May 2023, Research Report on the Global Passenger Security Market.
Rising global passenger traffic has significantly contributed to the expansion of the passenger security market. Furthermore, the growing tourism across the globe, along with rising terrorism activities, is boosting the passenger security market penetration. Additionally, the growing development of new seaports and rising investment by countries such as China and India in modernizing railway infrastructure is also expected to drive the passenger security market.
However, issues related to cybersecurity and the high cost of development might hamper the growth of the market.
Growing adoption of advanced technologies, such as AI, blockchain, data analytics, and biometrics, to offer enhanced security to passengers is expected to drive the growth of the market.
Growth Opportunities in the Market
Access control/biometric systems segment to register the highest growth rate: The access control/biometric systems segment is expected to register the highest CAGR during the forecast period owing to the growing adoption of biometric systems by airports to offer enhanced safety and traveling experience to passengers. For example, in December 2019, NEC Technologies India, a subsidiary of NEC Corporation, signed a contract with the Airport Authority of India to implement a biometric-based boarding platform across four airports in the cities of Pune, Varanasi, Kolkata, and Vijayawada in India.
New demand segment to be the fastest-growing: The new demand segment is expected to exhibit a higher CAGR during the forecast period due to the enhancement in the technology for baggage & passenger scanning, development of new seaports, airports, and railway station, and expansion of existing seaports and airports.
Commercial airports segment expected to register the highest CAGR: The commercial airports segment is projected to register the highest CAGR during the forecast period owing to the increasing passenger traffic across the world driven by the expansion of existing airports and the development of new airports. For instance, according to the Center of Aviation, the global airport investment in 2018 was estimated to be around USD 81.9 million, in which around USD 23 million were accounted for new airports and USD 58.8 million for existing airport development.
Other Prominent Players