Airport Security Market Size, Share, Growth, Trends and Industry Analysis Report
The global airport security market size is expected to reach USD
12.70 billion by 2022, according to a new report by Grand View Research, Inc.
National security is of vital importance at critical infrastructures such as
airports. In recent years, the policy and aim of many authorities has shifted
from potential threat identification to deploying measures that prevent
infiltration of any type of threats into the infrastructure. Demand for quicker
and efficient screening has culminated in the design and development of
advanced screening systems that are being employed worldwide.
The rapid pace of new construction activity at
airports and need to streamline security screening process in order to minimize
waiting time for passengers also serve as key drivers for market growth.
However, economic turmoil and lack of funds for public spending new development
and construction, as well upgrade of existing airports. In addition,
effectiveness of existing security equipment in combating threats and lack of a
tangible return on investment has discouraged operators from purchasing new
technology solutions. Existing retrofits and shift towards automated security
solutions as an alternative to human labor is expected to provide market growth
opportunity over the coming years
International and domestic legislations have fueled
the procurement of security technologies. Organizations such as the TSA and
European Civil Aviation Conference (ECAC) establish security standards and
oversee their adherence. Airports are subjected to numerous threats including
robbery, arson, cyber-crime, terrorism, and vandalism. Terrorist attacks are
the most critical threat in public view; therefore, technologies enabling
security are of prime importance for ensuring public safety.
Further
key findings from the report suggest:
- Cyber
security solutions are expected to witness fastest market growth over
the forecast period owing to technology trends such as IoT, Big Data,
cloud storage and adoption of smart solutions. Airport screening systems
continue to dominate the industry with over 45% revenue share in 2014.
- North American airport security market accounted for about 35% of
the overall share in 2014 owing to the presence of key players in the region
coupled with a large number of new construction and upgrade activity.
Government spending and regulatory mandates continue to drive growth
across regions
- The global airport security market is diversified and competitive in
nature. A large number of companies specialize in the provision of unique
solutions from screening to cyber security. The global airport security
screening market is consolidated in nature; key vendors including Safran
Morpho, Smiths Detection, L-3, OSI Systems (Rapiscan) and American Science
& Engineering accounted for around 50% of the overall share in 2014.
Access
full research report on global airport security market:
www.grandviewresearch.com/industry-analysis/airport-security-market
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