Dublin, Feb. 08, 2024 (GLOBE NEWSWIRE) -- The "Security Screening Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)" report has been added to ResearchAndMarkets.com's offering.
The global Security Screening Market is anticipated to exhibit robust growth, escalating from USD 7.14 billion in 2023, to an impressive USD 9.81 billion by 2028. This remarkable increase, with a Compound Annual Growth Rate (CAGR) of 6.57%, mirrors the heightened emphasis on security across multiple sectors, informed by heightened concern around terrorism and public safety.
Modernizing critical security infrastructure plays a pivotal role in this sector's expansion. An increase in capital investment towards the development of automated and advanced screening technologies is a significant trend within the market. This trend is not only reflective in the surging demand for sophisticated equipment such as CT and vehicular scanners to thwart the illegal transit of narcotics, drugs, and explosives, but also shines through in the projected advancements within the aviation industry—propelled by growing passenger numbers and the anticipated post-pandemic recovery.
The aviation sector is expected to hold a substantial share of the market, propelled by stringent airport security measures necessitating multi-layered screening devices. This is in response to the dual challenges of preserving public safety while managing an upswing in both passenger traffic and scalable commercial air traffic.
Furthermore, within the Asia-Pacific region, significant market proliferation is anticipated, propelled by the convergence of technological advancements such as 5G deployment and the enhancement of public safety measures across densely populated, rapidly urbanizing nations.
Key Market Trends and Developments
- Airports Maintain Dominance: Security screening at airports continues to be front and center, safeguarding passengers, employees, and infrastructure against illicit threats.
- Asia-Pacific on the Rise: With the growth in travel and commerce, countries like China, India, and Japan are adopting cutting-edge security technologies and standards.
- Technological Innovation: The adoption of AI and automation technologies in security screening processes signifies a transformation in security practices.
- Rising Security Challenges: Despite technological strides, challenges persist, including the need for skilled labor, costs of advanced technologies, and health concerns related to scanner usage.
Competitive Landscape and Key Market Players
The Security Screening Market is characterized by a high degree of fragmentation. Competition is fierce among key players striving to provide innovative solutions that address the pressing needs for both safety and security, especially in the aerospace and critical infrastructure domains. Noteworthy advancements such as Smiths Detection Inc.'s launch of their advanced lightweight chemical detector reflect the dynamic nature of the market towards resilience and readiness.
This analysis on the Security Screening Market sheds light on critical dynamics and trends that stakeholders, policymakers, and security professionals should be cognizant of when navigating the complexities of public safety and counter-terrorism efforts. It underscores the vital role of technological integration and strategic investments in shaping a safer and more secure global landscape.
A selection of companies mentioned in this report includes:
- Smiths Detection Inc
- Leidos Holdings Inc
- OSI Systems Inc
- 3DX-Ray Ltd
- Teledyne ICM SA
- Analogic Corporation
- Nuctech Company Limited
- Astrophysics Inc.
- CEIA SpA
- Gilardoni SpA
- Muon Systems
- Decision Sciences
- Passport Systems Inc
- Lingacom Ltd
For more information about this report visit https://www.researchandmarkets.com/r/wsbc58
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