DUBLIN, April 17, 2020 /PRNewswire/ -- The "Security Screening Market - Forecasts from 2020 to 2025" report has been added to ResearchAndMarkets.com's offering.
The global security screening market is expected to grow from US$7,577.902 million in 2019 to US$12,503.408 million by 2025, at a CAGR of 8.7% over the forecast period.
The major factor that is driving the demand for security screening systems is the growing need for security measures at various public places such as restaurants, cinema halls, and others owing to rising terror attacks across the globe. Advancement in sensor technology is also fueling the growth of this market. Among all security screening devices, biometric systems are the account for the bulk of the demand.
Growth in the number of air passengers is one of the prime drivers for the market
The number of the passenger traveling through air transport is increasing steadily over the years. In fact, the number of air passenger numbers increased from approx. 1.5 billion in 2000 to 4.4 billion in 2018 (source: International Air Transport Association). The growing number of air travels is leading to the aviation industry adapting a process that ensures a simple and smooth travel experience for the passengers while ensuring effective security.
For instance, providing effective security through biometric verification has been growing over the years. This is due to the improvement of the biometric technology over the years and is expected to achieve wider implementation that will result in removing the need for verification of physical documents and credentials at every point. Furthermore, the deployment of biometric related initiatives at airports is expected to increase at a rapid pace.
Moreover, the combination of biometric-based technology has the ability to provide insights that can be used to perform an enhanced method of screening called risk-based screening. The risk-based screening will assign a risk score to an individual and appropriate screening protocol will be applied to them.
Lucrative revenue-generating opportunities lie in the Asia-Pacific while North America is projected to grow at a stable rate during the forecast period
Stringent security regulations and processes in the U.S. and Canada is the major driving factor in the Americas. For instance, in 2017, the Department of Homeland Security announced enhanced screening procedures on all inbound flights to the United States. Moreover, in May 2019, the Transport Security Administration announced that it expects to screen more than 4% or 10 million more passengers between May 23rd to September 3rd, 2019. Moreover, the TSA recently announced that it is testing a new type of screening technology - Advance Imaging Technology Body scanner at airports. Similarly, measures were announced in Mexico in 2017 that saw an increase in security measures for flights bounded to the United States from Mexico.
The Asia-Pacific is projected to witness high growth over the forecast period due to the rising threat of terror attacks and mushrooming smuggling and other illegal activities. For instance, the Government of Australia announced a $204 million budget in 2018 in order to increase airport security as a part of national security overhaul. Moreover, the emerging economies like India and China are witnessing an influx of international passengers over the years. Moreover, India has witnessed a rapid increase in the number of domestic flight passengers over the years caused by the growing competitive environment, pushing the prices downwards.
Similarly, the focus by the Government of India to develop the railway sector is also boosting the growth of the market. Moreover, the number of smart city project is expected to increase in emerging economies that is further anticipated to supplement the growth of the market. In fact, Nuctech Company Ltd. has its security and inspection related products installed in 75 airports, Delhi and Lucknow metro and with other states and law enforcement agencies in India and the company aims to further penetrate the Indian market.
Key Topics Covered
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Security Screening Market Analysis, by Product
5.2. X-Ray Screening Systems
5.2.1. Body Scanners
5.2.2. Baggage Scanners
5.3. Biometric System
5.4. Electromagnetic Detectors
6. Security Screening Market Analysis, by Application
6.2. Government Buildings
6.6. Railway Stations
6.7. Tourist Attractions
7. Security Screening Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East & Africa
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Analogic Corporation
9.2. OSI Systems, Inc.
9.3. L3Harris Security & Detection Systems
9.5. Smiths Detection Group Ltd.
9.6. Nuctech Company Limited
9.7. Astrophysics Inc.
For more information about this report visit https://www.researchandmarkets.com/r/nvzjqp
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