Artificial Intelligence
Airport Security Market to Worth USD 11.45 Billion by 2027 | At a CAGR of 7.62%
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Pune, India, Feb. 28, 2023 (GLOBE NEWSWIRE) — The global airport security market size is projected to reach USD 11.45 billion by the end of 2027. The increasing number of air travel will bode well for the market in the coming years. The market was worth USD 10.78 billion in 2019 and will exhibit a CAGR of 7.62% during the forecast period, 2019-2027.
Airport security refers to the measures taken to ensure the safety and security of passengers, airport staff, and airport facilities against potential threats such as terrorism, theft, and vandalism. The global airport security market is a rapidly growing industry due to the increasing number of air travelers and the rising concerns over airport security.
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List of companies profiled in the airport security market report:
- American Science and Engineering Inc. (The U.S.)
- Axis Communication AB (Sweden)
- FLIR Systems (The U.S.)
- Hitachi Limited (Japan)
- Honeywell International Inc. (The U.S.)
- L3Harris Technologies Inc. (The U.S.)
- Raytheon Company (The U.S.)
- Robert Bosch GmbH (Germany)
- Siemens AG (Germany)
- Smiths Detection Inc. (The U.K)
- Thales Group (France)
- Westminister Group Plc. (The U.K)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2020-2027 |
| Forecast CAGR | 7.62% |
| 2027 Value Projection | USD 11.45 billion |
| Base Year | 2019 |
| Historical Data | 2016-2018 |
| No. of Pages | 200 |
| Segments Covered | By Product Analysis, By System, By Airport Model |
Company Mergers Are Proving Beneficial for Major Businesses
The report encompasses several factors that have contributed to the growth of the overall market in recent years. With a bid to capitalizing the massive potential held by this market, several large-scale companies are looking to adopt newer strategies. It is observed that company mergers and collaborations are a growing trend among major businesses across the world. In April 2019, Thales Group announced that it has completed the acquisition of Gemalto.
The Germany-based company is provider of digital security services, with product applications ranging across diverse industry verticals. Through this acquisition, the company plans to strengthen its portfolio of digital security solutions. Thales’ acquisition of Gemalto will help the company establish a formidable position in the global market. Furthermore, this acquisition will have a positive impact on the growth of the overall market in the coming years.
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Market in Asia Pacific Held the Highest Share; Rising Air Traffic Will Emerge in Favor of Market Growth
The report analyzes the ongoing market trends across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, the market in Asia Pacific currently holds the largest market share. The rising air traffic in countries such as India, China, and Japan will bode well for the growth of the regional market. Moreover, massive investment in the development of efficient equipment will aid the growth of the market in this region. Besides this, massive population and increasing number of air passengers and flight travels will create several opportunities for market growth. The market in North America will witness considerable growth due to the adoption of technologically advanced systems in the United States. The increasing air travels and flights inwards and outwards of the United States will also aid the growth of the market in this region. As of 2019, the market in North America was worth USD 3.82 billion and this value is projected to increase further in the coming years.
The report also identifies the following key drivers contributing to the growth of the airport security market:
Increasing passenger traffic: As the number of air travelers continues to grow, airports are under pressure to improve their security measures to ensure the safety of passengers and staff.
Rising threat of terrorism: The threat of terrorism remains a major concern for airport security officials, leading to increased demand for advanced security technologies and solutions.
Advancements in technology: The development of advanced security technologies such as biometrics, video surveillance, and artificial intelligence is expected to drive the growth of the airport security market.
Government initiatives: Governments around the world are investing in airport security to improve the safety and security of their citizens and to enhance their national security.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Global Airport Security Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Security Type
- Access Control
- Cyber-security
- Perimeter Security
- Screening
- Surveillance
- Others
- Market Analysis, Insights and Forecast – By System
- Metal Detectors
- Fiber Optic Perimeter Intrusion
- Backscatter X-Ray Systems
- Cabin Baggage Screening Systems
- Others
- Market Analysis, Insights and Forecast – By Airport Model
- Airport 2.0
- Airport 3.0
- Airport 4.0
TOC Continued…!
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