Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "Mass Transit Security Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global mass transit security market has grown strongly in recent years. It will grow from $39.76 billion in 2023 to $42.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The expansion observed in the historical period can be attributed to several factors, including the growth of public transportation systems, a heightened demand for innovative security solutions, increased investments in advanced surveillance technologies, a rise in the adoption of access control systems, a surge in the use of biometrics for security, and an awareness driven by security breaches. 
The mass transit security market is expected to see strong growth in the next few years. It will grow to $55.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The anticipated growth in the forecast period is expected to be driven by various factors, including the increasing occurrence of public incidents, the deployment of biometric identification systems, heightened concerns about terrorism threats, growing public awareness, and cooperation, as well as geopolitical tensions. Key trends in the forecast period encompass AI-driven threat detection, enhanced biometric identification methods, security measures for the Internet of Things (IoT), solutions for mobile security, and the development of systems for drone detection and mitigation.
The anticipated growth in mass transit security is driven by increasing threats and security concerns, encompassing potential dangers or harmful events that exploit vulnerabilities and pose risks to personnel. In June 2023, the International Air Transport Association reported a rise in unruly incidents, with one incident reported for every 568 flights in 2022, up from one per 835 flights in 2021. The incidents ranged from non-compliance and verbal abuse to intoxication, with a notable 61% increase in physical abuse incidents occurring once every 17,200 flights. This surge in threats and security concerns is a driving force behind the growth of the mass transit security market.
Key players in the mass transit security market are actively engaged in the development of cutting-edge technologies, including AI-enabled video analytics platforms. For example, in November 2021, ADLINK Technology Inc., based in Taiwan, introduced its AVA-RAGX AI-enabled video analytics platform, focusing on next-generation rail solutions such as passenger security, danger monitoring, and railroad incursion detection. The platform, based on the latest industrial version of the NVIDIA Jetson AGX Xavier module, offers high reliability and performance for railway applications in challenging operating environments. It facilitates various use cases, including automatic fee collection, track danger detection, predictive maintenance, autonomous trains, and passenger face mask detection, contributing to safer, smarter, sustainable, and reliable railway operations.
In February 2023, Accenture plc, headquartered in Ireland and specializing in information technology services and consulting, acquired Morphus for an undisclosed amount. This strategic acquisition aims to expand Accenture's portfolio, enabling the provision of top-notch cyber defense solutions to clients and enhancing its position in growth markets, particularly in aviation. Morphus, a Brazil-based company, specializes in providing cyber defense, risk management, and cyber threat intelligence services in the aviation sector.
North America was the largest region in the mass transit security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mass transit security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the mass transit security market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Type: Airways Transit Security; Seaways Transit Security; Roadways Transit Security; Railways Transit Security; Other Types.
2) By Service Type: Managed Services; Professional Services
3) By Solution: Surveillance and Monitoring; Screening System; Biometric Security and Authentication System; Fire Safety and Detection System; Perimeter Intrusion Detection; Access Control; Other Solutions
4) By Application: Homeland Security; Industrial; Retail and Payment Industries; Logistics and Transportation Industries; Healthcare; Other Applications
Key Companies Mentioned: Siemens AG; Panasonic Corporation; Cisco Systems Inc.; Hanwha Group; Honeywell International Inc.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $42.88 Billion |
| Forecasted Market Value (USD) by 2028 | $55.32 Billion |
| Compound Annual Growth Rate | 6.5% |
A selection of companies mentioned in this report includes, but is not limited to:
- Siemens AG
- Panasonic Corporation
- Cisco Systems Inc.
- Hanwha Group
- Honeywell International Inc.
- Johnson Controls International PLC
- Thales Group
- Tyco International PLC
- L3Harris Technologies Inc.
- Analog Devices Inc.
- Hikvision Digital Technology Co. Ltd.
- Bosch Security Systems Inc.
- NICE Systems Ltd.
- Axis Communications AB
- OSI Systems Inc
- Kratos Defense & Security Solutions Inc. (KTOS)
- Flir Systems Inc.
- Smiths Detection Inc.
- Avigilon Corporation
- Nuctech Company Limited
- Rapiscan Systems Inc.
- Genetec Inc.
- Analogic Corporation
- Teleste
- SDI Presence LLC
- March Networks Corporation
- IndigoVision Group PLC
- High Rise Security Systems LLC
- AngelTrax
- Fortem Technologies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/g9xpe0
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