Border and maritime security market set to double as multimodal biometrics gain prominence
The market for security products and services for border and maritime use is set to nearly double by 2028 as multimodal biometrics gain prominence for traveler processing, according to new research from Frost & Sullivan. Technological solutions for cross-border data sharing and integrated security systems are expected to increase the market size from $19.22 billion in 2018 to $35.23 billion in 2028, a CAGR of 6 percent.
The “Global Border and Maritime Security Market” report identifies the implementation of video analytics, eGates, ePassports, and electronic visas at airports as a key market trend, along with investments in ports, land borders, and coastal security.
Airport biometrics are forecasted by Acuity Market Research to generate $1.3 billion in the next five years.
Frost & Sullivan Senior Research Analyst Aravind Srimoolanathan predicts that seamless security processing of travelers with multimodal biometrics, as well as video analytics for identification and smart border management will be increasingly used.
“The adoption and integration of next-generation systems and technologies powered by artificial intelligence and real-time big data analytics will enable faster and more accurate threat detection, tracking, and decision making,” says Srimoolanathan. “Robust network infrastructure and cybersecurity capabilities will be required with increasing inter-agency collaboration and cross-border data sharing.”
Srimoolanathan also expects industry consolidation and merger and acquisition activity involving start-ups to occur. Market growth will necessarily be even in different regions, however.
“While border control groups may look to enhance connectivity in both domestic and international data-sharing capabilities, concerns over data privacy and risk may negatively impact the market,” notes Srimoolanathan. “Furthermore, less developed and small countries may not have the budget to procure and operate advanced border and maritime systems and equipment to address their border security requirements and will seek flexible business models instead.”