Report : Asia Pacific Homeland Security Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by End User (Public Security and Private Security) and Security Type (Border Security, Mass Transit Security, Cyber Security, Critical Infrastructure Security, Aviation Security, Maritime Security, and Others)
At 8.0% CAGR, the Asia Pacific Homeland Security Market is speculated to be worth US$ 73,390.85 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Asia Pacific homeland security market was valued at US$ 46,148.69 million in 2022 and is expected to reach US$ 73,390.85 million by 2028, registering an annual growth rate of 8.0% from 2022 to 2028.Rise in severe cyberattacks and rise in strategic initiatives by market players are the critical factors attributed to the market expansion.
Several nations have experienced a rise in cyber-attacks over the years. The adoption of digitalization across all industries and commercial sectors across the region has resulted in organizations adopting cloud storage solutions, which have led to the easy availability of important business documents on the internet. The rise in cyberattacks is putting various important documents of private and public enterprises at risk. The loss of such information to illegal hacking groups is imposing severe losses on the enterprises and impacting the nations' economies. Thus, the rise in cyber-attacks across the region is influencing both public and private sectors to invest in the integration of advanced cyber security solutions. These factors are thereby driving the APAC homeland security market.
On the contrary, lack of central governing body for homeland security across countries hurdles the growth of Asia Pacific homeland security market.
- Based on end user, the Asia Pacific homeland security market is bifurcated into public security and private security. The public security segment held 76.5% market share in 2022, amassing US$ 35,317.44 million. It is projected to garner US$ 56,924.93 million by 2028 to expand at 8.3% CAGR during 2022–2028.
- Based on security type, the Asia Pacific homeland security market is segmented into border security, mass transit security, cyber security, critical infrastructure security, aviation security, maritime security, and others. The cyber security segment held 36.8% market share in 2022, amassing US$ 17,000.96 million. It is projected to garner US$ 29,876.14 million by 2028 to expand at 9.9% CAGR during 2022–2028.
- Based on country, the Asia Pacific homeland security market has been categorized into Australia, China, India, Japan, South Korea, and rest of APAC. Our regional analysis states that China captured 33.2% market share in 2022. It was assessed at US$ 15,335.96 million in 2022 and is likely to hit US$ 25,246.45 million by 2028, exhibiting a CAGR of 8.7% during the forecast period.
Key players dominating the Asia Pacific homeland security market are Elbit Systems Ltd; IBM Corporation; LOCKHEED MARTIN Corporation; Leidos; Thales Group; Teledyne FLIR LLC; NORTHROP GRUMMAN Corporation; RAYTHEON TECHNOLOGIES Corporation; TEXTRON Systems; and General Dynamic Information Technology among others.
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