The global security screening market is expected to create an absolute dollar opportunity by exhibiting an impressive CAGR of 7.4% over the assessment period from 2022 to 2028. The global market is expected to close in on US$ 10.4 Billion in 2022 and is predicted to surpass a valuation of US$ 15.9 Billion by 2028.
According to Future Market predictions, a comparison and review analysis took place for the dynamics of the security screening market. The analysis revealed that the BPS values noted in the security screening market in H1, 2022 – O (Outlook) over H1, 2022 (P) predicted reflects a growth of 50 units.
In the advent of escalating terrorist threats, it is the need of the hour to avoid unethical and criminal behaviors. Over the last decade, the global security screening industry has seen rapid growth because this market comprises both, physical security and IT security. At present, security screening system sales account for a 10% share of the global physical security market.
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Key Takeaways
- The security screening market escalated at a CAGR of 6.5% over the historical period from 2013 to 2021. The surge in the adoption of smart technologies associated with security screening in developing nations is anticipated to create new development possibilities for security screening solution providers.
- Over the coming years, security screening technology is anticipated to rise rapidly over the forthcoming years with new and creative technologies including the creation of web-based applications to support higher operational availability of equipment, smaller equipment size, and increased mobility and flexibility. Such advancements in technologies will aid market participants to develop smart security screening devices.
- All these factors mentioned are anticipated to improve system uptime and enhance detection capabilities while simultaneously lowering lifespan costs. Over the recent years, the security screening systems market is projected to gain immensely from these advantages provided by tech advances.
- Surging growth in economies is making it necessary to increase expenditure on national and infrastructural security, which will continue to push the deployment of reliable and advanced technology-enabled security screening systems.
- Security screening demand is expected to bolster at a phenomenal CAGR of 7.4% from 2022 to 2028. The market is anticipated to recover from the Covid-19 crisis and rise at the predicted growth rate to end up with an estimated net worth of US$ 15.9 Bn by 2028.
- The global rise in air traffic propels the demand for efficient biometric security systems at transit points and facilitates the growth of the security screening market. In addition to that, the surge in fraudulent and illegal activities has intensified the need for such physical security systems.
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Competitive Landscape
Technological advancements are expected to create new options in order to integrate infrastructural security with the Internet of Things. Some of the prominent providers of security screening platforms are focusing on providing automated security screening systems with advanced features.
Manufacturers of security screening systems and integrated service providers are collectively working on the installation of security screening systems to provide enhanced security to infrastructure. System providers are also concentrating on the development of security screening devices with the help of advanced technologies.
More Insights into the Security Screening Market
The U.S. has witnessed a sharp rise in the security screening market over the past few decades. It is expected to dominate the North American market and the growth is attributed to increased terrorist activities worldwide. The rising need for security has driven demand for security screening equipment in the region, especially in the United States.
Government rules are working in favor of boosting the security screening systems by encouraging the installation of screening systems in order to drive public safety. Security concerns are on the rise and increased demand for large-scale security surveillance during public gatherings is projected to boost the installation of security screening systems.
The Chinese security screening market at present accounts for a massive portion of the global security screening industry. Demand for security screening products has seen an impressive surge all over the world and China is leading the market by installing security scanners at some of the most sensitive spots across the country.
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Key Segments of Security Screening Industry Survey
Security Screening Market by System:
- X-Ray Screening Systems
- Explosive Trace Detectors
- Electromagnetic Metal Detectors
- Liquid Scanner
- Biometric Systems
- Face Recognition
- Voice Recognition
- Fingerprint Recognition
- IRIS Recognition
Security Screening Market by Application:
- Airports
- Government Buildings
- Border Check Points
- Educational Institutes
- Private Office Building
- Malls
- Others
Security Screening Market by Region:
- North America Security Screening Market
- Latin America Security Screening Market
- Europe Security Screening Market
- East Asia Security Screening Market
- South Asia & Pacific Security Screening Market
- Middle East & Africa (MEA) Security Screening Market
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