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What’s Driving Innovation in the Airport Security Market? | Key Players are Axis Communications, Bosch Security and Safety Systems, FLIR Systems, G4S, Hitachi, IBM, Lockheed Martin, Safran, Siemens, Smiths Detection, Thales, Leidos

Airport Security Market

Airport Security Market

The commercialization potential of airport security market has escalated immensely over the recent years, subject to the relentless threat of terrorism and aviation crimes plaguing the global landscape. Aviation industry being at the center of international and domestic transportation plays a crucial role in driving nation’s economic growth. Airport security industry space is thus highly affected by demographic, political, and regulatory changes. The catastrophic bombarding at Brussel’s airport and explosion at Maelbeek metro station is difficult to go unnoticed in this regard. Reportedly, the accident bears a record of 31 casualties and severe injuries of almost 270 civilians.

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Some of the other renowned giants actively partaking in airport security market involves Fisher Research Laboratory, Auto Clear LLC, Lockheed Martin Corporation, Axis Communications, Siemens AG, Smiths Detection LLC, and G4S PLC. These companies are heavily investing in R&D activities to integrate cloud security solutions in their business models for sustaining in the competitive landscape. Statistics claimed by Global Market Insights Inc., depicts that overall airport security market was almost USD 9 billion in 2016. The figure itself is a testimony of the huge market opportunities that the business space is likely to unfold in the coming period.

Technological advancements are revolutionizing the landscape of the airport security market. To tackle the issues of passenger inconvenience stemming from long waiting times and physical body checks, the companies operating in the industry are highly focusing on the R&D activities. For instance, innovations including SmartGate passport processing, IP-based surveillance and biometric facial identification are currently being trailed at international hubs across the world and have led to massive improvements in efficiency and comfort levels as opposed to conventional systems.

The rising trend of IoT technology has further fuelled the demand for airport security market. For instance, Birmingham Airport has implemented a solution that accurately measure queues and predict waiting times. These technologies, which include RFID baggage reconciliation systems, e-gates, and more. Smart technologies, however, owing to their increased dependence on the internet, are more susceptible to thefts and hacking attacks.

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The screening application segment of the airport security market is anticipated to dominate in terms of revenue during the forecast timespan. Various governments, in light of rising attacks, have initiated stringent baggage and traveller scanning protocols. For instance, the Liquids Rule issued by the Transportation Security Administration in the U.S restricts the quantity of fluids in hand-held baggage. This is to dissuade terrorist attacks from the carriage of corrosive and acidic liquids that can pose a security threat.

The reason behind North America to become the hotspot for airport security market investors is quite obvert- the growing emphasis by the U.S. government on security measures such as cyber security solutions, surveillance cameras etc. The TSA has recently launched a novel 3D point scanning technology at the Logan International Airport and Phoenix Sky Harbor. The computed tomography screening equipment is proclaimed to possess better threat detection capabilities by offering three-dimensional image of screened cargo. With increasing deployment of such commendable technologies, it is of no surprise that North America airport security industry would widen its horizon in the coming years.

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Amidst the perpetually rising terror attacks pertaining to the aviation industry, it is rather overt for the global airport security market to garner huge proceeds and developments in the coming years. Global Market Insights, Inc., projects the overall airport security market to register a y-o-y growth rate of 7% over 2017-2024, crossing a valuation of USD 16 billion by 2024.

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.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

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