The Security Screening Market is estimated to hit $12.468 billion by 2023
Americas continues to lead the market share and growth during 2018-2023.
Americas region accounted for the major revenue contribution of the security screening market and is estimated to be $3.216 billion in 2017 and is likely to reach $4.135 with a CAGR of 4.5% by the end of 2023. Security screening approach is a strategy designed to improve security and passenger experience that results in the investments for security screening devices such as scanners, detectors and many more APAC region is estimated to have the highest growth rate of CAGR 11.3%. Growing advancements in the security screening devices coupled with stringent regulations would propel the growth of the security screening market in this region.
Among all the applications, Security screening market with respect to the Government buildings was $1.030 billion in 2017 and is anticipated to see an upsurge during the forecast period. The market will reach $1.570 billion till 2023 growing at a CAGR of 7.50% in between 2018 to 2023.
Selected / Sample Analysis done in the full Report:
- Increasing threats due to terrorism and some other unethical and unlawful practices carried out by terrorists has been stimulating security screening, which involves the scanning of the individuals and their belongings, especially in public places including airports, railway stations, check points, shopping malls, commercial places and so on.
- The security screening assists in preventing financial, economic and human loss owing to unethical practices. Rise in terrorism activities and terrorist threats are the major factors for the need for security screening across the globe.
- The security screening devices include X-ray systems, metal detectors, shoe scanners, biometric systems, and explosives and so on.
- Increasing number of terror and unlawful activities has been augmenting the need for these devices, thereby propelling the market growth across the globe in recent years.
Excerpts on Market Growth Factors Mentioned in the Full Report:
- Aviation and airport security are estimated to be the prominent end users, which have been driving significant growth for the market.
- Globally, the growing tourism industry has led to the need for security screening systems in places like airports, railways, educational institutions and others. This has been driving the market growth since many years and is also projected to drive it in the upcoming years.
- A prominent upsurge in air cargo in the upcoming years is all set to drive the market of X-ray luggage and cargo scanners, which employs high intensity X-rays in order to obtain the image of the content and keep a check for suspicious items.
- Growing popularity of multi-modal biometric screening in highly classified and diplomatic facilities of developed nations and e-passports using biometric technology is a major growth factor for this market.
- Modernization of screening equipment in government buildings, law enforcement facilities and prisons are projected to drive growth for the market in the coming years.
Key Players of the Security Screening Market:
OSI Systems Inc. is the leading player in security screening market, contributing to nearly 13% of the overall revenue. The company being pioneer in manufacturing security screening systems has also remained as the dominant player with constant product launches and developments. The next leading players include Smith Detection Inc. and Safran Identity and Security SAS. These players are holding a dominant share in the market due to the constant R&D investments and endeavors to build new technologies. One of the main strategies embraced by the manufacturers in this industry includes new product launches with enhanced features.
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