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Security Screening Market Growth, Key Drivers, Segmentation, And Forecast To 2033
Security Screening Market
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According to The Business Research Company's, The security screening market size has grown strongly in recent years. It will grow from $9.94 billion in 2023 to $10.76 billion in 2024 at a compound annual growth rate (CAGR) of 8.3%. The growth in the historic period can be attributed to increased threats and security concerns, rising air travel and transportation security needs, global events and terrorism, public awareness and expectations.
The security screening market size is expected to see strong growth in the next few years. It will grow to $14.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to contactless screening solutions, enhanced threat detection algorithms, focus on privacy and data security, customs and border security application. Major trends in the forecast period include integration with biometric technologies, technological integration in critical infrastructure protection, advancements in detection technologies, multi-modal biometric screening, remote screening and monitoring.
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Market Drivers and Trends:
The increasing terrorism is expected to propel the growth of the security screening market. Terrorist uses illegal force and violence to achieve a political, economic, religious, or social purpose through fear, compulsion, or intimidation. With these growing unlawful immigration and terrorist acts worldwide, the demand for security screening systems has risen. According to the Global Terrorism Index, there were 5,226 terrorist acts worldwide in March 2022. Few nations, including Afghanistan, Iraq, and Somalia, are more significantly impacted by terrorism. Therefore, increasing terrorism will drive the security screening market growth.
Technological advancements have emerged as the key trend in the security screening market. Major companies operating in the security screening market are focused on providing technologically advanced solutions to strengthen their market position. These companies are implementing next-generation security screening technologies into their product and services, such as CT scanners, under-vehicle inspection technologies (UVIS), automated screening lanes, facial recognition, millimeter-wave technology, and others to safeguard and prevent prohibited items and other threats to security. For instance, in November 2021, Smith Detection, a threat detection and security screening company, collaborated with Microsoft and Heathrow to build an artificial intelligence technology to detect wildlife trafficking. In the initial testing phase, this technique will be used with their existing screening and security infrastructure to combat illegal wildlife trafficking with AI-powered technology.
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Major Key Players of the Market:
NEC Corporation, Thales Group, L3Harris Technologies Inc., Adani Systems Inc., Leidos Holdings Inc., Decision Sciences Corporation, Garrett Metal Detectors, Smiths Group plc, 3DX-Ray Ltd., OSI Systems Inc., Analogic Corporation, Nuctech Company Limited, Rapiscan Systems Ltd., Muon Systems, Optosecurity Inc., CEIA SpA, Morpho Detection Inc., Astrophysics Inc., Magal Security Systems Ltd., Metrasens Ltd., Kromek Group plc, Autoclear LLC, Gilardoni SpA, Westminster International Ltd., Passport Systems Inc., Scanna MSC Ltd., Teledyne ICM SA, RedXDefense LLC, Argus Global Pty Ltd., Lingacom Ltd., American Science and Engineering Inc., DetectaChem LLC, FLIR Systems Inc., Implant Sciences Corporation
Security Screening Market 2024 Key Insights:
• The security screening market size is expected to see strong growth in the next few years. It will grow to $14.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• Rising Global Terrorism Is A Catalyst For Accelerated Growth In The Security Screening Market
• Next-Generation Technologies Transforming The Security Screening Landscape
• North America was the largest region in the security screening market in 2023
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