April 24, 2024
Homeland Security Market
Ict

Homeland Security Market Poised For Growth By Rising Threat Of Cyber Attacks

The homeland security market offers a wide range of products and solutions that play a vital role in protecting critical infrastructure and ensuring public safety. Devices such as surveillance cameras, X-ray scanners, biometric systems and radars are used at airports, borders, seaports and anywhere with high security needs. These products help secure facilities and monitor threats.

The global homeland security market is estimated to be valued at US$ 697.73 Mn in 2024 and is expected to exhibit a CAGR of 34.% over the forecast period from 2024 to 2030.

Key Takeaways

Key players in the homeland security market:

Key players operating in the homeland security market include Cambrios, Blue Nano, C3Nano, Nanopyxis, Hefei Vigon Material Technology, Gu’s New Material, ACS Material, Zhejiang Kechuang Advanced Materials, BASF, PlasmaChem, Suzhou ColdStones Technology, Nanopix, Novarials, Abrisa Technologies, ACS Material LLC, Blue Nano Inc., Cambrios Technologies Corporation, Hefei Vigon Material Technology Co., Novarials Corporation, Seashell Technology LLC.

Growing demand:

The growing threats of cybercrimes and terrorism have increased the demand for sophisticated surveillance, screening and access control solutions globally. Various governments are ramping up security budgets to modernize their forces with advanced homeland security equipment and technologies.

Global expansion:

Leading manufacturers are focusing on expanding their presence in emerging nations of Asia Pacific, Middle East, Africa and South America. These regional markets offer lucrative business opportunities for companies offering customized homeland security products.

Market key trends

The rising threat of cyber attacks on critical infrastructure has propelled the development of innovative network security solutions based on technologies like IoT, AI and blockchain. Lightweight materials and powered exoskeletons are also gaining popularity to equip security forces with better protection and mobility. Miniature drone and robot platforms further aid surveillance and threat detection.

Porter’s Analysis

Threat of new entrants: The Homeland Security Market Growth is difficult to enter as it requires heavy investments in research and development of advanced technologies. Also, the presence of established players dominating the majority market share poses barriers to new entrants.

Bargaining power of buyers: The bargaining power of buyers in the homeland security market is moderate. Buyers have some influence over prices due to the availability of substitutes. However, switching costs are moderately high.

Bargaining power of suppliers: A few major players dominate the supply market. Hence, the bargaining power of suppliers remains moderate. Suppliers can impact pricing and control distribution channels posing some threat.

Threat of new substitutes: There exists potential threat from new substitutes and adjacent vertical markets that can integrate new technologies. However, switching costs make the threat low.

Competitive rivalry: Competition is intense among major players differentiated by technology and geographical presence. Aggressive strategies are adopted to gain market share.

Geographical regions: North America holds the major share of over 35% in the global homeland security market value owing to stringent security regulations and heavy investments. The Asia Pacific region is expected to witness the fastest CAGR growth of over 38% during the forecast period due to increasing security threats and government initiatives in developing nations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it