CHICAGO, July 15,
2024 /PRNewswire/ -- The border security
market is projected to reach USD
34.4 billion by 2029, from USD 26.8
billion in 2024, at a CAGR of 5.1% from 2024 to 2029
according to a new report by
MarketsandMarkets™. The market growth can be
attributed to the rising geopolitical instability and growing
adoption of new technologies for border security. The border
security market includes major players Lockheed Martin Corporation
(US), General Dynamics Corporation (US), Northrop Grumman (US), BAE
Systems (UK), and Thales (France).
These players have spread their business across various countries
includes North America,
Europe, Asia Pacific, and Middle East.
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Browse in-depth TOC on "Border Security
Market"
253 – Tables
84 – Figures
302 – Pages
Border Security Market Report Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$ 26.8
billion
|
Estimated Value by
2029
|
$ 34.4
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 5.1%
|
Market Size Available
for
|
2020–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Domain, Vertical,
System, Installation & Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and Rest of World
|
Key Market
Challenge
|
High Cost of R&D
and requirement of critical infrastructure for testing border
security systems
|
Key Market
Opportunities
|
Infrastructure
modernization of border security systems
|
Key Market
Drivers
|
Public safety concerns
near border areas
|
Based on system, the surveillance system segment is estimated
to lead the market during the forecast period.
The surveillance system segment of the border
security market is expected to lead due to the increasing need
for advanced monitoring solutions to address rising security
threats. With advancements in technology, these systems offer
enhanced capabilities such as real-time monitoring, and improved
accuracy. Governments and border control agencies are investing
heavily in these systems to ensure comprehensive security,
efficient threat detection, and rapid response, making surveillance
systems a critical component of modern border security
infrastructure.
Based on Installation, the upgradation segment is forecasted
to be the fastest growing segment during the forecast
period.
Based on installation, the market is segmented into new
installation and upgradation. Upgradations in border security are
expected to grow significantly as nations respond to emerging
threats and technological advancements. With the increasing
sophistication of criminal and terrorist activities, traditional
border security measures are becoming insufficient, prompting the
need for enhanced and modernized systems. Upgrades such as the
integration of advanced surveillance technologies, including
drones, high-resolution cameras, and thermal imaging, provide more
comprehensive monitoring and detection capabilities.
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The North America region is
estimated to lead the market in 2024.
The border security industry is expected to be dominated by
North America, with a projected
market share of 58.5% in 2024. This is caused by a number of
important elements, including as the geopolitical environment, the
economic potential of the North American nations, and the existence
of numerous significant players in the area.
Strong security measures are required since North America, and especially the United States, has a large area of land
and sea boundaries. The region has made significant expenditures in
advanced border security technologies as a result of its focus on
stopping drug trafficking, illegal immigration, and possible
terrorist activity. Furthermore, the financial resources of North
American nations enable the widespread acquisition and
implementation of advanced security measures. The defense and
security budgets of the governments in this region are substantial,
allowing them to invest in state-of-the-art technologies such as
unmanned aerial vehicles, biometrics, and surveillance systems.
Key Players
The major players in border security companies include
Lockheed Martin Corporation (US), General Dynamics Corporation
(US), Northrop Grumman (US), BAE Systems (UK), Thales (France), RTX Corporation (US), Leonardo S.p.A.
(Italy), Elbit Systems Ltd.
(Israel), L3Harris Technologies,
Inc. (US) and Israel Aerospace Industries (Israel).
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