Transportation Security Technology Market to reach $61,272.1 million by 2025

According to a recent report published by Allied Market Research, titled, Transportation Security Technology Market by Transportation Mode and Application: Global Opportunity Analysis and Industry Forecast, 2017-2025, the global transportation security technology market was valued at $33,130.0 million in 2017 and is projected to reach $61,272.1 million by 2025, growing at a CAGR of 8.0% from 2018 to 2025.

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Transportation security technology finds applications in various industry segments, to confirm safety of goods, products, or people in travel. This technology is majorly used in airport security, courier companies, railway departments, mass transit, logistics, port security, and returnable transport items. The demand for transportation security equipment has been increasingly significantly, owing to the advanced security while in transit.

At present, the North America region dominates the global transportation security technology market. The region has major players offering advanced solutions. This is attributed to the extensive adoption of advanced technology by the region for the security of public and infrastructure, which is expected to propel the market growth. An example of such adoption is the Canadian Air Transport Security Authority (CASTA), which is an agent crown corporation funded by the government. In 2017, CASTA screened over 68.1 million passengers and their belongings at airport checkpoints across the country.

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In the transportation mode segment, the airway sub-segment dominated the market in 2017, owing to the highest availability of airports throughout the world.

The global transportation security technology market is expected to witness a considerable growth, owing to the emerging technologies in surveillance and screening. This market is projected to witness extensive growth, especially in the emerging economies, owing to the increasing need for public safety and rising adoption of enhanced technologies in various security systems.

Key Findings of the Transportation Security Technology Market :
In 2017, the airway sub-segment generated the highest revenue in the global transportation security technology market.
In 2017, the video surveillance sub-segment generated the highest revenue among the application segment in the global transportation security technology market.

The key market players profiled in the report include Raytheon Company, Smiths Detection, Inc., Security Electronic Equipment Co. Ltd., Lockheed Martin, L-3 Communications Holdings, Inc., Honeywell International, Inc., Rapiscan Systems, United Technologies Corporation, Alstom, and Kapsch.

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We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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