is further divided into a public sector and private sector. The public sector sub-segment is projected to have a dominating market share in the global market and register a revenue of $5,18,643.4 million during the forecast timeframe of 2021-2028. Government and government backed institutions across the world such as state police administration, intelligence agencies, and armed forces are the major utilizers of products and services related to homeland security such as C4ISR systems, radar, electro-optical/infrared (EO/IR), acoustic sensors, embedded navigation, and positioning systems. For instance, in July 2021, major American defense company, General Dynamics Corporation, headquartered in Reston, Virginia General Dynamics wins $395.5 million data center support contract extension from DHS, Department of Homeland Security, of the US government. These factors are expected to aid the growth of this sub-segment.
Region:
The homeland security market for the Asia-Pacific region generated a revenue of $1,43,277.4 million in 2020 and is further projected to reach up to $2,41,351.0 million by 2028. The presence of countries which are most affected by terrorist activities in the region such as Afghanistan, Pakistan, India, and others is aiding the growth of the homeland security market in the forecast period. As per the “Global Terrorism Index” 2020 report published by the “Institute for Economics and Peace”, a global think tank headquartered in Sydney, Australia, the economic impact of terrorism in Asia-Pacific region was around $1,663.83 million in 2019. This suggests the need for adoption of counter terrorism measures in the Asia-Pacific region. These factors are expected to have a positive impact on the homeland security market trends in the region.
Key Players in the Global Homeland Security Market
- Northrop Grumman.
- L3Harris Technologies INC.
- General Dynamics Corporation
- BAE Systems.
- Thales Group
- Leonardo S.p.A.
- Elbit Systems Ltd.
- Rohde & Schwarz
- Leidos Holdings, Inc
- Unisys Corporation.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Homeland Security Market:
Bargaining Power of Suppliers: There are moderate number of suppliers in the homeland security market. Across the world, there are different organizations working in the field of homeland security to get a competitive edge in the market.Thus, the bargaining power suppliers is moderate.
Bargaining Power of Buyers: The buyers in market have moderate bargaining power, therefore the suppliers in the homeland security market focus on providing superior quality services in a cost-effective manner.Thus, the bargaining power of the buyers is moderate.
Threat of New Entrants: The companies entering the homeland security market emphasizes on innovation for reducing the cost of production. The capital requirement in homeland security market is high. Thus, the threat of the new entrants is low.
Threat of Substitutes: The homeland security process is essential and currently there is no alternative of homeland security measures. Thus, the threat of substitutes is low.
Competitive Rivalry in the Market: There is a highly competitive rivalry between companies in the homeland security market including BAE Systems and Thales Group. Therefore, competitive rivalry in the market is high.
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