(MENAFN- GlobeNewsWire - Nasdaq) As per the report by Visiongain, the Airport Security Market was valued at US$12,211.2 million in 2022 and is projected to grow at a CAGR of 8.45% during the forecast period 2023-2033.
Visiongain has published a new report entitled airport security 2023-2033. It includes profiles of Airport Security and Forecasts Market Segment by Application (Surveillance, Access Control, Perimeter Security, Screening, Cyber Security, Other Application), Market Segment by System (Biometric System, Alert and Cyber Security System, E-fence and Ground Surveillance Radar System, E-tag System, Other System), Market Segment by End User (Terminal Side, Air Side, Land Side plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped,“W”-shaped,“U”-shaped,“L”-shaped), Profiles of Leading Companies, Region and Country..
Increasing Adoption of AI and Machine Learning
The airport security market is witnessing a significant shift towards the adoption of advanced technologies such as artificial intelligence (AI) and machine learning (ML) to enhance the efficiency and effectiveness of security measures. The integration of AI and ML algorithms into airport security systems can automate the process of screening and detecting threats in real-time, enabling security personnel to respond quickly and appropriately. This trend is expected to create significant growth opportunities for market players in the coming years.
Governments worldwide are also launching programs to promote the adoption of AI and ML technologies in the aviation sector. For instance, few years back, the European Union launched the "AI4EU" (Artificial Intelligence for European Union) program to support the development of AI applications in various industries, including aviation security. The program aims to establish a network of AI expertise centers and offer funding opportunities to small and medium-sized enterprises (SMEs) to promote the development of AI solutions for the aviation sector.
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How has COVID-19 had a Significant Negative Impact on the Airport Security Market?
The COVID-19 pandemic has had a significant impact on the airport security market. The aviation industry was one of the hardest-hit industries, with widespread disruptions in travel demand, flight schedules, and operations. As a result of the unprecedented decline in passenger demand, most airlines had to cease all operations; entire fleets were grounded due to the crisis. Also, it affects the entire ecosystem of airports, airlines, suppliers, and service providers. In addition, flight suspensions led to a significant decrease in domestic as well as international flights. For example, according to International Civil Aviation Organization (ICAO), the Asia Pacific and North America have experienced a higher decline in domestic passenger traffic than international passenger traffic during the pandemic.
How will this Report Benefit you?
Visiongain's 250-page report provides 109 tables and 148 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the airport security market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for airport security. Get financial analysis of the overall market and different segments including application, system, and end user and capture higher market share. We believe that there are strong opportunities in this fast-growing airport security market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Growing Threat of Terrorism
The growing threat of terrorism has been one of the primary drivers of the airport security market globally. The increasing incidents of terror attacks and security breaches have led to a significant increase in the demand for advanced airport security solutions. The rising trend of globalization and international travel has increased the vulnerability of airports to terrorist attacks. Terrorists view airports as soft targets due to the large number of people present in a confined space. (For instance, in February 2022, Houthis attacked at Abha commercial airport, situated in Saudi Arabia. In this attack, around 12 local civilians were injured). This has led to a heightened need for security measures such as perimeter security, access control systems, surveillance systems, explosives detection systems, and others.
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Where are the Market Opportunities?
Adoption of Cloud-based Airport Security Solutions
The adoption of cloud-based airport security solutions has emerged as a game-changer in the airport security market, offering numerous benefits and impacting the overall growth of the industry. Cloud-based solutions provide a scalable, flexible, and cost-effective approach to managing and enhancing security operations at airports. This technology has revolutionized the way airports handle security measures, leading to improved efficiency and effectiveness in safeguarding passengers, assets, and infrastructure.
The major players operating in the airport security market are Analogic Corporation, Bruker Corporation, G4S Plc, Hitachi, Ltd., Honeywell International, L3Harris Technologies, Leidos Holdings, Inc., Nuctech Company Ltd, OSI Systems, OT-Morpho (IDEMIA), Securitas AB, Siemens AG , SITA, Smiths Detection, and Thales SA. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
On 22nd March 2023, OSI Systems secured a US$20 million contract from the ANA Aeroportos de Portugal to provide multiple units of its RTT® 110 (Real Time Tomography) explosive detection system. It is a high-speed checked baggage scanner that uses advanced computed tomography (CT) technology for enhanced threat detection and improved operational efficiency at airports. On 22nd February 2023, Smiths Detection launched "iCMORE," an advanced checkpoint screening solution that uses machine learning algorithms to optimize screening procedures based on the risk profile of each passenger, allowing for a more personalized and efficient screening process.
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To find more Visiongain research reports on the aviation sector, click on the following links:
airport passenger screening systems market report 2022-2032 airport information systems market report 2021-2031 air traffic control equipment market report 2021-2031
advanced surface movement guidance & control system (a-smgcs) market report 2021-2031
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