Asia Pacific 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)
The homeland security market in Asia Pacific is expected to grow from US$ 46,148.69 million in 2022 to US$ 73,390.85 million by 2028. It is estimated to grow at a CAGR of 8.0% from 2022 to 2028.
Rise in Strategic Initiatives by Market Players
Homeland security plays a crucial role in ensuring the safety of both the private and public sectors of nations. Thus, the rise in spending by state and regional government bodies to procure and indicate security solutions is influencing the Asia Pacific homeland security market players to undertake various strategic initiatives such as new product development, strategic partnerships, and mergers & acquisitions. Major players operating in the market include Elbit Systems, General Dynamics, IBM Corp, Lockheed Martin Corporation, Northrop Grumman Corporation, and Thales Group. Some of the strategic initiatives are as follows:
IBM Corp. has engaged itself in the acquisition of various cyber security and threat detection solution providers to enhance its product portfolio. In November 2021, the company acquired ReaQta to integrate its automated technology for identifying and managing threats. Similarly, in June 2022, the company acquired Randori, which provides attack surface management and offensive cyber security solutions.
In July 2022, Thales Group acquired ONEWELCOME to enhance its cyber security product portfolio. ONEWELCOME offers one of the prominent customer identity and access management solutions to both public and private players.
Thus, the rise in strategic initiatives taken by market players is enhancing the product portfolio offered. These factors are expected to further augment the growth of the Asia Pacific homeland security market over the forecast period.
Australia, China, India, Japan, South Korea, and rest of Asia Pacific are the key contributors to the homeland security market in the Asia Pacific. Asian countries are investing a lot of money in homeland security. With the Asian region's substantial expenditure on homeland security, particularly in India, Asian Countries are offering India's own Homeland Security expo, which will be essential in delivering the most recent and innovative equipment, technology, and goods for homeland and public security. Senior officers from the Ministry of Home Affairs, the Ministry of Defence, police forces, civil defense forces, industrial security authorities, public security officers, and other industry players will be present at the Homeland Security Expo. Such initiative by Asia Pacific countries on securing their own country from threat is driving the growth of homeland security market. Further, in July 2022, Elbit Systems Ltd.—an Israeli company that develops products for homeland security and commercial aviation was awarded a US$ 80 million contract to supply direct infrared countermeasure systems to a country in Asia Pacific. Elbit Systems would provide C-MUSIC DIRCM systems, as well as Infrared-based Passive Airborne Warning Systems (IR-PAWS), for several aircraft types. Such contracts are propelling the growth of the APAC homeland security market in Asia Pacific. Further, in January 2022, a Memorandum of Understanding was signed by three organizations—Cyber Security Malaysia (CSM), a government organization that provides specialized cyber security services; clecticIQ, a leading worldwide threat intelligence, hunting, and response technology provider; and Synt Malaysian cyber security. The three organizations have committed to engaging in various activities to enhance Malaysia's and Southeast Asia's cyber security posture to resist escalating threats. The important goal is to increase the use of cyber threat intelligence (CTI), a component of cyber security that focuses on gathering and analysing data regarding ongoing and potential attacks. The rising strategic initiatives and investments in the development of cyber security would propel the growth of the APAC homeland security market in the Asia Pacific region.
Asia Pacific Homeland Security Market Segmentation
The Asia Pacific homeland security market is segmented into end user, security type, and country.
Based on end user, the market is bifurcated into public security and private security. The public security segment registered the larger market share in 2022.
Based on security type, the 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 the largest market share in 2022.
Based on country, the market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China dominated the market share in 2022.
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, Inc. are the leading companies operating in the homeland security market in the region.
Reasons to Buy
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Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the homeland security market, as well as those hindering it
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