The global airport security market size is projected to touch USD 12.70 billion by 2022, according to a new report by Million Insights. Growing focus on the security of airports amid a rising number of terrorism threats is driving the market growth. Recently, authorities have shifted their focus towards prevention of any security lapse from potential threat identification. The demand for efficient and quicker screening equipment is gaining traction over the past few years.
Rapid construction of new airports across the world and focus on streamlining the security screening to reduce the passenger waiting time are attributing to the growth of the market. However, lack of budget owing to the economic slowdown and already advanced airports infrastructure are adversely affecting the market growth. Currently installed advanced security equipment discourage airport operators from investing for new technology, thereby, restraining market growth.
Various regulatory guidelines imposed by local and global bodies are driving airport authorities to procure the latest security technologies. Global bodies such as the European Civil Aviation Conference (ECAC) and TSA are mandating operators to include advanced technologies for security. Airports are prone to terrorist attacks and illegal transportation to prohibited materials. Advanced airport security screening equipment help in ensuring proper security.
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Further key findings from the report suggest:
• Cyber security is projected to grow fastest among all technology owing to integration of various technologies such as IoT, big data and cloud storage in airport operation.
• In 2014, North America occupied the largest share with almost 35% in the global market owing to growing investment by government on airport security.
• The airport security market is competitive and diversified in the nature with multiple players offering variety of solutions. Key player in the market include Smiths Detection, Safran Morpho, American Science & Engineering and OSI Systems among others.
Million Insights has segmented the airport security market on the basis of technology and region:
Airport Security Technology Outlook (Revenue, USD Million, 2012 - 2022)
• Access control
• Cyber security
• Perimeter security
Airport Security Regional Outlook (Revenue, USD Million, 2012 - 2022)
• North America
• Asia Pacific
• Latin America