Transportation Security Technology Market Size, Share, Development forecast to 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 is used in various industry segments to ensure safety of goods, products, or people in transit.
The global transportation security technology market has registered a significant growth, owing to the rise in need for public safety. The Transportation Security Administration (TSA) is an agency of the U.S. Department of Homeland Security, which has an authority over the security of the public travelling in the United States. TSA's aim is to ensure the most effective and efficient transportation security. It shoulders the responsibility for the security of over 20,000 domestic flights per day and over 2,000 outbound international flights per day. TSA also screens approximately 2 million passengers per day and over 700 million passengers every year.
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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.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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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