Security Inspection Market is Projected to Reach US$ 11.65 billion by the end of 2033

By 2023, the market for security inspections is projected to be worth US$ 35,505 million, and by 2033, it is projected to be worth US$ 11.65 billion. The market is anticipated to grow at a CAGR of 5.8% during the anticipated period.

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Key Highlights

-Personnel screening systems remain highly sought-after in security inspection applications to minimize internal threats
-Aviation sector accounts for greater security inspection product and service adoption through 2030
-Portable security inspection models continue to generate strong demand over, larger area coverage benefits
-North America will remain at the forefront of the industry, given the higher risk of terrorism and domestic unrest in the United States

Covid-19 Impact on Security Inspection Market

The coronavirus pandemic has exposed a wide range of sectors to substantial economic uncertainty owing to restricted operations, and strict social distancing guidelines. The security inspection market is witnessing lower demand, particularly in the transport sector. However, tech innovations could potentially generate key growth opportunities.

While physical distancing becoming the norm, institutions using security inspections are displaying interest towards automated systems, and self-service products to minimize touchpoints to minimize human to human interactions.

Consequently, the advancements in AI and data analytics will help in managing the recovery of the end user sectors such as defense and aviation in terms of traffic growth, airport infrastructure, passenger expectations, and changing security threats.

Competitive Intelligence

Some of the key players in the security inspection market include Leidos, Gilardoni S.p.A., Nuctech Company Ltd., Analogic Corporation, Smiths Group plc, ADANI, Rapiscan Systems, Unival group GmbH, EAS Envimet Analytical Systems GmbH, Bruker, and C.E.I.A. SpA. With the competitive nature of the market landscape, product development and launch strategies, and efforts towards regulatory approval are key strategies.

-The Kylin Ti computed tomography imaging scanner by Nuctech Company Limited has received the European Civil Aviation Conference's certification of Explosive Detection System for Cabin Baggage (EDSCB) designation.
-The US Transport Security Administration (TSA) has added the EMIS series electromagnetic cargo screening systems to its official list of Air Cargo Qualified technologies, for potential terrorism threats and to detect contraband and restricted goods.

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Key Segments

Product

-Personnel Screening Systems
-Checkpoint Screening Systems
-Explosives & Drugs Trace Detection Systems
-Liquid and Radioactive Substance Monitors,
-Cargo and Baggage Inspection Systems
-Vehicle Inspection Systems
-Others

Type
-Portable
-Fixed

Application
-Aviation
-Border Security
-Correctional Facilities and Law Enforcement
-Critical Infrastructure Protection
-Commercial Security
-Others

Service
-Security Consulting Services
-Installation and Integration Services
-Maintenance and Repair Services
-Security Training Services
-Support Services

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.