Global Passenger Security Market Overview
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.
Market Synopsis
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.
Market USP
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.
Market Drivers
Market Restraints
Market Segmentation
By Solution
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Baggage Inspection Systems: The segment dominated the Passenger Security Market in 2019. The continuous increasing air passenger volume is driving the demand for high-security solutions is expected to drive the growth of the segment. Furthermore, stringent aviation regulations regarding airport security are also expected to drive the growth of the segment.
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Access Control/Biometric Systems: The access control system segment is expected to register the highest CAGR during the forecast period. Increasing adoption of automated self-check kiosks for processing the number of passengers boarding is expected to drive the growth of the segment. Furthermore, the growing adoption of biometric systems for check-in is also expected to drive the growth of the segment.
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Explosive Trace Detectors: Increasing adoption of explosive trace detectors by airports to offer enhanced security to passengers is expected to drive the growth of the segment. For example, in 2018, OSI Systems, Inc. signed a contract worth approximately USD 4 million with an international airport to provide its Itemiser 4DX explosives and narcotics detection system.
By Investment Type
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New Demand: The segment dominated the global market in 2019 and is expected to exhibit a higher CAGR during the forecast period. The development of new seaports, airports, and Railway Cybersecurity and the expansion of existing seaports and airports are expected to drive the growth of the segment.
By End-User
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Commercial Airports: The commercial airport's segment dominated the Passenger Security Market iin 2019 and is expected to register the highest CAGR during the forecast period. To cope with the rising number of passengers, airport terminals need to be expanded, requiring investment in enhanced security systems.
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Seaports: The seaport segment is expected to grow owing to stringent regulations pertaining to port security. The International Maritime Organization introduced the International Ship and Port Facility Security (ISPS) Code in 2004. According to these codes, access to secured areas should be controlled at all times to prevent the entry of unauthorized vehicles and persons. In addition, the regional associations are identifying security requirements to combat any probabilities of terrorism. In January 2019, the American Association of Port Authorities (AAPA) announced an investment of approximately USD 4 billion over the next ten years for the crucial port and supply chain safety.
By Region
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Asia-Pacific: The market in this region is projected to register the highest CAGR during the forecast period. The growing aviation industry in countries, such as China, Japan, and India, is expected to increase the demand for passenger security systems in the region.
Key Players
Other Prominent Players
Recent Development:
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Axis Communications (Sweden): In 2019, they launched a new high-resolution, multi-directional camera offering 24/7 operation and 360-degree coverage. This improves situational awareness for security personnel.
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Passenger Security Market Highlights:
Frequently Asked Questions (FAQ) :
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.
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