Airport Security Market Size worth over $16bn by 2024
Published Date: August 21, 2019 Authors: Preeti Wadhwani, Saloni Gankar
Airport Security Market size is set to exceed USD 16 billion by 2024; according to a new research report by Global Market Insights, Inc.
The growing number of terror attacks and contraband smuggling activities globally is a major factor driving the airport security market revenue. Following the 9/11 terrorist attacks on the U.S airlines and airports, the demand to maintain high security is increased among various government officials. The incident led to the creation of the Aviation and Transportation Security Act by the Federal Transportation Security Administration (TSA) to supervise security operations for sea and air transportation. Increasing occurrences of hijackings, shoot-outs, and bombings in airports are forcing government administrations in several countries to adopt security solutions. For instance, in March 2016, Brussels airport experienced a shoot-out, causing the death of 32 people and severe injuries to around 300 civilians. Following the incident, government officials and authorities are implementing several security strategies to increase safety at airports globally.
Technological advancements, rising competition, and the need to replace legacy equipment for security checks of passengers are paving the way for innovations in the airport security market. The introduction of advanced technologies, such as 3D scanning, biometrics, and Radio-Frequency Identification (RFID), is being witnessed. The implementation of 3D scanning at airports provides the ability to zoom in cluttered bags and rotate them for a 360-degree view. Several companies are offering innovative technologies to enhance the security of airports. For instance, in April 2019, Thales Group partnered with Aeronautical Radio, Incorporated (ARINC) to install several security systems at Doha airport. They installed over 1,200 checkpoints, 1,000 cameras, and closed-circuit televisions for efficient management of travelers, staff, and infrastructure to prevent terrorist threats and fire hazard.
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The airport cybersecurity market will witness significant growth over the coming years owing to the rise in cybersecurity attacks at airport facilities. Growing digitization, greater connectivity, and wider collaboration with stakeholders may lead to cyber-attacks. According to the European Aviation Security Agency (EASA), aviation systems witness around 1,000 cyber-attacks each month. The Cathay Pacific Airways Ltd. breach in 2018 resulted in a security breach of personal information of more than 9.4 million Cathay Pacific passengers. Such incidents have resulted in high demand for physical protection measures to maintain the safety of the aviation industry and protect assets against cyber-attacks, driving the airport security market demand. In addition, the significance of access controls systems to prevent physical intrusions at airports helps in identifying unauthorized access and secure areas from harmful consequences.
Browse key industry insights spread across 126 pages with 59 market data tables & 30 figures & charts from the report “Airport Security Market Size By Technology (Perimeter Security, Cybersecurity, Surveillance, Screening, Access Control), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2017 - 2024” in detail along with the table of contents:
The ongoing industrialization & government emphasis on infrastructure development is driving the Asia Pacific airport security market. The Indian Government’s “Vision 2040” aims to build 200 commercial flight’s airports with an estimated investment of around USD 50 billion to handle large air passenger traffic. With the rise in air traffic, the demand to improve customer travel is being witnessed. The government is planning to implement technologies, such as facial recognition and biometrics, to speed up the security processes for passengers. Moreover, the presence of stringent regulations, such as the Civil Aviation Administration of China, is encouraging airport authorities to strengthen security at airports.
The major companies in the airport security market are Smiths Detection LLC, Auto Clear LLC, Bosch Security Systems, G4S PLC, Siemens AG, Fisher Research Laboratory, Thales Group, Lockheed Martin Corporation, IBM Corporation, and Axis Communications. These companies are adopting strategies such as new product development & innovations, mergers, and acquisitions. For instance, in April 2019, Thales Group acquired Gemalto, an international digital security company for USD 5.4 billion. The acquisition has helped the company to expand its digital identity and security business segment for aerospace, ground transportation, defense, and security divisions.
The airport security market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2013 to 2024 for the following segments:
- Access Control
- Perimeter Security
The above information is provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Australia and New Zealand (ANZ)
- Latin America
- Saudi Arabia
- South Africa