Global Transportation Security Technology Market Trends, Applications, Analysis, Growth, and Forecast to 2028
“Global Transportation Security Technology Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global transportation security technology market report has been segmented on the basis of transportation mode, application, and region.
Global Transportation Security Technology Market: Overview
Transportation security technology is used for the safety of goods, products, or people while traveling. It comprises systems and services which provides security to all modes of transportation and majorly used in airport security, courier companies, railway departments, logistics, and returnable transport items.
Global Transportation Security Technology Market: Dynamics
The constant need for public safety and infrastructural development activities in developing as well as developed nations are major factors estimated to drive revenue growth of the global market. Preference shifted from analog to digital technologies and Internet protocol (IP) coupled with increasing demand for transportation security technologies globally, are expected to fuel growth of the target market. Furthermore, emerging technologies in video surveillance, voice recognition, and screening along with high return on investment are expected to offer lucrative opportunities for growth of the target market. The recent trend observed in the target market is manufacturers are focusing to develop security technologies such as Explosive Detection System (EDS), automated 3-D and X-ray scanning, biometric or access controls for passengers and luggage to ensure the safety of passengers and goods.
However, the high investment cost of the technology may hamper growth of the global market over the forecast period. In addition, the possibility of problems associated with security applications’ implementation in different modes of transportation may affect the adoption of products in the future.
Global Transportation Security Technology Market: Segment Analysis
Among the transportation mode segments, the airway segment is projected to account for higher revenue shares in the global market.
Among the application segments, the video surveillance segment is estimated to account major revenue share in the global market and is projected to maintain its dominance over the forecast period.
Global Transportation Security Technology Market: Region Analysis
Among the regions, the North America region is expected to account for a major share in terms of revenue in the global market, owing to the presence of major players offering advanced solutions in countries in the region. In addition, extensive adoption of advanced technology for the security purpose is expected to propel growth of the target market. Moreover, the increased threat by global terrorism has forced governments for precise monitoring of the various transportation modes.
According to the document published by an agency of the US Department of Homeland Security, regulatory body and government are focusing for the most effective and efficient transportation security. It focuses security of more than 2,000 outbound international flights and over 20,000 domestic flights per day, along with screens approximately 2 Mn passengers per day.
In 2017, the Canadian Air Transport Security Authority (CASTA) screened over 68.1 Mn passengers and goods at airport checkpoints across the country.
Global Transportation Security Technology Market Segmentation:
Segmentation by Transportation Mode:
Segmentation by Application:
- Video Surveillance
- Passenger & Baggage Screening System
- Cargo Inspection System
- Perimeter Intrusion Detection
- Others (Nuclear & Radiological Detection, Access Control, Fire Safety & Detection System, Tracking & Navigation System)
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Raytheon Company
- Smith’s Detection, Inc.
- Security Electronic Equipment Co. Ltd.
- Lockheed Martin Corporation
- L-3 Communications Holdings, Inc.
- Honeywell International, Inc.
- Rapiscan Systems
- United Technologies Corporation
- Alstom SA
- Kapsch Group
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