Security Screening Market to Observe Global Revenue of $15003.2 Million by 2023

Airports, governmental buildings, railway stations, and tourist locations are more often than not susceptible to security threats. Terrorist activities across the globe are further aiding to the concerns in the security. However, despite increasing terrorist activities, there has been a discernible decline in crimes such as robbery, burglary, and others which is much attributed to the increasing incorporation of technology such as security screening in the security and surveillance sector. This resonates with a recent market intelligence report by IndustryARC according to which the market will observe a valuation of $15003.2 million by the end of 2023 as the demand is projected to increase with a healthy compound annual growth rate (CAGR) of 6.4% during the forecast period of 2018 to 2023. 

The market intelligence report documents the size of the security screening market in various regions that include North America, APAC, Europe, and Africa. Furthermore, the report is compiled with the growth opportunities in the industry with challenges and emerging trends that are poised to disrupt the market conditions. The report is titled, “Security Screening Market: By Type (X-Ray Systems, Biometric Systems, Metal Detectors, Explosive Trace Detectors, Shoe Scanners, Liquid Scanners and Others); By Technology (Magnetic Imaging, X-ray Imaging, Magnetometer, others); By Application & Geography – Forecast (2018-2023).”

According to the geographical market scrutiny by the market analyst, Americas had the maximum security screening market share with an impressive regional revenue of $3919.05 million in 2017. This is because of the revenues generated in the X-ray segment and the growth prospects in the biometric systems market that include image sensors and other security infrastructure. North America, Brazil, and Argentina boast of advance security infrastructure because of which the security screening market is booming.

  

The security screening market is segmented on the basis of type and application. While the X-ray systems will observe a remarkable growth, on the basis of application area, airports are proving to be a lucrative security screening marketplace. Evidently, due to the rampant hijacking coupled with increasing immigration, the most stringent security systems are incorporated in airports worldwide. The security screen market in the airport segment had observed a revenue of $3582.4 million in 2017, which is projected to reach to $5024.4 million in 2023. Security screening market also finds applications in the governmental buildings, and the application segment is poised to observe a CAGR of 7.1% through to 2023. 

Technology has penetrated into the immigration industry, and it is quite evident in the incorporation of E-passports which is the main reason multi-modal biometric screening has gained prominence in airports. This is having a subsequent effect on the security screening market. 

Machine learning has paved its way into the security systems at border. Artificial intelligence is helping to analyze data faster and take actions quickly. The identification of threats has become easy through the integration of artificial intelligence and security scanners, which is the most disruptive trend in the security screening market. The future foresees a rampant inculcation of AI in security scanners that will create more opportunities for the vendors. 

Walkthrough metal detectors among other detectors such as handheld and ground search metal detectors are gaining propitious prominence in the market, and they are poised to observe lucrative opportunities in the future, which is much attributable to their flawless identification of threat. Metal detectors will observe a substantial CAGR of 7.7% through to 2023. 

In recent times, governments across the globe have put special emphasis on public security. For instance, the US security market has undergone an exponential expansion since the 9/11 attack. Similarly, even developing economies such as India are investing more in security, which is leading to security screening market growth.

Some of the key companies identified in the security screening market intelligence report that are crusading for market share are OSI systems Inc., Smiths Detection Inc., Safran Identity and Security SAS, L-3 Communications Holding Inc., NUCTECH Co. Ltd., Astrophysics, Inc., Shenzen Security Electronic Equipment Co. Ltd., Honeywell International Inc., NEC Corporation of America, Inc., and a few others.