Passenger Security Market Overview, Analysis Development Data, Analysis & Forecast 2022 to 2030
Passenger Security Market
Passenger Security Market is projected to reach USD 7,770 Million by 2030 and register a CAGR of 6.91% from 2020 to 2030. Rising global passenger traffic has significantly contributed to the expansion of the passenger security market.
Market Dynamics
The Global Passenger Security Market Size is predicted to expand significantly throughout the forecast period, owing to factors such as rising global passenger traffic and the expansion of new ports and stations. Additionally, the increased investment by developed countries such as the United States in innovative security equipment to provide greater protection to their population is likely to support the market's growth. The increasing usage of modern technologies such as artificial intelligence, blockchain, data analytics, and biometrics to provide greater passenger security is likely to fuel the Passenger Security Market's growth.
Significant technical advancements in screening and inspection systems are projected to propel the Passenger Security Market rise in the future years. Airport officials are enhancing security systems to monitor potential threats by analysing the activities and intents of countless tourists and guests. The aviation business is even more critical in terms of ensuring a safe and secure flight duration due to the high altitude at which passengers fly. As a result, thorough screening of passengers is critical prior to embarking on the flying experience.
However, concerns about cybersecurity and the high cost of development may restrain the Passenger Security Market growth.
Competitive Dynamics
The notable players are 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).
Segmental Analysis
The access control/biometric systems segment is predicted to develop at the fastest rate during the forecast period, owing to airports' increasing adoption of biometric systems to provide passengers with an enhanced level of safety and travel experience.
The new demand segment is expected to grow at a faster rate than the rest of the market during the forecast period, owing to advancements in baggage and passenger scanning technology, the development of new seaports, airports, and railway stations, as well as the expansion of existing seaports and airports.
The commercial airports category is expected to grow at the fastest rate during the forecast period, owing to rising passenger traffic globally, which is being fueled by airport expansion and development.
Regional Overview
In 2019, North America dominated the worldwide Passenger Security Market Overview, owing to the presence of well-known firms such as Honeywell International, Inc. and Adani Systems, Inc. (US) Several countries, like the United States, Canada, and Germany, are concentrating their efforts on technology advancements to existing systems in order to avoid any damage to transportation infrastructure.
Passenger growth is the primary driver of market growth in the Asia Pacific area. The region's changing demographics and rising disposable income are increasing demand for air travel, leading in a rise in new airport development and expansion, necessitating the installation of new passenger security systems. This region's market is expected to grow at the fastest rate during the forecast period. The region's expanding aviation industry, particularly in China, Japan, and India, is likely to enhance demand for passenger security systems.
Increased investment in passenger security measures by notable airlines such as the Emirates Group and Etihad Airways is likely to boost market expansion in the region. Extreme cyber risks at ports in Brazil and South Africa are projected to enhance the region's demand for passenger security.
Passenger Security Market Research Report: Information by Solution (Baggage Inspection Systems, Video Management Systems, Access Control/Biometric Systems, Cybersecurity Solutions, Hand-Held Scanners, Full-Body Scanners, Explosive Trace Detectors, Walk-Through Metal Detectors, Perimeter Intrusion Detection Systems and Bar-Coded Boarding Systems), Investment Type (New Demand and Replacement Demand), End User (Commercial Airports, Seaports and Railway Stations) and Region (North America, Europe, Asia-Pacific, Middle East) – Forecast 2030
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