Press release
Airport Security Market to surpass USD 12.5 billion by 2023, with gains at over 4.6% CAGR
Fractovia.Org
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New investments in the market, advanced technologies in screening, big data, and integration markets are driving upgrades. Furthermore, cyber security is also projected to exhibit the significant growth at the faster pace during the predicted time frame. An initiative by governments to tighten safety measures concerning criminal attacks and terrorism is likely to influence the market. Further, new rules about screening can also impact the new technology solutions in airport security market trends. The need for system upgrade and maintenance due to growing number of threats demands technology advancement to provide greater efficiency. This increased security need impels growth encouraging technology providers to roll out integrated and intelligent security solutions and stimulate additional airport efficiencies. Moreover, strategic partnerships and acquisitions play a vital role to success for companies in this arena.
Budgetary constraints of advanced technologies, economic turmoil may hamper the airport security market growth. The aviation security surveillance segment is forecast to exhibit growth over the predicted period. IP cameras are gaining popularity and will completely replace analog systems soon.
Key drivers of the market:
• The rising importance of improved aviation security
• Advanced security infrastructure and screening technologies
• The global air passenger volume growth
• Rapid growth of APAC aviation sector ( new airports and upgrades)
• The moderate growth of the air transport industry in other regions.
• The need to restructure aviation security processes and decreased waiting time for passengers.
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The report analyzes highly competitive industry with some key players profiled in the report. Investment in R&D to develop reliable and credible solution and product offering is a key strategy for competitors.
The key participants in the aviation security screening market include
• Smiths Detection
• Safran Morpho
• OSI Systems (Rapiscan)
• American Science & Engineering
• L-3 Security & Detection.
The global aviation security industry, technologies, and markets are undergoing a significant shift. The U.S. airport security market size is tipped to surpass USD 3.5 billion by 2023. The Middle East market segment will also propel global growth by 2023. China is also projected to witness significant growth owing to growing infrastructure development and passenger volumes.
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