South America 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 South America is expected to grow from US$ 3,318.80 million in 2022 to US$ 3,903.23 million by 2028. It is estimated to grow at a CAGR of 2.7% 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 SAM 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 South America homeland security market over the forecast period.
Brazil and rest of South America are the key contributors to the homeland security market in the South America. Rise in urbanization and several large-scale government efforts in South American countries are propelling the region's smart security in the South America homeland security market forward. Most South American countries, including Brazil and Argentina, are affected by severe issues such as traffic, contamination, high crime rates, government inefficiencies, and a lack of transparency. All these considerations call for improved and more effective security architecture. Border security measures are critical in South America because most nations are experiencing migration crises, and some are afflicted by illegal crossings and armed conflicts connected to Venezuela's instability. In this region, transnational crime, including drug trafficking and smuggling, is common. Government officials require effective security technologies to speed up identification processes, improve decision-making, and battle hostile people within their borders. Innovative and sustainable border security products have seen rapid growth in recent years, owing to the pandemic and stricter border controls. For instance, in February 2022, Customs and Border Protection (CBP) in the US announced the inauguration of a comprehensive Global Entry agreement with the Government of Brazil. Drug trafficking, human trafficking, cyber-attacks, riot, and the threat of terrorists and other illegal activities have occurred in countries such as Brazil, Venezuela, Chile, Peru, and Argentina in the past couple of years, with local economic crises and political instability in the countries being the primary causes. Homeland security agencies play a significant part in the country to control of such activities because they can be utilized as a less harmful alternative to firearms to lessen the risk of public injury or in instances when some force is required. Such scenarios are propelling the adoption of homeland security across South America by law enforcement agencies, thereby contributing to the growth of the South America homeland security market.
Exhibit: South America Homeland Security Market Revenue and Forecast to 2028 (US$ Million)
South America Homeland Security Market Segmentation
The South America 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 Brazil and rest of South America. Brazil 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.
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