Airport Security Market to Expand at 5% CAGR, Driven by Cybersecurity Concerns and Growing Air Traffic | Future Market Insights, Inc.
Thursday, December 14, 2023
The rising demand for aviation infrastructure, coupled with increasing terrorist activities, is driving the adoption of advanced airport security solutions. Emerging economies like India and China are expected to witness substantial growth in this market due to government initiatives to boost air travel. Delve deeper to gain comprehensive global insights into this dynamic market.
NEWARK, Del., Dec. 6, 2023 /PRNewswire/ -- The global airport security market is expected to grow from US$ 13.7 billion in 2023 to US$ 22.4 billion by 2033, at a 5% CAGR driven by increasing security concerns and rising passenger traffic.
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Get an Exclusive Sample Copy of the Airport Security Industry Growth Overview, 2023-2033: https://www.futuremarketinsights.com/reports/sample/rep-gb-2973
Manufacturers are consistently upgrading their technology to ensure protection from advanced threats to airport security. Cybersecurity has become the most sought-after technology at airports to prevent internet-borne dangers from materializing. This technology also helps businesses to adhere to Internet policies.
Sophisticated cyberattacks on airport safety systems are multiplying in number. As a result, airports are escalating their investments in cyber safety to guard passengers and operations.
Airports constitute a crucial part of the country's critical infrastructure. Therefore, safety breaches can have a wide-reaching impact, in addition to the potential damage that can be caused to the finances and reputation. In March 2020, hackers gained unlawful access to two San Francisco Airport websites, thereby obtaining passwords and identities of contractors and employees. The airport had to take down the affected websites and change passwords to avert any danger before resuming operations.
The increased air traffic propels the heightened outlay on aviation infrastructure, expected to benefit market growth. Increasing terrorist activities are also increasing the uptake of airport security solutions. As a result of increasing government support to boost air travel, the airline infrastructure is expected to expand significantly in emerging economies like India and China.
Airport Security Industry Research Report Coverage:
Attribute
Details
Forecast Period
2023 to 2033
Historical Data Available for
2018 to 2022
Market Analysis
US$ million for Value
Key Region Covered
North America
Latin South Asia
America
Europe Oceania & Middle East
East Asia
Africa
Key Countries Covered
The United States Italy South Korea
Canada
Russia
India
Brazil
Mexico Benelux Thailand
Germany
South Africa
Malaysia
The United Kingdom
France Northern Africa GCC Indonesia
Spain Countries
Australia
China
New Zealand
Japan
Key Segments Covered
Technology and Region
Key Companies Profiled
Honeywell International Inc. FLIR Systems
Hitachi Ltd. OSI Systems
Siemens AG
Thales Group
FLIR Leidos, Inc.
Westminster Group PLC, Bosch Sicherheits systeme GmbH
Systems
IBM Collins Aerospace (Raytheon Auto Clear LLC
Corporation
Axis Technologies)
Biosensor Applications Smith's Detection Group Ltd
Communications AB AB Others
C.E.I.A. S.p.A.
Report Coverage Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and
Challenges, and Strategic Growth Initiatives
Understand global, regional, and country-level parameters with growth opportunities, historical data (2018-2022), and forecasts (2023-2033). Buy this report today!
Top Highlights from the FMI's Analysis of the Airport Security Market:
-- The North American airport security industry is projected to commit more
than 24.5% share in the global market in 2023. The region is projected
to generate significant revenue in the upcoming years.
-- Europe is projected to emerge as the second-best contender in the
market. FMI has calculated that the region will enjoy a market share
above 20.0% in 2023.
-- The United States airport security industry is expected to lead
internationally by capturing more than 14.2% market share in 2023.
Government and key stakeholders are investing in high-level airport
security to ensure the safety of air passengers and valuable resources
in the country.
-- Germany is set to mark its space in Europe. The country is projected to
acquire 5% of the global market space globally.
-- The United Kingdom airport security industry is projected to fly at a
speed of 3.8% CAGR over the forecast period.
-- China, on the other hand, is projected to be running at a significantly
high speed of 8% CAGR in the upcoming years.
-- India is anticipated to expand at a CAGR of 4% over the assessment
period.
-- Under the technology category, the access control segment is projected
to acquire more than 25% market share in 2023.
-- Based on the system, the metal detectors segment is expected to gain
above 20.0% in the upcoming years.
"Airport security is a critical aspect of ensuring the safety and well-being of passengers, staff, and facilities within aviation," Ronak Shah (Associate Vice President at Future Market Insights). "This multifaceted discipline encompasses a range of technologies and procedures to mitigate potential threats and risks, playing a pivotal role in the global aviation industry."
Strategies to Keep the Key Contenders Soaring
Players in the market are getting worked up in the midst of a competitive race to capture a larger market share. These companies are concentrating on creating advanced autonomous security solutions to ease the work of end users. In addition to this, top merchants are working on increasing their presence in Asian countries where domestic and international flights are robustly increasing.
By shifting to Asian countries like China and India, where labor cost is less, manufacturers are also expected to increase their production level, thereby profiting from economies of scale. As travel & tourism takes center stage, governments invest heavily in the security and safety of air passengers.
Unveiling the Dynamics of the Airport Security Market: Access Our Comprehensive Research Methodology
About the Author:
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the United Kingdom, the United States, and India. FMI's latest market research reports and industry analysis helps businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition.
Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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