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Mass Transit Security Market Report Share, Forecast 2024-2033
Mass Transit Security Market
According to The Business Research Company's, The mass transit security market size has grown strongly in recent years. It will grow from $39.76 billion in 2023 to $42.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to public transportation systems, demand for innovative security solutions, increased investments in advanced surveillance, increased access control systems, increased biometrics, security breaches.
The mass transit security market size is expected to see strong growth in the next few years. It will grow to $55.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing public incidents, deployment of biometric identification systems, terrorism threats, public awareness and cooperation, geopolitical tensions. Major trends in the forecast period include AI-driven threat detection, enhanced biometric identification, internet of things (IoT) security, mobile security solutions, drone detection and mitigation.
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Market Drivers and Trends:
The increasing threats and security concerns are expected to propel the growth of the mass transit security market going forward. Security threats and concerns refer to any potential danger or harmful event that can exploit a vulnerability and cause harm to any personnel. Public transit environments may be susceptible to criminal activities, including theft, assaults, and vandalism. Mass transit security plays a crucial role in addressing threats and security concerns by implementing measures to protect passengers, infrastructure, and operations from various risks. For instance, in June 2023, according to International Air Transport Association, a Canada-based trade association, in 2022, there was one unruly incident reported for every 568 flights, up from one per 835 flights in 2021. The most common incidents were non-compliance, verbal abuse, and intoxication. Although physical abuse incidents are rare, they increased by 61% over 2021, occurring once every 17,200 flights. Therefore, increasing threats and security concerns are driving the mass transit security market.
Major companies operating in the mass transit security market are focusing on developing new technologies, such as AI-enabled video analytics platform. This platform process actionable insights and conclusions from digital video using AI techniques. For instance, in November 2021, ADLINK technology Inc., a Taiwan-based company that creates and produces goods for applications in test and measurement, automation, and embedded computing, introduced its AVA-RAGX AI-enabled video analytics platform with a focus on the development of next-generation rail solutions, such as passenger security, danger monitoring, and railroad incursion detection. The platform provides high computer density and I/O flexibility for edge applications in constrained contexts. The AVA-RAGX platform, based on the latest industrial version of the NVIDIA Jetson AGX Xavier module at 32 TOPS, offers high reliability and performance for railway applications in tough operating environments. The AVA-RAGX platform enables a number of use cases, including automatic fee collecting, track danger detection, predictive maintenance, autonomous trains, and passenger face mask detection, resulting in safer, smarter, sustainable, and dependable railway operations
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Siemens AG, Panasonic Corporation, Cisco Systems Inc., Hanwha Group, Honeywell International Inc, Johnson Controls International PLC, Thales Group, Tyco International PLC, L3Harris Technologies Inc, Analog Devices Inc., Hikvision Digital Technology Co. Ltd, Bosch Security Systems Inc., NICE Systems Ltd., Axis Communications AB, OSI Systems Inc, Kratos Defense & Security Solutions Inc. (KTOS), Flir Systems Inc., Smiths Detection Inc, Avigilon Corporation, Nuctech Company Limited, Rapiscan Systems Inc, Genetec Inc., Analogic Corporation, Teleste, SDI Presence LLC, March Networks Corporation, IndigoVision Group PLC, High Rise Security Systems LLC, AngelTrax, Fortem Technologies Inc.
Mass Transit Security Market 2024 Key Insights:
• The mass transit security is expected to grow to $55.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Increasing Threats And Security Concerns Growth In Mass Transit Security
• Innovation In Mass Transit Security With AI-Enabled Video Analytics Platforms
• North America was the largest region in the mass transit security market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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