Report : South 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 2.7% CAGR, the South America Homeland Security Market is speculated to be worth US$ 3,903.23 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America homeland security market was valued at US$ 3,318.80 million in 2022 and is expected to reach US$ 3903.23 million by 2028, registering an annual growth rate of 2.7% from 2022 to 2028.Increase in number of airports and passenger traffic and rise in strategic initiatives by market players are the critical factors attributed to the market expansion.
The growing number of airports and air passenger traffic is influencing the demand for aviation security solutions. According to International Civil Aviation Organization (ICAO), the number of air passengers traveling between January to April 2022 showcased an increase of 65% compared to the same period in 2021. The total flight departures also increased by 30% across the region. The analysis by the organization also states that the total seating capacity offered by the airline also increased by 20% in the same time frame. Rising purchasing power of the regional population, increasing trend of regional tourism, and surging business travel are among the major reasons contributing to the growth of air traffic across the region. The rise in air traffic is directly influencing the need for more efficient aviation security solutions to ensure safety across all airports. Moreover, stringent government regulations on airport security to ensure proper checks of all individuals entering and leaving the nation are also enhancing the demand for aviation security solutions. Additionally, several nations are significantly investing in developing new airport infrastructure, further driving the demand for aviation security solutions. Various countries are experiencing high investment in the construction and expansion of airport infrastructures. Thus, the rise in investment in airport infrastructure development, coupled with an increase in air passenger traffic, is driving the demand for aviation security solutions, thereby contributing to the SAM homeland security market growth.
On the contrary, lack of central governing body for homeland security across countries hurdles the growth of South America homeland security market.
- Based on end user, the South America homeland security market is bifurcated into public security and private security. The public security segment held 73.4% market share in 2022, amassing US$ 2,436.93 million. It is projected to garner US$ 2,914.11 million by 2028 to expand at 3.0% CAGR during 2022–2028.
- Based on security type, the South 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 38.6% market share in 2022, amassing US$ 1,282.51 million. It is projected to garner US$ 1,578.20 million by 2028 to expand at 3.5% CAGR during 2022–2028.
- Based on country, the South America homeland security market has been categorized into Brazil and rest of SAM. Our regional analysis states that Brazil captured 70.0% market share in 2022. It was assessed at US$ 2,322.67 million in 2022 and is likely to hit US$ 2,790.81 million by 2028, exhibiting a CAGR of 3.1% during the forecast period.
Key players dominating the South 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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