A recently published study by FMI expects the global homeland security market to augment at a 4.7% CAGR from 2022 to 2032. By the end of the said assessment period, a valuation of US$ 300 Billion is expected for the market. Homeland security refers to a system used to defend and protect a country from any anti-social threat.
It is a government endeavor to provide security and resilience against all potential natural and man-made calamities. Cloud-based security solutions are instantly becoming the most popular method of achieving IT security goals. Numerous enterprises, including IBM, HPE, Symantec, McAfee, and Cisco, provide cybersecurity solutions through a cloud-based Software-as-a-Service (SaaS) model.
These cloud-based solutions include a centralised way to safeguard online and mobile apps, as well as enterprise networks, all through the development, production, and implementation phases. The SaaS-based strategy is more straightforward and effective than the on-premises deployment strategy because it provides greater flexibility and scalability for solution deployments.
By 2032, the cybersecurity segment is expected to have the largest market share. Because of the growing threat of cybercrime, cyber terrorism, and internet fraud, cybersecurity is expected to have the highest revenue share in the overall homeland security market.
The widespread and increasing reliance on information and communication technology infrastructure has resulted in a focus on ensuring safety by combating cybercrime and advancing national defense capabilities.
Key Takeaways from the Market Study
- FMI projects the global homeland security market to expand at a 4.7% value CAGR by 2032
- The global homeland security market is estimated at a market value of US$ 189 Billion by 2022.
- The global homeland security market is expected to garner a market value of US$ 300 Billion by 2032.
- As per Future Market Insights, the Asia Pacific is expected to grow at a CAGR of 6% market share for homeland security in the assessment period 2022-2032.
- As per Future Market Insights, the Asia Pacific is expected to grow at a CAGR of 4% market share for homeland security in the assessment period 2022-2032.
- As per Future Market Insights, the Europe is expected to grow at a CAGR of 3.7% market share for homeland security in the assessment period 2022-2032.
- The public security is expected to grow at a CAGR of 4.3% in the forecast period 2022-2032.
“Growing investment by major players in the development of homeland security systems, as well as successful mergers and acquisitions amongst firms to provide more secure homeland security devices, are driving market expansion,” says an analyst at FMI.
Market Competition
Raytheon Technologies, IBM, L-3 Harris Technologies, Lockheed Martin Corporation and Northrop Grumman are some prominent homeland security manufacturers.
Recent Developments
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In November 2022, Raytheon Intelligence & Space, a Raytheon Technologies division, today announced the opening of a new Registered Apprenticeship programme in McKinney, Texas, in collaboration with the US Department of Labour and Collin College.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the global homeland security market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of End User (Public Security and Private Security) and by Security Type (Border Security, Mass Transit Security, Cyber Security, Critical Infrastructure Security, Aviation Security, Maritime Security, and Others), across five major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania and Middle East & Africa).
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