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$69,750.88 Million, Border Security Market New Growth Scenario with 6.2% of CAGR by 2028

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$69,750.88 Million, Border Security Market New Growth Scenario with 6.2% of CAGR by 2028

June 10
15:06 2021
$69,750.88 Million, Border Security Market New Growth Scenario with 6.2% of CAGR by 2028

The Insight Partners
According to our latest market study on “Border Security Market Forecast to 2028 – COVID-19 Impact and Global Analysis” the market was valued at US$ 44,271.21 million in 2020 and is expected to reach US$ 69,750.88 million by 2028, it is anticipated to grow at a CAGR of 6.2% during 2021–2028.

A constant rise in territorial conflicts and geopolitical instabilities is the major factor driving the demand for advanced border security solutions across the world. Further, the mounting procurement of patrol aircraft, marine vessels, surveillance aircraft, transport helicopters, amphibious aircraft, ground attack helicopters, and submarines for enhanced border security is anticipated to drive the growth of the border security market during the forecast period. Also, increasing modernization of the current border security infrastructure is propelling the growth of the border security market worldwide. Further, the growing adoption of intelligent surveillance system (ISS) is gaining attention of the military forces, owing to the mounting demand for enhanced border security and safety.

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This system is capable of automatically analyzing the video, image, audio, or other type of surveillance data without or with restricted human intervention. The increasing developments of advanced electronic devices such as computer vision, sensor, artificial intelligence, and machine learning plays a significant role in empowering these intelligent systems. The intelligent surveillance system consists of probable sensor modalities and their fusion developments for designing advanced security system such as infrared camera, visible camera (CCTV), thermal camera, and radar system. In intelligent surveillance system (ISSs), several technologies, such as pattern recognition, computer vision, and artificial intelligence technologies are integrated to detect abnormalities in audio, images, and videos. This is further boosting the growth of the border security market globally.

Impact of COVID-19 Pandemic on Border Security Market

The outbreak of the COVID-19 has severely impacted the defense, aerospace, aviation, and other related industries. The emergence of COVID-19 virus has led to lockdown and unprecedented series of border closures across the world, This disruption is expected to leave an impact on the defense industry through till mid-2021. With the rising concern of health of the public, governments across nations are focused on investing on healthcare and related industries and there has been a shift of budget allocation from defense to healthcare. However, the pandemic has proved that careful coordination is required between all border agencies to ensure effective security measures. Moreover, demand for defense related products such as border security systems will remain unaffected as the budgets for defense related projects had been allocated prior to the pandemic and the projects are extremely critical to national defense.

Strategic Insights

The players operating in the Border Security market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:

In 2021, Safran Corporate Ventures has invested in SkyFive as a part of the company’s Series A investment round. The investment round was led by Safran Corporate Ventures together with STAR Capital, a European private equity fund manager with a track record of developing emerging infrastructure businesses.

In 2019, Lockheed Martin successfully demonstrated the Advanced Test High Energy Asset (ATHENA) laser weapon system. The laser weapon system was shown for the US Air Force at a government test range at Fort Sill, Oklahoma.

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Media Contact
Company Name: The Insight Partners
Contact Person: Sameer Joshi
Email: Send Email
Phone: +1-646-491-9876
City: Pune
State: Maharashtra
Country: India
Website: https://www.theinsightpartners.com/reports/border-security-market/


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