24 Aug, 2017, 11:00 ET
PUNE, India, August 24, 2017 /PRNewswire/ --
According to the new market research report "Automated Border Control Market by Solution Type (ABC e-Gate and ABC Kiosk), Component (Hardware, Software, and Services (Installation and Maintenance)), Application (Airport, Land Port, and Seaport), and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to be worth USD 1,577.7 Million by 2023, growing at a CAGR of 17.45% between 2017 and 2023. The ABC market has a huge potential across various applications, such as airports, land ports, and seaports. The major factors driving the ABC market across the world are increasing passenger travel, rising security concerns, and enhanced traveler convenience in the border crossing process.
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Market for ABC e-gate expected to grow at higher CAGR between 2017 and 2023
The market for e-gate is expected to grow at a higher CAGR between 2017 and 2023. e-gate installation has helped border crossing authorities process large number of passengers and has enhanced security. Passenger traffic is more at airports than at land ports and seaports.
ABC market for seaport application expected to grow at highest CAGR between 2017 and 2023
The ABC market for seaport application is expected to grow at the highest CAGR between 2017 and 2023. This growth can be attributed to strengthened border integrity and increased passenger traffic at seaports globally. As per the Australian Government Department of Immigration and Border Protection, more than 35 million passengers travel through Australia's major airports and seaports every year, and the number of travelers at seaports is expected to double in the coming years.
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ABC market for software component expected to grow at highest CAGR between 2017 and 2023
Software component in the ABC ensures efficiency and performance of biometric and document recognition database algorithms, along with risk assessment for travelers. The higher growth rate of the software component in the ABC market is owing to the increasing need for automation service to optimize efficiency at airports, land ports, and seaports.
Currently, Europe leads ABC market in terms of market size
Europe is currently leading the ABC market and is projected to be in a leading position for the next few years owing to the high adoption of ABC. The growth of the ABC market in Europe is because of high government funding and support, the presence of leading players, and strong technical base.
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The major driving factor for the market growth in Europe is the presence of prominent vendors of ABC OT-Morpho (France), secunet Security Networks (Germany), Indra Sistemas (Spain), Arjo Systems (France), IER SAS (France), and Cognitec Systems (Germany), among others.
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