Homeland Security market rising at 6.5 % CAGR to 2028
Posted by kartik joshi on October 10th, 2022
Homeland Security Market is expected to grow at a CAGR of 6.5% from 2022 to 2028 to reach US$ 275.50 million by 2028.
The major homeland security market players operating globally include Elbit Systems; IBM Corporation; Leidos; Thales Group; Teledyne Flir LLC; Northrop Grumman Corporation; Raytheon Technologies Corporation; Textron Systems; and General Dynamics Information Technology Inc. Many other companies such as Accenture; Peraton; Mantech International Corporation; AT&T; Micro-X; Echodyne; BAE Systems; L3Harris Technologies; ATOS; HFCL Limited; Mistral Solutions; Homeland Security Solutions, Inc.; and Rolta have also been analyzed during the study to get a better and holistic view of the homeland security market. Organic and inorganic growth strategies adopted by these companies to expand their product portfolio and global presence are expected to contribute to the growth of the homeland security market.
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The main aim for homeland security is to provide persistent surveillance for situational awareness. Some of the major applications of homeland security indulges border ISR (intelligence, surveillance, and reconnaissance) operations, disaster response, event management and security, traffic monitoring, infrastructure security, mass transit security, and several other purposes. Homeland security forces include departments such as police forces, border security forces, federal agencies, and private security agencies, etc.
The growing number of airports and air passenger traffic globally 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 globe. 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 global population, increasing trend of global tourism, and surging business travel are among the major reasons contributing to the growth of air traffic across the globe. 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.
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About the Authorkartik joshi
Joined: September 27th, 2022
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