Passenger Security Market Size, Growth & Competitive Analysis 2024-2033

The Business Research Company recently released a comprehensive report on the Global Passenger 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.

According to The Business Research Company's, The passenger security market size has grown strongly in recent years. It will grow from $6.18 billion in 2023 to $6.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to impact of security incidents, public awareness and demand for security, evolution of passenger screening methods, shift in security strategies, introduction of screening protocols.

The passenger security market size is expected to see strong growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increased air travel, focus on threat detection, adoption of biometric solutions, global events impacting security, health screening integration. Major trends in the forecast period include threat intelligence and information sharing, biometric identification, enhanced screening technologies, behavioral analytics, integration of ai and machine learning.

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Market Drivers and Trends:

Rising passenger traffic is expected to propel the growth of the passenger security market going forward. Passenger traffic refers to the total number of passengers traveling in a vehicle, such as a bus, boat, or airplane, from one place to another via any transport medium. The rise in passenger traffic requires the expansion of security measures for passengers. Airport security helps provide passenger security in airports during travel. For instance, in May 2022, according to the International Civil Aviation Organization, a US-based agency that coordinates international air navigation, from January to April 2022, there were 65% more passengers carried by air globally than there were during the same time in 2021, while there were 30% more aircraft departures. Over the same period, the number of airline seats climbed by 32%. Further, in April 2023, according to Eurostat statistics, the statistical office of the European Union, rail passenger travel in the EU recovered partially in 2021, increasing by 16.5% over 2020. Therefore, an increase in passenger traffic is driving the growth of the passenger security market.

Technological advancement is the key trend gaining popularity in the passenger security market. Major companies operating in the passenger security market are focusing on developing new technologies to sustain their position in the market. For instance, in June 2022, Thales Group, a France-based producer of security management solutions for airport infrastructure and passengers, launched HELIXVIEW, a new and revolutionary airport scanner. It is a brand-new, cutting-edge Explosive Detection System for Cabin Baggage (EDS CB), allowing passengers to leave things alone. The C3-compliant HELIXVIEW scanner (the next EDS CB standard) combines electronic scanning based on X-ray nanotechnology with 3D image reconstruction. It also uses Thales' expertise in artificial intelligence (AI) and cybersecurity to develop an innovative and affordable solution for airports.

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Major Key Players of the Market:

Honeywell International Inc.; Indra Sistemas S.A.; Robert Bosch GmbH; Teledyne FLIR LLC; Autoclear LLC; Smiths Detection Group Limited; Adani Systems Inc.; Advanced Perimeter Systems Limited; SITA - Société Internationale de Télécommunications Aéronautiques; Navtech Radar Ltd.; NEC Corporation; OSI Systems Inc.; Thales Group; Swissport International AG; Wabtec Corporation; Securitas Transport Aviation Security Ltd.; G4S plc; ICTS Europe Systems BV; Allied Universal Security Services LLC; Prosegur Compañía de Seguridad S.A.; Brink's Company; ADT Inc.; Secom Co. Ltd.; American Airlines Group Inc.; Delta Air Lines Inc.; United Airlines Holdings Inc.; Southwest Airlines Co.; Air France-KLM SA; Deutsche Lufthansa AG; The Emirates Group; Qatar Airways Group Q.C.S.C.; Cathay Pacific Airways Limited; Singapore Airlines Limited; Japan Airlines Co. Ltd.; Korean Air Lines Co. Ltd.; China Southern Airlines Company Limited; Air China Limited; Turkish Airlines Inc.

Passenger Security Market 2024 Key Insights:

• The passenger security market will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Surge In Passenger Traffic Fueling Growth In The Passenger Security Market
• Advanced Scanning Technology Transform Passenger Security Market Presence
• North America was the largest region in the passenger security market in 2023

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