Security Screening Market to Reach US$ 13.64 Bn at a CAGR of 7.3% in 2027

Press Release

“The global security screening market accounted to US$ 6.95 Bn in 2018 and is expected to grow at a CAGR of 7.3% during the forecast period 2020 – 2027, to account to US$ 13.64 Bn by 2027.”

Geographically, the security screening market is segmented into North America, APAC, Europe, MEA, and SAM regions. Asia Pacific led the security screening market in 2018 with a significant market share and is anticipated to continue its dominance in the coming years. The region would continue to generate relatively greater profit, contributing to increase in overseas trade, e-commerce, FDIs, and construction industry. Increasing disposable income has led the masses of the region to opt for airways which impact the scenario airports as well and so contribute towards accelerating utilization of new security systems.

The North America is the second-largest market in the security screening market. Apart from Asia pacific and North America, Europe remains at the third-largest geographic segment in the security screening market. The security screening market heavily depends on changing government standards and budgets. Airports look ahead to deploy new security system to ensure friendly screening processes within less time. In North America, The Transportation Security Administration (TSA) is a US government representative which screens air travelers, to ensure safety of both individuals and mode of transportation in the country.

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Global Security Screening Market – Company Profiles

  • 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.
  • Teledyne ICM (Teledyne Technologies Incorporated)

Persistent threat resulting in loss of human life

From last few years, some nations has witnessed incidences that resulted in terrorist attacks owing to weak security checks at various places, including, airports, seaports, railway stations, and hotels, among others. During the past few years, there have been many incidences that resulted in terrorist attacks owing to weak security checks at various places such as airports, seaports, railway stations, and hotels, among others. This factor holds a foremost position in influencing the adoption of security screening.

Upsurge in investment for the consuctruction of commercial complexes and other buildings

Construction & infrastructural development is considered to be one of the prime contributions to a country’s socio-economic development. The developing economies worldwide, including India, China, and Brazil, among others, are experiencing a notable growth rate in commercial construction. For instance, China and Japan are investing in the infrastructure sector of the Philippines, Indonesia, Korea, Bangladesh, and Malaysia, among others. Therefore, a significant amount of investment towards infrastructure projects supported by FDIs is expected to provide huge opportunities for security screening companies and thus, positively impacting the security screening market.

Product Insights

The global security screening market by product is segmented into x-ray scanner, biometric systems, explosive trace detector, and electromagnetic metal detector. X-ray scanner segment dominates the security screening market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027. The ports and borders market also play an important role in driving this market with booming e-commerce industry, globalization of trade, together with increasing regulatory standards will drive the growth in demand for x-ray security scanner as well.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

 

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