COVID-19 Impact on Homeland Security Management Market

Market Leaders - COVID-19 Impact on Homeland Security Management Market

Post COVID-19, the size of the global homeland security management market under realistic scenario is expected to grow from USD 1,035 billion in 2020 to USD 1,081 billion by 2025, at a CAGR of 0.9% from 2020 to 2025. In the long term, the rise in demand for AI-based solutions for homeland security management is anticipated to drive the growth of the market during the forecast period. However, delay in financial decision making and limited public funding by various countries across the globe are the immediate challenges in front of each nation.

During the COVID-19 pandemic, the development and adoption of AI-based solutions, such as natural language processing, speech recognition, data analytics, machine learning, deep learning, chatbots, and facial recognition, has increased. AI-based solutions are not only being utilized for diagnosis but also for contact tracing and vaccine development. AI-based solutions have the power to control the COVID-19 pandemic and can help mitigate the worst of its effects.

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Major players in the global homeland security management market are focusing on short-term strategies to tackle the COVID-19 pandemic. For the short-to-long term, several businesses across a multitude of sectors are approaching their suppliers, customers, and financiers to arrange for short-term solutions in order to support their cash flows. In some instances, the scale and size of the short-term working capital requirements have taken management teams by surprise, emphasizing the need to act conclusively. Due to this, companies are forecasting essential cash management through cash-flow forecasting. The key players in the homeland security management market, such as Lockheed Martin (US), Northrop Grumman (US), Thales (France), Raytheon (US), and Leidos (US), are in the process of changing their business models due to the impact of COVID-19 on the global economy.

As a short-term strategy, FLIR Systems, one of the leading technology providers, is committed to maintaining its operations and delivering critical lifesaving products to customers even as the pandemic rages on. The company provides products and services that are critical to combat the COVID-19 crisis at a national level. Additionally, the company is experiencing massive demand for thermal cameras for use in elevated body temperature screening.

As a short-term strategy, IBM, in partnership with The White House and the US Department of Energy, has created a consortium to give researchers free access to over 400 petaflops of computing capacity, as fighting the COVID-19 pandemic will require extensive research in areas such as bioinformatics, epidemiology, and molecular modeling to understand the threat and form strategies to address it.

The MicroMultiCopter Company, located in Shenzhen, China, deployed over 100 drones in several Chinese cities to patrol areas and observe crowds. These drones are capable of identifying people who are not wearing masks in public spaces and can also be used as loudspeakers to broadcast announcements.

Related Reports:

COVID-19 Impact on Homeland Security Management Market by Technology (Thermal Imaging, AI-based Solution and Blockchain Solution), End-Use (Cyber Security, Aviation Security, Law Enforcement, and Risk & Emergency) and Region - Global Forecast to 2025

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Report Code
AS 7622
RI Published ON
4/29/2020
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