The increase in incidences of on-road accidents are expected to drive the growth of the global market of transportation safety and transportation security market. The growing need for improving preparedness in handling road congestion and maintaining traffic rules for safety, at the same time can promote the market growth. Fast-paced industrialization and expansion in the urban population base are creating enormous traffic. Moreover, the hectic lifestyle of working professionals also keep them in a motion. These are observed to lead into life threating accidents. Technological upgradation assist in effective monitoring of traffic condition and get real-time information. Hence, the growing need for proper traffic management is likely to propel the market growth. On the other hand, passenger inconvenience can act as a market constraint.
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United Technologies Corporation
Fortive (FTV), a US based industrial conglomerate company, declared its intention to separate into independent public traded companies. The independent units will focus on transportation safety and security.
The global market for transport safety and transportation security has been analysed by a segmental study that aids in better comprehension of its growth dynamics. The market has been segmented by type and application criteria. Based on type, the worldwide market has been segmented into access control, surveillance, screening, tracking, navigation, scanning, and fire safety. Considering the application category, the worldwide market has been classified into roadways, railways, seaways, airways. As the world population grows, industrialization, urbanization, and globalization are likely to expand at a rapid pace. These factors lead to the need for better transportation management across every transportation route. Hence, the application segment is expected to exhibit a healthy growth in coming years.
Detailed Regional Analysis
The transport safety and transportation security market has been analyzed across specific regions to spot its growth windows. The regional study includes; Asia Pacific, the Middle East & Africa, Europe, South America, and North America.
The North America segment has been classified into the United States, Canada, Mexico. The South America segment has been sub-segmented into Brazil, Colombia, Argentina. Korea, Southeast Asia, India, Australia, Japan, and China are regions that are studied for the market under the Asia Pacific segment. The Europe segment has been segregated into Spain, Italy, France, Germany, UK, and Russia. The sub-segments of the Middle East Asia and Africa segment are Saudi Arabia, Egypt, Nigeria UAE, and South Africa. Increase in need for transport safety, hectic work life of people, and increase in traffic congestion are factors that are likely to gain traction for the Asia Pacific market.
Market Key Players
Some of the important vendors dealing in the transportation safety and transportation security market are listed here. They are; Honeywell, Lockheed Martin, L-3 Communications, Alstom, Kapsch, Siemens, Safran, United Technologies Corporation, Thales, Saab, Orbcomm, Raytheon, Rapiscan Systems, and Rockwell Collins. The growing competition among market players is expected to benefit the market. At the same time, mergers, deals, and agreements among them can generate high revenue for the market.
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