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.
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Airport
Security Market Report Highlights
- 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.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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