Homeland Security Market is expected to advance at a CAGR of 6.5% to arrive at US$ 275.50 Bn by 2028

The "Homeland Security Market Analysis to 2028" is a specialized and in-depth study with a special focus on the global market trend analysis.

NEW YORK, UNITED STATES, October 26, 2022 /EINPresswire.com/ -- According to our latest market study on "Homeland Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by End User and Security Type," the market is expected to grow from US$ 188.99 billion in 2022 to US$ 275.50 billion by 2028; it is estimated to grow at a CAGR of 6.5% from 2022 to 2028.

Rise in Procurement of Various Security Solutions and Services to Provide Growth Opportunities for Homeland Security Market During 2022–2028

Report Coverage: Details
Market Size Value in: US$ 188.99 Billion in 2022
Market Size Value by: US$ 275.50 Billion by 2028
Growth rate: CAGR of 6.5% from 2022 to 2028
Forecast Period: 2022-2028
Base Year: 2022
No. of Pages: 180
No. of Tables: 54
No. of Charts & Figures: 73
Historical data available: Yes
Segments covered: End User, and Security Type
Regional scope: North America; Europe; Asia Pacific; Latin America; MEA
Country scope: US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage: Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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The main aim of homeland security is to provide persistent surveillance for situational awareness. The major applications of homeland security include border ISR (intelligence, surveillance, and reconnaissance) operations, disaster response, event management and security, traffic monitoring, infrastructure security, and mass transit security. Homeland security forces include departments such as police forces, border security forces, federal agencies, and private security agencies. A large number of countries are heavily investing billions to ensure secured law and order. For this, these countries are focusing on implementing strong and secure infrastructure for almost all types of amnesties such as cyber servers, infrastructure, mass transit stations, airport security, marine borders, and land borders across their respective locations.

Impact of COVID-19 Pandemic on Homeland Security Market Growth:
The overall aerospace & defense industry was severely impacted owing to the COVID-19 pandemic. The stringent lockdowns imposed by regional government bodies to combat the rapid spread of the virus and regulations on international trade impacted the global industry. The manufacturing sector was drastically impacted during the first two quarters of 2020. Manufacturing plants across the globe were operating at a low capacity to ensure the safety of the workers and abide by the stringent social distancing norms imposed by government bodies. These factors contributed to the decrease in production volume across the aerospace & defense industry. The decrease in the production volume across the industries mentioned above impacted the demand for homeland security systems, thereby impacting the market from the supply side.

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The homeland security market is segmented based on end user and security type. Based on end user, the homeland security market is bifurcated into public security and private security. In terms of security type, the homeland security market is segmented into border security, mass transit security, cyber security, critical infrastructure security, aviation security, maritime security, and others.

In 2022, North America is expected to dominate the market. The US is anticipated to hold major homeland security market share in North America in 2022. The President's Fiscal Year 2022 Budget for Nation Security of US$ 52.2 billion invests in important DHS (Department of Homeland Security) missions and demonstrates the commitment to secure the homeland at borders, in cyberspace, and beyond. This Department's workers are tasked with defending the country, the people, and the way of life by ensuring trade, travel, transit, personal freedoms, and economic development. The President's Budget for Fiscal Year 2022 will support the Department's important missions. For instance, in July 2022, the Secretary of Homeland Security authorized US Customs and Border Protection (CBP) to carry out the Yuma Morelos Dam Project, which would fix 4 years of an incomplete border barrier project at the Morelos Dam in the Yuma Sector of the US Border Patrol. These projects will be supported by DHS's Fiscal Year 2021 appropriations and will address operational impacts as well as immediate life and safety hazards. Further, in July 2022, the Secretary of Homeland Security extended Venezuela's Temporary Protected Status (TPS) for another 18 months. TPS for Venezuela will be extended for an additional 18 months, from September 2022 to March 2024.

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Some of the recently started airport development projects are mentioned below:
The Ministry of Civil Aviation of India, along with The Airports Authority of India (AAI), announced the construction of 21 new airports across India in December 2021. The project will also include expanding and modifying existing airports such as Delhi, Bengaluru, and Hyderabad.
The Australian government started the development of Western Sydney International Airport in 2018, and it is expected to start its operations by 2026. The airport is built to accommodate approximately 10 million passengers annually.
In 2018, the Chinese Ministry of Transportation (MoT) announced its plans to have 400 airports in the country by 2035, indicating the construction of 160 new airports across the country.

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