According to a new market report published by Credence Research, Inc. “Airport Security Market (By Technology (Surveillance, Access Control, Perimeter Security, Screening, and Cyber Security among Others), By Geography (North America, Europe, Asia Pacific, Middle East and Africa, and Latin America)) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global airport security market is expected to witness a steady growth during the forecast period 2016 – 2023, reaching US$ 12.72 Bn by 2023.
Product Insights
The combination of growing terrorism threats and willingness shown by the countries to invest in the development of airport security infrastructure are the major factors supporting deployment of security technologies at airports. With the perpetual growth in air passenger traffic, airport authorities are deploying smart and intelligent checkpoint solutions to improve their operational efficiency. Compliance with the aviation legislations has forced airport authorities to upgrade their existing security infrastructure, thereby driving new installations. For instance, the airport authorities in Europe were required to deploy sufficient airfield and perimeter security by 2015 as per an EU directive. While the developed markets like Europe and North America are presumed to witness incremental growth, Asia Pacific and Middle-East region are poised to experience a considerable uptrend.
The complete report is available at http://www.credenceresearch.com/report/airport-security-market
Competitive Insights
The global airport security market is technology driven and is in the early stage of maturation. The global airport security technology market is highly reactive as players in the market are primarily focused on addressing known threats rather preventing unidentified threats alongside. Some of the leading and promising players identified in the global airport security market include American Science and Engineering Inc., OSI Systems, Inc., Smith Detection, Safran Identity & Security (Morpho Detection), L-3 Communications Holdings, Lockheed Martin, Hitachi Ltd., C.E.I.A S.p.A, Siemens AG, Bosch Security Systems, and FLIR Systems among others.
The technology providers must focus on rolling out advanced security technologies that can be easily integrated with intelligent system designs to enhance airport operational efficiency. Small players are merging and forming strategic partnerships with the established players as the market moves towards consolidation. On the other hand, a new entrant is required to make substantial capital investment and have dedicated research and development budget to come-up with innovative solutions. Growing security concerns coupled with rigorous aviation legislations bodes well for the market growth and competition.
Key Trends
- Compliance with stringent security measures and aviation legislations to support market demand
- Investments are made in developing robust airport security infrastructure across the globe
- Growing security concerns over rising terrorist threats
- High upfront cost and privacy intrusion
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