"The border security system market expected to grow at a CAGR of 7.16%”
The border security system market is expected to reach USD 52.95 billion by 2022. The use of border security system is going to increase exponentially in the future to counter the terrorist activities, to avoid major casualties, and to ensure safety of the residents and the security troops. The main drivers of this growth are need for advanced technology security systems and the rising territorial conflicts and geopolitical instabilities. However, the stringent regulatory environment is the main restraints of the market.
The market in the APAC region has been segmented into countries such as China, Japan, India, South Korea, and Rest of APAC. The major driver for the APAC market is the increased investment for strengthening the surveillance and weapon guidance capabilities by China, India, and Japan, and increased spending of governments to tackle terrorist attacks, infiltration, illegal immigration and criminal activities.
“Biometric systems expected to grow at the highest CAGR of among other border security systems”
There would be a significant increase in the demand for biometric systems in the border security system market and it is expected that it would grow at CAGR higher than any other systems between 2016 and 2022. This high growth can be attributed to the adoption of biometric systems on a large-scale to tackle illegal immigration, human trafficking among others. Schemes such as development of national IDs, e-passports, and e-visas are expected to be the main drivers for it.
Breakdown of profile of primary participants:
- By Designation: C-level Executives- 10%, Directors- 40%, others - 50%
- By Region: North America - 60%, Europe - 25%, APAC - 10%, RoW -5%
There is high adoption of unmanned solutions by different military and defence forces. In unmanned systems, there is no risk to human life, no crew to limit its range and endurance, or the fear of being captured. Unprecedented situational awareness, precision targeting, communications relay delivery for fighting and defeating threats in difficult terrains and most demanding and unknown environments are some of the main advantages of using unmanned systems in border security system.
The major players in the border security system market are Lockheed Martin Corporation (U.S.), Raytheon company (U.S.), Northrop Grumman Corporation (U.S.), Thales SA (France), BAE Systems Plc (U.K.), FLIR systems, Inc. (U.S.), and Elbit systems Ltd. (Israel) among others
Reasons To Buy the report:
- This report includes the market statistics pertaining to environment, system, and geography along with their respective revenue.
- The Porter’s five forces framework has been utilized along with the value chain analysis to provide an in-depth insight into the global border security system market.
- Major drivers, restraints, challenges, and opportunities for the market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for markets based on type, component, vertical, and geography have been conducted to give an overall view of the border security system market.