
Published On: Nov 2022
Published On: Nov 2022
At 4.0% CAGR, the Middle East & Africa Homeland Security Market is projected to be worth US$ 15,601.75 million by 2028, says Business Market Insights
According to the Insight Partners’ research, the Middle East & Africa homeland security market was valued at US$ 12,356.66 million in 2022 and is expected to reach US$ 15,601.75 million by 2028, registering an annual growth rate of 4.0% from 2022 to 2028. Rise in severe cyberattacks and increase in number of airports and passenger traffic 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. This has influenced the rise in cyber-attacks across the region. 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 MEA homeland security market.
On the contrary, lack of central governing body for homeland security across countries hurdles the growth of Middle East & Africa homeland security market.
Key players dominating the Middle East & Africa 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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