DUBLIN--(BUSINESS WIRE)--The "Security Screening Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global security screening market was valued at USD 6.96 billion in 2019, and it is expected to reach a value of USD 9.14 billion by 2025, registering a CAGR of 5.10% over the forecast period 2020-2025. With the rising terror attack threats at various public and critical infrastructure, security screening plays very critical role, especially for the places such as railways, airports, border checkpoints, government organizations and private sectors, and many others to help reduce and mitigate the associated risk factor.
- Security screening enables the assurance from threat against unethical and unlawful practices and protecting financials and humans. Security screening using various technologies such as X-ray scanners, biometric matching, and metal detectors, that are getting very popular at the security checkpoints for expediting the process.
- The application of security screening has witnessed a positive shift toward a more technologically-advanced approach with the rising demand for enhanced security across the world. Many countries have increased spending on new security equipment and on upping their security measures across its various end-user sectors, further aided by the increasing global demand for homeland security worldwide, which is expected to grow significantly over the forecast period.
- The aviation industry is expected to hold the largest market share and is expected to continue its dominance over the forecast period, owing to the robust rise in the number of airports and consequent air passenger traffic. The threat of terrorist attacks and security standards set international authorities, including IATA, ICAO, and ACI are among the two most influential drivers sustaining the market studied.
- Use of e-passport has also gained a traction in recent years. To date, there are more than 100 countries across world that are issuing e-passport to fast forward the boarding systems. The rise of automated border control has driven the adoption of automated security screening systems. For instance, United Airlines partnered with TSA (Transportation Security Administration) and added over 60 automated security screening lanes across the airport in the United States. TSA also mentioned that, these automated security screening reduced a security screening time by over 30%.
- Moreover, except the sudden disruption linked to COVID19, international tourism has been increasing rapidly over the recent years, due to growing middle class expenditure towards travel in the emerging economies. The worldwide revenue accumulation from air travel passengers is forecasted to account USD 581 billion in 2020, as per IATA.
The security screening market is moderately competitive and has gained a competitive edge in the past two decades. Companies in the market are pursuing new technologies such as the development of web-based applications that support higher operational availability of our equipment, reduction in the size of equipment to promote flexibility and mobility.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Upsurge in Terror Activities Across the World
4.2.2 Automation of Screening Processes
4.3 Market Restraints
4.3.1 Slower Rate of Penetration of Advanced Systems in Developing Regions
4.4 Industry Attractiveness - Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
4.5 Assessment of Impact of Covid-19 on the Security Screening Market
5 MARKET SEGMENTATION
5.2 End User
6 COMPETITIVE LANDSCAPE
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Smiths Detection Inc.
- L-3 Communications Security and Detection Systems Inc.
- OSI Systems Inc.
- 3DX-Ray Ltd
- Teledyne ICm
- Analogic Corporation
- Nuctech Company Limited
- Astrophysics Inc.
- CEIA SpA
- Gilardoni SpA
For more information about this report visit https://www.researchandmarkets.com/r/raw0n4
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