Report : North America 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 5.6% CAGR, the North America Homeland Security Market is speculated to be worth US$ 1,00,479.92 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America homeland security market was valued at US$ 72,269.69 million in 2022 and is expected to reach US$ 1,00,479.92million by 2028, registering an annual growth rate of 5.6% from 2022 to 2028.Rise in procurement of various security solutions and services and rise in severe cyberattacks are the critical factors attributed to the market expansion.
There is a rise in investment by various regional homeland security agencies to procure advanced solutions for ensuring safety across several applications such as border security, mass transit security, cyber security, critical infrastructure security, aviation security, and maritime security. Some of the prominent procurement contracts are highlighted below:
• In July 2022, Swish Data Corporation (Swish) received a contract from the Department of Homeland Security (DHS) Continuous Diagnostics and Mitigations (CDM) program to supply advanced security information and event management (SIEM) to the US Coast Guard department.
• The US Department of Homeland Security (DHS) awarded a contract to North-eastern University worth US$ 36 million to develop surveillance systems for protecting the country's schools, churches, and stadiums in November 2021.
• In February 2020, Felix Technology Inc. received a contract from the Canadian government to supply 36 new shore-based radars and software solutions for the Canadian Coast Guard under the country's new Oceans Protection Plan. The contract is worth US$ 40.1 million, and the systems are designed to study weather conditions, including heavy winds, ice, and snow at high altitudes.
• In May 2021, AT&T received a homeland security contract from the US Department of Homeland Security to upgrade the nation's telecommunication infrastructure and IP-based networking services.
• The US Department of Homeland Security awarded a contract of US$ 2.685 billion to Peraton for assisting with data center and cloud optimization services for a ten-year period.
This rise in procurement of various security solutions across the region for ensuring safety in the application areas is boosting the North America homeland security market growth.
On the contrary, lack of central governing body for homeland security across countries hurdles the growth of North America homeland security market.
- Based on end user, the North America homeland security market is bifurcated into public security and private security. The public security segment held 71.5% market share in 2022, amassing US$ 51,671.49 million. It is projected to garner US$ 73,763.66 million by 2028 to expand at 6.1% CAGR during 2022–2028.
- Based on security type, the North America 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 37.8% market share in 2022, amassing US$ 27,328.24 million. It is projected to garner US$ 41,568.34 million by 2028 to expand at 7.2% CAGR during 2022–2028.
- Based on country, the North America homeland security market has been categorized into US, Canada,and Mexico. Our regional analysis states that US captured 81.1% market share in 2022. It was assessed at US$ 58,636.65 million in 2022 and is likely to hit US$ 82,694.97 million by 2028, exhibiting a CAGR of 5.9% during the forecast period.
- Key players dominating the North America 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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