MarketsandMarkets has released a new report that analyzes the impact of the coronavirus on the homeland security management market. In that regard, the firm predicts that COVID-19 will have a significant dampening effect for the next few years. The market will climb from $1.035 trillion in 2020 to $1.081 trillion in 2025, growing at a modest CAGR of 0.9 percent.
The pandemic is expected to have the biggest impact on the long-term demand for new technologies like 5G. Many organizations have been forced to delay large infrastructural projects as they struggle to respond to the COVID-19 crisis, which is why the growth rate for those segments will be neutral or even negative for at least the next 12 months.
However, there will be more demand for technologies that can immediately be deployed to fight the outbreak. For example, thermal imaging can help spot people with COVID-19 symptoms at security checkpoints, while law enforcement can use drones to observe public spaces and ensure that people are complying with social distancing mandates. Many organizations will also take steps to improve their emergency response capabilities, using AI tools such as virtual healthcare assistants.
MarketsandMarkets believes that the Asia Pacific region will represent the biggest portion of the overall homeland security market, thanks in large part to the popularity of AI security solutions in India, China, and Japan. The firm specifically cited the rising interest in thermal screening technology, and the need for facial recognition solutions that can identify people who are wearing masks.
The report identified Lockheed Martin, IBM, Thales, and Unisys as some of the key players in the homeland security space. MarketsandMarkets has previously predicted that the market for security products and services will climb to $373 billion by 2022, although that forecast was made before the onset of the coronavirus.
April 30, 2020 – by Eric Weiss