Passenger Security Market is projected to reach USD 7,770 Million by 2030 and register a CAGR of 6.91%.
Passenger Security Market Scenario
Passenger Security Market is projected to reach USD 7,770 Million by 2030 and register a CAGR of 6.91%. Passenger security alludes to the systems and strategies utilized to ensure travelers, staff, airship, dispatch, and other transportation modes/stations safety from unintentional/noxious mischief, wrongdoing, and different dangers. The passenger security equipment is used to safeguard passengers from accidentals harms, crimes, and other threats.
Global Passenger Security Market is expected to register significant growth during the forecast period owing to factors such as increasing global passenger traffic and the growing development of new ports and stations. Furthermore, the growing investment by the government of developed countries such as the US in advanced security equipment to offer enhanced security to its citizens is also expected to drive the growth of the market.
However, issues related to cybersecurity and the high cost of development might hamper the growth of the Passenger Security Market.
The 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 Passenger Security Market.
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|Market Size||USD 7,770 Million (2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Solution, Investment Type, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Adani Systems Inc. (US), Advanced Perimeter Systems Ltd. (UK), Autoclear, LLC. (US), Axis Communications AB. (Sweden), Bosch Sicherheitssysteme GmbH (Germany),E.I.A. SPA (Italy), FLIR Systems, Inc. (US), Honeywell International Inc. (US), Leidos (US) and SITA (Switzerland)|
|Key Market Opportunities||High cost of development|
|Key Market Drivers||
Passenger security market can expand at 6.91% CAGR by 2030.
By 2030, the Passenger security market value can touch to USD 7,770 Mn.
Honeywell International Inc. (US), FLIR Systems, Inc. (US), and E.I.A. SPA (Italy) are some reputed names in the Passenger security market.
The rapid replacement of conventional security screening solutions can promote the Passenger security market.
Complexities with cybersecurity can limit the Passenger security market expansion.