According to the new research report published by The Insight Partners, titled “Security Screening Market – Global Analysis and Forecast to 2027”, the global security screening market is expected to reach US$ 13.64 Bn by 2027, registering a CAGR of 7.3% during the forecast period 2019-2027.
In 2018, Asia Pacific accounted for the largest share in the security screening market. Also, the region is witnessing a remarkable growth in the security screening market. In the APAC region, international passenger demand grew by 8.7% in 2018. This growth is majorly attributed to the increase in routes options as well as the economic expansion of the countries in the region.
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The entire security screening industry is experiencing a remarkable rise in investments. The governments of various economies in the region have taken initiatives to boost the e-commerce sector of their country. For instance, initiatives by the Indian government such as Startup India, Make in India, Digital India, and Skill India are contributing to the e-commerce growth in India. For instance, G3, an immediate payment project by the Singapore government, and Entry Point Project by the Malaysian government. Moreover, the Chinese government has also taken multiple initiatives to enhance administration, convenience, and logistics issues related to cross-border e-commerce. Rise in brick and mortar, and online business is an estimate to encourage overseas business, thereby generating demand for advanced security screening systems.
The aviation industry is growing rapidly in terms of commercial air travel passengers. The increasing air travel has led several countries to invest a significant amount in renovating airports with advanced equipment, including security. In the coming era, it is forecasted that the security systems would be coupled with next-generation technologies to bring smooth flow in security processes. According to the International Air Transport Association (IATA), the global passenger count to reach 8.2 Bn by 2037.
Key findings of the study:
The rising population in these countries is the main driver for the growth of the commercial construction sector in the Asia Pacific region. Furthermore, the governments of various economies are taking several measures to attract private investments in construction and infrastructure development. The growing infrastructure installation will result in the deployment of new security screening systems. Another industry which also assists in driving growth of security screening is the e-commerce industry. The Asia Pacific is expected to continue to account for 1/3rd of the overall e-commerce industry. Upsurge in infrastructure, commercial, and e-commerce demands for the deployment of security screening systems in shopping malls, airports, railway gates, and public places.
Product Innovation and partnerships are expected to be the key growth strategy to be adopted by players for the next two-three years. However, this strategy could impact competition; it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
Some of the key players operating in the security screening market are Aware, Inc., Anviz Global, Analogic Corporation, Iris ID, Inc., L3 Security & Detection Systems, Magal Security Systems Ltd, Nuctech Company Limited, OSI Systems, Inc., Smiths Detection Inc., and Teledyne ICM (Teledyne Technologies Incorporated) among others.
The prominent market players in the security screening market are OSI Systems, Inc., L-3 Communications Security and Detection Systems, Inc., and Smiths Detection among others for a considerable share of the market owing to their product offerings to the market. Companies have taken several market initiatives with respect to product innovation to expand their footprint across the world and fulfill the growing demand of the market. For instance, in 2019, Magal security system has been awarded an amount of $4.2 million for the supply of its electro-optic system to the Israeli Ministry of Defense. The systems will be installed and to various military vehicles for day and night observation. Similarly in 2017, Smith Detection signed a contract for supplying 20 CTX 9800 Explosives Detection Systems to Narita International Airport (Japan) for the screening of hold-baggage. This new system will be delivered for deployment between 2019 and 2022. Initiatives in respect to product innovation and for increasing geographical imprints by the security screening players, contributes heavily towards overall growth of the market.