The airport security market is forecast to expand at 5% CAGR over the estimated time period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of USD 13,722.4 million in 2023.
Manufacturers are consistently upgrading their technology to ensure protection from advanced forms of threats to airport security. Currently, cybersecurity has by far become the most sought-after technology at airports to prevent any internet-borne dangers from materializing. This technology also helps businesses to impose adherence to Internet policies.
Sophisticated cyberattacks on airport safety systems are multiplying in number. As a result, airports are escalating their investments in cyber safety to guard passengers and operations.
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Airports constitute a crucial part of the country’s critical infrastructure. Therefore, safety breaches can have a wide-reaching impact, in addition to the potential damage that can be caused to the finance and reputation. In March 2020, hackers gained unlawful access to two San Francisco Airport websites, thereby obtaining passwords and identities of contractors and employees. To avert any danger, the airport had to take down the affected websites and changed passwords prior to the resumption of operations.
The increase in air traffic is propelling the heightened outlay on aviation infrastructure, which is expected to be beneficial for market growth. Increasing terrorist activities are also increasing the uptake of airport security solutions. As a result of increasing government support to boost air travel, the airline infrastructure is expected to expand significantly in emerging economies like India and China.
Top Highlights from the FMI’s Analysis of the Airport Security Market:
- The North American airport security industry is projected to commit more than 24.5% share in the global market in 2023. The region is projected to generate significant revenue in the upcoming years.
- Europe is projected to emerge as the second-best contender in the market. FMI has calculated that the region is expected to enjoy above 20.0% market share in 2023.
- The United States airport security industry is expected to lead on an international level by capturing more than 14.2% market share in 2023. Government and key stakeholders are investing in high-level airport security to ensure the safety of air passengers and valuable resources in the country.
- Germany is set to mark its space in Europe. Globally, the country is projected to acquire 5% of the global market space.
- The United Kingdom airport security industry is projected to fly at a speed of 3.8% CAGR over the forecast period.
- China, on the other hand, is projected to be running at a significantly-high speed of 8% CAGR in the upcoming years.
- India is anticipated to expand at a CAGR of 4% over the assessment period.
- Under the technology category, the access control segment is projected to acquire more than 25% market share in 2023.
- Based on the system, the metal detectors segment is expected to gain above 20.0% in the upcoming years.
Strategies to Keep the Key Contenders Soaring
Players in the market are getting worked up in the midst of a competitive race to capture a larger market share. These companies are concentrating on creating advanced autonomous security solutions to ease the work of end users. In addition to this, top merchants are working on increasing their presence in Asian countries where domestic and international flights are robustly increasing.
By shifting to Asian countries like China and India, where labor cost is less, manufacturers are also expected to increase their production level, thereby profiting from economies of scale. As travel & tourism takes center stage, governments invest heavily in the security and safety of air passengers.
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Who is winning?
Key Players are concentrating on expanding their market presence and acquiring new projects in various locations.
Leading players operating in the Global Airport Security Market
- Honeywell International Inc.
- Thales Group
- FLIR Systems
- IBM Corporation
- Axis Communications AB
- C.E.I.A. S.p.A.
- FLIR Systems
- Hitachi Ltd.
- Leidos, Inc.
- Westminster Group PLC,
- Collins Aerospace (Raytheon Technologies)
- Biosensor Applications AB
- OSI Systems
- Siemens AG
- Bosch Sicherheits systeme GmbH
- Auto Clear LLC
- Smith’s Detection Group Ltd
- Others
The Global Airport Security Market by Category
By Technology, Global Airport Security is segmented as:
- Access Control
- Cyber Security
- Screening
- Others (Perimeter Security, Surveillance)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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