Rising airline cybercrimes to boost airport security market growth: U.S. to emerge as a lucrative ground
Airport security industry is expected to be one of the booming markets over the upcoming years owing to the unrelenting threat of terrorism and other forms of aviation crimes plaguing the landscape globally. The immediate need for a strict and efficient screening system to mitigate these potential threats will fuel the market growth. With the incorporation of enhanced hi-tech security to the existing surveillance system, passengers are ensured with better situational awareness and improved safety. According to Global Market Insights, Inc.,” Airport Security Market having had USD 8.82 billion in 2015, is projected to cross over USD 12.5 billion, with an estimated CAGR of more than 4.6% over the period 2016-2023.”
U.S. Airport Security Market size, by technology, 2012-2023 (USD Billion)
Furthermore, growing investments on new infrastructure developments along with the continuous effort to upgrade disparate systems will positively impact the market dynamics. For instance, a recent study by the Centre for Aviation (CAPA) estimated that currently, over 2,500 aviation projects are operational, with Asia Pacific solely investing more than USD 125 billion on airport construction activity.
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Based on technology trends, airport security market covers perimeter security, cybersecurity, surveillance, access control, and screening. Airport cybersecurity market worth over USD 1.8 billion in 2015, is expected to grow at a fast pace, driven by the increasing number of cyberattacks at airports. Screening segment, which includes access control system, metal detectors, and X- ray machines, accounted for a major revenue share of over USD 4.25 billion in 2015. Strong demand for efficient and swift screening owing to growing public traffic in airports will drive overall airport security industry in the upcoming timeframe.
Owing to the presence of a large public pool, airports represent a potential target area for frequent attacks such as cybercrime, arson, robbery, terrorism, vandalism, etc. Thus, considering the national security, streamline screening and advanced level security in airports has now become a necessity. Strong positive outlook toward efficient automated security as an alternative to manual system is expected to stimulate global airport security market dynamics. A large number of airports are capitalizing on integrated platforms, C2 (complex control and command) systems, and IP-based network owing to the enhanced security offered by these systems. In addition, a strict government regulatory framework that ensures the safety of the public will also favor airport security industry share over the period 2016-2023.
However, military conflicts and global economic turmoil are some of the factors restraining the market growth.
Based on global trends, China is a major revenue pocket for APAC airport security market, and is expected to grow noticeably at an annual growth rate of 7% over the period 2016-2023. Huge investments on infrastructure development and hi-tech screening incorporation are the key factors catalyzing U.S. airport security market growth.
North America, almost solely driven by U.S. airport security industry, is also slated to witness lucrative growth over the next six years. U.S. market, which held 85% of the total market revenue in 2015, is expected to continue its supremacy. The robust growth can be credited to the rapid constructional developments in this region which are encouraging the industry players for more and more investments.
Increasing airline passenger volume especially in the Gulf region and Turkey will provide lucrative growth prospect for the market. It is estimated that airport security market in this region will grow at a CAGR of 5.5% over 2016-2023.
Global airport security market is highly competitive with some of the prominent players being Smiths Detection, OSI Systems (Rapiscan), Safran Morpho, American Science & Engineering, and L-3 Security & Detection. Upgraded technological integrations with existing systems and increasing R&D expenditure are the key strategies adopted by the market players to sustain the diversified airport security industry.
Author Name : Satarupa De