LONDON, Nov. 14, 2016 /PRNewswire/ -- "Rising need for precision munitions, and increasing political and territorial disputes are factors driving the smart weapons market globally"The smart weapons market is projected to grow from USD 11.52 billion in 2016 to USD 15.64 billion by 2021, at a CAGR of 6.3% between 2016 and 2021. The market for smart weapons is driven by several factors, such as rising number of wars and cross-border disputes, rise in terrorism, and increasing military use of smart weapons for tactical operations. "The infrared technology segment is expected to grow at the highest rate during the forecast period" Key technologies considered for market study are infrared, laser, radar, GPS, and others (wire-guided and micro computing). The infrared technology segment is expected to lead the smart weapons market during the forecast period. This growth can be attributed to the increase in research and development activities worldwide for the development of advanced technologies, enhanced reliability and ballistic or blast protection offered by the infrared technology. The infrared technology is also witnessing high demand as infrared systems detect and track military targets, intruders, and chemical and biological compounds in gases, fluids, and solids. " North America to grow at the highest rate during the forecast period"North America is expected to lead the smart weapons market in 2016, and is anticipated to continue its dominance during the forecast period. In North America, the U.S. is considered to be the largest market with a higher CAGR for smart weapons, primarily owing to technological advancements, and rising incidences of armed conflicts or cross-border disputes in the country. The U.S. is one of the key manufacturers and end users of smart weapons across the globe. Procurement of smart weapons by the U.S. acts as a deterrent for other countries to attack the country. "Profile break-up of primary participants for the smart weapons market"