The report offers a market overview and covers the various factors impacting the growth prospects of the global Security Screening market. It also employs analytical tools such as market attractiveness analysis and Porter’s five force analysis that are vital for determining the competitive landscape of the market. These analytical tools also help gather important inputs from industry experts.
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Security Screening Market – Key Research Findings
Global security screening market size in 2018 – Nearly US$ 7.8 Bn
The security screening market is expected to grow at a CAGR of approximately 7.3% during the forecast period of 2018 to 2028.
Airports are likely to hold the most significant value share in the application segment of the security screening market.
Rapid installation of security screening systems at airports due to the significance of passenger screening at airports is fuelling the growth of the security screening market.
Various intelligence and law enforcement bodies are enforcing stringent rules pertaining to security screening at airports, owing to which the security screening market is estimated to witness significant growth during the forecast period.
Explosive trace detectors will also represent a substantial revenue share in the systems segment of security screening market.
North America and Europe are estimated to remain the largest regional markets for security screening
Security screening enables fast & automated security checks, biometric scanning, document scanning, and luggage scanning at private buildings, government buildings, as well as border checkpoints.
Additional benefit in terms of reduced manual labor and enhanced infrastructural safety will prominently boost adoption of security screening systems, particularly in developed regional markets.
The security screening market in South Asia is estimated to register the highest CAGR during the forecast period
While national security has been emerging as one of the prime concerns among South Asian countries, governments are encouraging adoption of a wide range of cutting-edge technology enabled security screening products.
The security screening market in North America is expected to witness a significant incremental opportunity. The presence of a large number of key players in the region is responsible for substantial growth in the security screening market in North America.
Increasing adoption of the latest technologies and advanced systems pertaining to security screening is already providing significant growth opportunities to the security screening market in this region.
Adoption of smart technology in security screening systems
The rapid adoption of smart technologies pertaining to security screening in developing countries is expected to generate new growth opportunities for the security screening market during the forecast period. In the upcoming years, security screening technology is expected to boom and provide new innovative technologies such as the development of a web-based application to support the higher operational availability of equipment, decrease in the size of equipment, and to support mobility & flexibility. This is expected to increase the uptime of systems & detection capabilities, and reduce the overall lifecycle costs. These benefits offered by security screening systems are expected to boost the security screening market during the forecast period.
Increasing threats in security risk-related activities
In the present scenario, a new threat is introduced in the world every day, especially to the security of infrastructure. Railway stations, airports, tourist attractions, d and borders are particularly more susceptible to illegal activities, terrorist acts, as well as drug dealing, smuggling, and other illegal activities. Usage of automatic security screening systems will thus gain more prominence at these end-use places, according to the report.
Increasing adoption of Internet of Things (IoT) across industries
Advancements in technology are creating new options to integrate infrastructural security with IoT. The increasing integration of security features with IoT is offering value-based benefits such as assured safety and security, and authorized accessibility to real-time data, which assists in the overall security management and monitoring. These and more such advantages of IoT are expected to contribute to the growth of the security screening market during the forecast period.
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Security Screening Market: Recent Developments
Melbourne Airport, now the first-in-Australia to launch the fully integrated smart security screening point, recently unveiled the smart security screening system – particularly for international travellers. While it intends to enhance the security levels at the airport, it is also supposed to result in reduced queue times for international air travellers and an overall improved travel experience.
Some of the key providers of security screening platforms in the global security screening market are focusing on providing automated security screening systems with advanced features.
Several manufacturers of security screening systems and integrated service providers are working together for the installation of security screening systems to provide security to infrastructure.
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