Airport Security Market to Procure Substantial Revenue of USD 16 Billion by 2024
To boost passenger convenience, airport security market vendors are investing in R&D activities for the development of technologies such as x-ray scanners
Selbyville, United States – June 27, 2019 /MarketersMedia/ —
Airport Security Market is expected to reach USD 16 billion by 2024. Rising instances of smuggling and terrorist activities across the globe are driving the airport security market growth. Additional security measures are increasingly being adopted to monitor the safety of passengers related to terror attacks, theft issues, and other inconveniences. Security checks at the airport terminals provide the detection of unethical and suspicious activities that could lead to attacks and blasts at airfields. Various economies worldwide are implementing efficient security policies for achieving cost benefits from the safety systems, thereby contributing to the airport security industry growth.
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The rising penetration of smart technologies and IoT in airports is fueling the demand for airport security market size . These include technologies such as remote check-ins, sensor equipment, e-gates, RFID baggage reconciliation systems, etc. A major portion of the data is collected in real-time and stored in large central databases. The presence of security issues in such cases can leave the data vulnerable to attacks from internal and external parties. Wireless tracking technologies, for instance, can allow a hacker to utilize triangular algorithms or Received Signal Strength Indication (RSSI) Information to track the location of the Wi-Fi end-point user and unearth historical data such as the route taken by the users, purchasing data, etc.
Given the current threats associated with cyber-attacks and potential damages to the aviation industry, airport security market is gaining tremendous traction of late. Of late, the aviation industry has been highly prone to threats relating to terrorism, smuggling activities, and other crimes, a factor that has highly driven the demand for strict security measures in this space. In response to this fact, the airport security technologies that offer enhanced security to the existing surveillance systems and better situational awareness are witnessing increasing adoption in the aviation industry.
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The airport surveillance system market is anticipated to exhibit substantial growth during the forecast time-period. These systems are required to be functional at all times and sense multiple movements occurring at varying ranges. Additionally, these systems are supposed to function effectively in intense environmental conditions such as fog and storms and capture images in reduced visibility settings. The advent of 4K cameras and video units has revolutionized the airport security market owing to their sharper and improved image quality and provide coverage for a wider area.
Considering the geographical aspects of airport security market, although Asia Pacific is expected to be a major investment hub, experts claim North America to dominate the regional landscape in terms of revenue in the following seven years. Stringent regulatory compliances to reinforce airport security and mitigate terror attacks have been the key factors leading to robust adoption of airport security technologies.
Players operating in the airport security market include Fisher Research Laboratory, Bosch Security Systems, IBM Corporation, Thales Group, Siemens AG, Auto Clear LLC, Smiths Detection LLC, G4S PLC, Hitachi Ltd., and RedXDefense LLC. Several companies in the airport security market are focusing on developing technically advanced safety systems and integrated devices to ensure airfield stringent security. For instance, in March 2017, IBM Corporation announced the launch of its IBM Intelligent Video Analytics to strengthen the transportation and travel security at various airports, hotels, and logistic & freight companies.
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Amidst the perpetually rising terror attacks pertaining to the aviation industry, it is rather overt for the global airport security industry to garner huge proceeds and developments in the coming years. Global Market Insights, Inc., projects the overall airport security market size to register a y-o-y growth rate of 7% over 2017-2024, crossing a valuation of USD 16 billion by 2024.
Table of Contents (TOC) of the report:
Chapter 3. Airport Security Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 – 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Screening lanes
3.4.2. CT scanners
3.4.3. Automated document authentication
3.5. Regulatory landscape
3.5.1. Liquids Rule
3.5.2. Regulation (EU) 2015/1998
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. High risks associated with the terrorist attacks in the U.S
3.6.1.2. Advent of new regulations associated with the security needs in Europe
3.6.1.3. Airport construction and upgrade activities in Asia Pacific
3.6.2. Industry pitfalls & challenges
3.6.2.1. Budget constraints
3.6.2.2. Airport cybersecurity threats
3.7. Growth Potential Analysis
3.8. Porter’s analysis
3.9. Competitive landscape, 2016
3.9.1. Strategy dashboard
3.10. PESTEL analysis
Browse Full Table of Contents (TOC) @ https://www.gminsights.com/toc/detail/airport-security-market-report
About Global Market Insights-
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Website: https://www.gminsights.com/pressrelease/airport-security-market-size
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