Passenger Security Market Size to reach USD 12.04 Billion in 2032-Emergen Research

The global passenger security market size was USD 6.00 Billion in 2022 and is expected to register steady revenue CAGR of 7.2% during the forecast period, according to latest analysis by Emergen Research. Rising passenger traffic and cyber security solutions, quick development and uptake of cutting-edge technology, and increasing number of terrorist attacks and new airports, ports, and stations are key factors driving market revenue growth.

Major benefits of passenger security include increased focus on travelers whose backgrounds are unknown, lower costs for purchasing, operating, and maintaining security equipment at airports, and less inconvenience for passengers due to security measures. Positive passenger profiling hence improves the security system's effectiveness without compromising airport security.

In addition, recent advancements of smart thermal cameras is another key factor driving revenue growth of the market. This is owing to their significant customer centric advantages of continuous monitoring, high-definition visuals, reduced low false alarm rates, high performance, long- range detection, visual proofs for threat alarms, and flexible coverage. As a result, major companies are collaborating to take different initiatives to develop enhanced technologies and products in thermal cameras usage for passenger security in the market. For instance, on 1 May, 2023, Gentex Corporation, a well-known provider of digital vision, connected car, dimmable glass, and fire protection technologies, announced its agreement with ADASKY as the lead investor in a Series B round of financing. Through this agreement, the company also established a commercial, engineering, and manufacturing collaboration agreement to assist in commercializing ADASKY's proprietary technology for passenger security.

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Main obstacles to passenger security include no margin for error, real-time security optimization, a highly regulated environment, specific training, and certification requirements, handling fluid passenger movement situations on an hourly basis, beefing up passenger security, adoption of digital systems, and record-keeping of security logins, shift changes, or attempted checkpoint breaches. In addition, the rising number of terrorist attacks, hijackings of commercial aircraft, security lapses on commercial ships, and their docking in appropriate ports present significant difficulties and cause for grave worry. These are major factors, which could restrain market revenue growth.

Some Key Highlights from the Report

• The baggage inspection systems segment accounted for largest revenue share in the global passenger security market in 2022. This is due to advantages of baggage inspection systems such as improved security, swift, precise, and non-intrusive security analysis, as well as a reduction in human error. This is due to their benefits in improving threat detection, easing the requirement to conduct checking without removing essential travel items such as electronics and fluids, and increasing sensitivity. For instance, on 14 April 2023, the government of U.S. announced their most recent investment in CT scanners at various airports amounting to USD 1.3 billion including three orders totaling up to 426 base, 359 mid-size, and 429 full-size CT units are to be deployed in the summer of 2023.

• The airports segment is expected to account for significantly large revenue share in the global passenger security market during the forecast period. This is due to major benefits of airport passenger security such as preventing transit of illicit drugs, lowering the threat of terrorist attacks, preventing disease transmission, reducing the risk of aircraft accidents, detection of smuggling, safeguarding against cyber threats, and ensuring passenger safety. The most recent developments in Artificial Intelligence (AI) are leading to a reduction in wait times and improved customer experience due to their advantages of accurate passenger identification at airports and improving security screening activities.

• The North America market accounted for largest revenue share in the global passenger security market in 2022. This is attributed to latest technological advancements and upgrading along with the launch of new products and various initiatives undertaken by governments. For instance, on 27 February 2023, the U.S. government announced the distribution of about USD 1 billion from Bipartisan Infrastructure Law to 99 airports of various sizes and types around the country, with air traffic expected to match or surpass pre-pandemic levels this year. In addition, rising demand for air travel by putting money into new baggage systems, bigger security checkpoints, and enhanced ground transportation is also expected to drive market revenue growth during the forecast period.

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Major Companies and Competitive Landscape
Some major companies included in the Passenger Security Market report are:
• Advanced Perimeter Systems
• Axis Communications AB
• ADANI SYSTEMS, Inc.
• Autoclear
• Bosch Security Systems GmbH
• E.I.A. S.p.A.
• Teledyne FLIR LLC
• Honeywell International Inc.
• ORBCOMM
• Smith's Detection Group Ltd.

Strategic Development

• On 22 February 2023, Smiths Detection, a leader in threat detection and security screening, delivered passengers and hold baggage screening equipment to Noida International Airport, which ensured the efficiency and safety of both travelers and staff.

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Emergen Research has segmented the global passenger security market on the basis of equipment, investment type, offering, end- use, and region:

• Equipment Outlook (Revenue, USD Billion; 2019-2032)
o Baggage Inspection Systems
o Explosive Trace Detectors
o Hand- Held Scanners
o Walk- Through Metal Detectors
o Full- Body Scanners
o Perimeter Intrusion Detection Systems
o Video Management Systems
o Access Control/ Biometric Systems
o Bar- Coded Boarding Systems
o Cyber Security Solutions

• Investment Type Outlook (Revenue, USD Billion; 2019-2032)
o New Demand
o Replacement Demand

• End-use Outlook (Revenue, USD Billion; 2019-2032)
o Airports
o Train Stations
o Bus Stations
o Seaports

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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