Airport Security Market Size, Regional Overview, Competitive Landscape, Business Growth, Share Analysis And Forecast To 2033

"The Business Research Company recently released a comprehensive report on the Global Airport Security Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The airport security market size has grown rapidly in recent years. It will grow from $15.52 billion in 2023 to $17.45 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth in the historic period can be attributed to terrorism threats, regulatory compliance, rise in passenger volume, globalization, infrastructure development.

The airport security market size is expected to see rapid growth in the next few years. It will grow to $27.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to rising cyber security attacks, digitization of airports, increasing investments in aviation sector, rising tourism, rise in trade. Major trends in the forecast period include strategic collaborations, biometrics adoption, drone detection and mitigation, cybersecurity integration, multi-modal security.

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Market Drivers and Trends:

The increase in new airport building operations and facilities improvements is contributing to the growth of the airport security market. Airport building operations and facilities improvements refer to the improvements in the infrastructure of the airport as well as the facilities such as arrival, departure, check-in, airport staff, and so on. With the growth in population, air traffic, and increasing demand for the modernization of the infrastructure there has been an increase in new airport building operations and facilities improvements. For instance, in May 2021, Raytheon Technologies was awarded a USD 318 million contract by the U.S. Transportation Security Administration (TSA) to deploy checked baggage screening machines at all federally managed airports. This five-year contract covers the expansion of equipment at about 430 federal airports across the country. It will also strengthen the terminals' security and reduce any potential hazard to the numerous stakeholders on-site. Therefore, the increase in new airport building operations and facilities improvements will drive the growth of the airport security market.

Major companies in aircraft security are focusing on advancements in technology such as Advanced security technologies to gain a competitive advantage and enhance their product offerings. Advanced security technologies, such as biometrics, AI, and machine learning, improve the detection of potential threats, including weapons, explosives, and hazardous substances. For instance, in May 2023, Cincinnati/Northern Kentucky International Airport, a US-based public international airport launched new technology at security checkpoints to enhance security and improve the passenger experience. The new technology is called Credential Authentication Technology (CAT), which is a security game changer that ensures ID authentication, reservation verification, and Secure Flight pre-screening status are known in ""near"" real-time at the airport security checkpoint. CAT is an effective tool for TSA officers, providing enhanced fraudulent ID detection capabilities while confirming the identity and flight information of travelers.

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Major Key Players of the Market:

American Science and Engineering Corp., Bosch Corporation, CEIA S.p.A., Hitachi Electronic Devices (USA) Inc., L-3 Communications Holdings Inc., Lockheed Martin Corporation, OSI Systems Inc., Safran Morpho Inc., Siemens AG, Smiths Detection Inc., Auto Clear LLC, Analogic Corporation, Bruker Corporation, Nuctech Company Ltd., MilliVision Technologies LLC, G4S Secure Solutions (USA) Inc., Securitas AB, Covenant Aviation Security LLC, ICTS Europe Holdings BV, Allied Universal Corporation, SM Group (America) Inc., Vantage Airport Group Ltd., Rapiscan Systems Inc., L3Harris Technologies Inc., IDEMIA Identity & Security USA LLC, Argus Global LLC, Clear Channel Airports Inc., Leidos Inc., Vision-Box Inc., Rohde & Schwarz USA Inc.

Airport Security Market 2024 Key Insights:

• The airport security market size is expected to see rapid growth in the next few years. It will grow to $27.31 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Growing Airport Infrastructure Expansion And Modernization Driving Airport Security Market
• Technology Advancements For Enhanced Aviation Security
• North America was the largest region in the airport security market in 2023

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