Dover, DE -- (SBWire) -- 04/26/2016 --Airport Security Market Size is forecast to generate revenue of USD 12.83 billion by 2023; as per a new research report by Global Market Insights, Inc. Increased investment in technology R&D is expected to play a key role in stimulating global airport security market growth. Product innovation includes biometric identification and flexible card solutions.
Increase in passenger volumes serves as an enabler for adoption of new technology solutions that offer time savings. Technological developments and evolution of smart security solutions are estimated to drive global airport security market size. Rise in criminal and terrorist activity have propelled the need for security reforms and amendment of security laws.
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Growth of airport infrastructure and shift towards technological security solutions as an alternative to human labor intensive security practices is expected to drive airport security systems market trends over the coming years.
Effectiveness of existing equipment in combating threats and lack of a tangible return on investment has discouraged operators from purchasing new solutions. Labor costs consume a significant portion of the security budget, taking away potential investments in new technology.
Key insights from the report include:
Airport security surveillance market accounted for over 9% of the global revenue in 2015, and the segment is expected to witness growth in the coming years. It primarily includes products such as CCTV, IP and analog video, radar surveillance, etc.
Although analog cameras are more popular and widely deployed, IP cameras have quickly gained popularity and are expected to replace analog systems over the coming years. Video analytics play a vital role in threat detection and software analytics companies are expected to offer innovative solutions for airports.
Biometric access control devices are expected to gain significant airport security market share over the next few years. Card readers and keypads are some of the primary solutions deployed worldwide.
China airport security market size is expected to grow at over 7% CAGR from 2016 to 2023. Growing aviation sector and high scope for implementing safety measures is expected to drive the Asia Pacific industry.
OSI Systems, Safran Morpho, L-3 Security & Detection, and Smiths Detection accounted for majority of the airport security screening market share in 2015. With the increase in number of travelers, screening equipment vendors are clearly focusing on providing systems that offer unparalleled speed and efficiency. Need for efficient checkpoint processing has been considerably high owing to increasing incidents of security breaches.
Morpho employs technologies such as Raman Spectroscopy, Computed Tomography, trace detection and X-ray diffraction in its screening solutions for cargo and baggage. Technological advancements, increased R&D investments and vertical integration are a few key growth strategies.
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Global Airport Security Market Size Likely to Reach USD 12.83 Billion by 2023: Global Market Insights, Inc.
Airport Security Market Size By Technology (Perimeter Security, Cybersecurity, Surveillance, Screening, Access Control), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, China, India, Japan, ANZ, Brazil, Mexico, KSA, UAE, Africa), Application Potential, Competitive Market Share & Forecast, 2016 – 2023