Passenger Security Market Is Anticipated To Grow At A CAGR Of 6.91% And Reach USD 7,770 Million By 2030
Research Reports
Feb 14, 2023
Market Research Future Insights :
Passenger Security Market is projected to reach USD 7,770 Million by 2030 and register a CAGR of 6.91%.
Due to factors including rising international passenger traffic and the expanding construction of new ports and stations, the worldwide passenger security market is anticipated to have considerable growth over the forecast period. Additionally, it is anticipated that the market would increase as a result of the government of developed nations like the US increasing its investment in cutting-edge security tools in order to provide improved protection to its inhabitants.
The Passenger Security Market may, however, be hampered by cybersecurity concerns and expensive development costs.
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Key Players :
Adani Systems Inc. (US), Advanced Perimeter Systems Ltd. (UK), Autoclear, LLC. (US), Axis Communications AB. (Sweden), Bosch Sicherheitssysteme GmbH (Germany),E.I.A. SPA (Italy), FLIR Systems, Inc. (US), Honeywell International Inc. (US), Leidos (US) and SITA (Switzerland) are the major companies in the market.
Market Segmentation :
In terms of Solution, the Passenger Security Market was dominated by Baggage Inspection Systems in 2019. The demand for high-security solutions is likely to expand as the number of passengers flying is expected to keep rising. In addition, the industry is anticipated to develop as a result of strict aviation security rules. The segment is anticipated to rise as a result of the growing usage of data analytics, AI, and video management software for security operations.
During the projection period, the access control system sector is anticipated to have the greatest CAGR. The segment is anticipated to rise as automated self-check kiosks are increasingly used to process the number of passengers onboard. Furthermore, it is anticipated that the segment would rise as a result of the increasing use of biometric technologies for check-in. Due to the increase in cyber risks, the market for cybersecurity solutions is anticipated to expand.
Due to the growing number of advantages that hand-held scanners provide, including their portability, ease, and small, lightweight design, the market for them is predicted to expand.
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Full-Body Scanners and strict government rules relating to passenger security as a result of an increase in terrorist activities are anticipated to propel the segment’s expansion.
The segment is anticipated to develop as airports use more explosive trace detectors to provide passengers with higher levels of security. For instance, in 2018 OSI Systems, Inc. agreed to provide its Itemiser 4DX explosives and drug detection system to an international airport as part of a contract worth over USD 4 million. The demand for walk-through metal detectors is anticipated to rise as more airports and seaports are built.
The market is anticipated to expand as a result of rising demand for wireless technology-enabled remote access and cloud-based security solutions. Airport management is requesting more bar-coded boarding systems to improve traveller experiences and shorten wait times. This is anticipated to fuel the segment’s expansion.
By investment type, New Demand led the world market in 2019 and is anticipated to grow at a faster rate over the next five years. The growth of the category is anticipated to be fueled by the construction of new seaports, airports, and railroad stations as well as the expansion of already existing seaports and airports.
Due to the modernization of existing seaports and airports as well as the upgrading of technology for various scanners, replacement demand is anticipated to develop at a significant rate over the projection period.
By the user, Commercial airports dominated this market in 2019 and are anticipated to grow at the greatest CAGR over the course of the forecast period. Airport terminals must be expanded to accommodate the growing number of travellers, which necessitates spending on improved security measures. Due to strict laws governing port security, the seaport industry is predicted to expand. The International Ship and Port Facility Security (ISPS) Code was created by the International Maritime Organization in 2004.
These codes state that access to secured locations must always be managed in order to bar the entry of unwelcome vehicles and people. In order to combat any potential for terrorism, the regional groups are also outlining security needs.
Regional Analysis :
Due to the presence of well-known businesses like Honeywell International, Inc. and Adani Systems Inc., North America dominated the worldwide passenger security market in 2019. (US). Market expansion in Europe is anticipated to be fueled by the construction of smart airports and rising marine tourism in the area.
This region’s market is anticipated to see the greatest CAGR throughout the forecast period. The demand for passenger security systems in the region is predicted to rise as a result of the expanding aviation industries in nations like China, Japan, and India. The region’s market is anticipated to increase as a result of rising investments in passenger security systems by well-known airlines like the Emirates Group and Etihad Airways.Extreme cyber threats at ports in nations like South Africa and Brazil are anticipated to raise concerns about passenger security in the area.
Due to the rising modernisation of railway stations in developing nations like China and India, the railway station market is anticipated to rise at a significant rate over the forecast period.
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