Global Homeland Security Market Anticipated to Garner a Revenue of $8,03,967.3 Million by 2028, at a CAGR of 6.1% from 2021 to 2028 - Exclusive Report [328 pages] by Research Dive

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Regional Analysis: Homeland Security Market

The North American Homeland Security Market is expected to garner revenue of $2, 91,598.9 million by 2028, rising at a steady CAGR of 5.9% in the analysis period. This growth is primarily due to the region having a highly advanced set of defence organizations and ensured effective safety of both the public and commercial sectors. Additionally, North American countries such as the USA and Canada are constantly investing in internal security which according to the Stockholm International Peace Research Institute (SIPRI) was valued at $778 billion in 2020. These factors are expected to further add to the growth of the region in the forecast period.

Key Market Segments

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Market Dynamic

Global homeland security is a sector that looks after defense requirements of a country which is why it holds significance. It provides constant protection against terror attacks all over the world which ensures the safety of various countries. As per the Institute of Economics and Peace, the worldwide number of deaths due to terrorism stood at 13,826. To add further, the global economy had to bear a cost of over $26.4 billion in 2019 as a result of multiple terror attacks. These factors along with the need to strengthen the defense system of countries are expected to add to the growth of the market.

On the other hand, several countries require advanced defense systems to help secure all the sectors which include aviation, maritime, and cyber security. The security of these countries also relies on effective mass transportation systems, cyber security, and power plants where the cost of implementing these is extremely high. These factors are anticipated to restrain the growth of the segment in the analysis period.

Rapid developments in technology have led to the introduction of nanotechnology and biotechnology which have been assisting in further improving security systems around the world. In terms of nanotechnology, advanced security devices are being built which use miniature radio frequency identification transponders in addition to biochemical sensors. These devices are compact and also ensure protection in case a need arises. In the field of biotechnology, experts have been developing a advanced variant of X Ray which uses terahertz radiation known as the T Ray. This device is expected to be highly effective in identifying objects based on their chemical composition. These factors are expected to provide an opportunity of growth to the market.

Top 10 Key Players, New Developments, and Strategies: Homeland Security Market

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In October 2020, General Dynamics Technology, a renowned aerospace and defense organization, received a contract with regard to IT system modernization from the Defense Intelligence Agency (DIA). The contract covers engineering support to the organization along with testing plans, system designs, and architecture.

The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments. 

Impact of COVID-19 on the Global Homeland Security Market

The rapid increase in the number of coronavirus patients around the world led to governments taking a decision to implement social distancing guidelines suggested by medical professionals. This led to travel bans as well as lockdowns to contain the spread of the virus. As a result of this, governments shifted their attention to providing the required solutions to the raging pandemic, due to which the defense of countries was not the top priority. Also, the travel ban led to the supply chain being severely affected due to which multiple industries unable to acquire their supply of equipment were used to make acoustic sensors, C4ISR systems, sensors, and more. These factors affected the global homeland security market in a negative manner, but it is expected to recover eventually due to the implementation of Industrial Internet of Things in the production of advanced defense devices.

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Global Homeland Security Market Is Anticipated To Generate A Revenue Of $8,03,967.3 Million, Growing At A CAGR Of 6.1% From 2021 To 20284 Impeccable Benefits of Working in Homeland Security

Global Homeland Security Market Predicted to Garner a Revenue of $8,03,967.3 Million by 2028, at a CAGR of 6.1% from 2021-2028

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