The commercialization potential of airport security market has escalated immensely over the recent years, subject to the relentless threat of terrorism and aviation crimes plaguing the global landscape. Aviation industry being at the center of international and domestic transportation plays a crucial role in driving nation’s economic growth. Airport security industry space is thus highly affected by demographic, political, and regulatory changes. The catastrophic bombarding at Brussel’s airport and explosion at Maelbeek metro station is difficult to go unnoticed in this regard. Reportedly, the accident bears a record of 31 casualties and severe injuries of almost 270 civilians. As an aftershock of the event, the Belgian government was highly criticized on the grounds of inadequate security measures and violation of safety norms. Experts believe that the immediate requirement for strict and efficient screening system in order to mitigate these global threats is proliferating airport security industry share.
China airport security market size, by technology, 2016 & 2024 (USD Million)
The incorporation of digitization in business model, passenger interaction, and security processes has brought a new dimension to airport security market outlook. In fact, over the recent past years, the overall business space has witnessed a plethora of new developments with regards to product innovations and technological integration. The burgeoning demand for seamless processing and luggage checks has literally pushed TSA (Transportation Security Administration) to explore novel security channel, with a significant improvement in threat detection accuracy. Bosch Security Systems, one of the leading names in the airport security market, for instance, has recently launched a Video Management System 7.5 software, which is claimed to enhance openness in video surveillance and forensic capabilities by offering the security operators a much faster and efficient access to video footage.
Some of the other renowned giants actively partaking in airport security market involves Fisher Research Laboratory, Auto Clear LLC, Lockheed Martin Corporation, Axis Communications, Siemens AG, Smiths Detection LLC, and G4S PLC. These companies are heavily investing in R&D activities to integrate cloud security solutions in their business models for sustaining in the competitive landscape. Statistics claimed by Global Market Insights Inc., depicts that overall airport security industry size was almost USD 9 billion in 2016. The figure itself is a testimony of the huge market opportunities that the business space is likely to unfold in the coming period.
Conventional security check-in which involves invasive protocols and procedures such as body pat-downs and physical checks are highly uncomfortable. The proliferation of airport security market can be majorly credited to this fundamental aspect. Growing initiations by the governmental organizations toward infrastructural development and disparate systems upgradation is providing significant impetus to airport security industry dynamics. For instance, the TSA is presently integrating advanced technologies like Analogic's COBRA machines in airport security procedures. Reportedly, this next generation threat detection technology has resulted in shorter security queues, improved operational efficiency, and better resource utilization.
Speaking along the similar lines, the TSA has already started working conjointly with American airlines for the installation of advanced screening lanes in some of the selected airports. As per the source, both the organizations have proposed to deploy automated screening lanes and CT scanners in airports which is claimed to reduce passenger waiting times by 30% while at the same time enhances the security check in process. The American airlines and TSA, primarily is introducing these lanes in Dallas/ Fort Worth, Miami, Los Angeles, and Chicago airports. These initiations are certainly opening new avenues for better customer experience which in extension is augmenting airport security market share. In this regard, it is prudent to note that the increasing penetration of smart technologies and IoT is leaving a proportional impact on airport security industry dynamics.
The reason behind North America to become the hotspot for airport security market investors is quite obvert- the growing emphasis by the U.S. government on security measures such as cyber security solutions, surveillance cameras etc. The TSA has recently launched a novel 3D point scanning technology at the Logan International Airport and Phoenix Sky Harbor. The computed tomography screening equipment is proclaimed to possess better threat detection capabilities by offering three-dimensional image of screened cargo. With increasing deployment of such commendable technologies, it is of no surprise that North America airport security industry size would widen its horizon in the coming years.
Undoubtedly, airports represent potential target areas for frequent attacks such as arson, cybercrime, terrorism, vandalism, and robbery, subject to the large public pool. Thus, taking into account the aspect of national security, streamline screening has of late become a necessity in airports. Airport security market giants are investing in research activities in sync with the efficient automated security and enhance passenger experience globally. Companies are increasingly partaking in long term partnerships with major airports for deploying new technologies. Recent collaboration of Tyco Security Products with Izmir International Airport for incorporating unified security solutions like location monitoring, intrusion tracking, and access control bears a testament of the aforementioned fact. In addition to this, inherently characterized by the governmental schemes, the profitability quotient of airport security market is sure to upsurge with a target valuation of over USD 16 billion by 2024.