Global Border Security System Market is Expected to Reach USD 52.95 Billion by 2022

Date: 2016-05-09

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 APAC region is expected to grow at the highest CAGR”
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.

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

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