Market Size – USD 6.71 Billion in 2019, Market Growth – CAGR of 6.6%, Market Trends –Technological advancements.
The global security inspection market is expected to reach a market size of USD 11.23 Billion by 2027 and register a high revenue growth rate during the forecast period, according to the latest report by Reports and Data.
Security inspection market growth is supported by initiatives taken by major players in the market to develop new technologies that support operational availability. The security inspection market is also witnessing increasing growth due to high and rising demand for real-time detection of threats and to ensure a safer environment in crowded places.
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Security systems helps to ensure safety at borders, airports, railways, tourist places, and others, which are extremely vulnerable to terrorist and illegal activities. Adoption of advanced security inspection system in court houses, prisons, and museums is also driving market growth.
The COVID-19 impact:
The COVID-19 pandemic has impacted growth of the global security inspection market adversely. However, as the economy is picking up pace, need for social distancing has been fueling demand for automated security system to limit physical interaction among human beings due to implementation of stringent social distancing norms and practices.
Further key findings in the report
- Increase in volumes of cargo and passenger baggage has been resulting in rising concerns over airport security. Authorities are focusing on deployment of intelligent systems to detect dangerous substances, avoid terrorism-related activities and movement of illegal materials, and this is expected to continue to drive demand for cargo and baggage inspection systems over the forecast period.
- Maintenance and repair services segment accounted for larger revenue share among the services segments. Constant need to maintain security of products is propelling growth of the maintenance and repair services segment.
- Aviation sector segment accounted for the largest share among the application segments, driven by increasing need to monitor passengers and baggage to restrain movement of illicit substances, goods, and items.
- Asia Pacific market revenue is expected to register highest CAGR due to increasing urbanization and industrial expansion in the countries in the region. Developing countries are adopting screening systems at a rapid rate in healthcare facilities, critical manufacturing facilities, power plants, oil refineries, and mass transportation systems.
- Key participants include Nuctech Company Limited, Leidos, Rohde & Schwarz, Smiths Group plc, Unival Group GmBH, Rapiscan Systems, Analogic Corporation, Brucker, Astrophysics Inc., and Braun & Co. Limited.
Security Inspection Market Size, Share & Analysis, By Product (Checkpoint Screening Systems, Personnel Screening Systems), By Type (Portable, Fixed), By Services (Maintenance And Repair Services, Security Consulting Services), By Application, And By Region, Forecast To 2027; To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/security-inspection-market
For the purpose of this report, Reports and Data has segmented the global security inspection market on the basis of product, type, services, application, and region:
- Product Outlook (Revenue, USD Billion; 2017-2027)
- Checkpoint screening systems
- Personnel screening systems
- Liquid and radioactive substance monitors
- Vehicle inspection systems
- Cargo and baggage inspection systems
- Explosives & drugs trace detection systems
- Type Outlook (Revenue, USD Billion; 2017-2027)
- Services Outlook (Revenue, USD Billion; 2017-2027)
- Maintenance and repair services
- Security consulting services
- Security training services
- Installation and integration services
- Support services
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Border security
- Critical infrastructure protection
- Correctional facilities and law enforcement
- Commercial security
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Saudi Arabia
- Rest of MEA
- Latin America
- Rest of LATAM
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