The passenger security market is estimated to be USD 4.8 billion in 2019 and is projected to reach USD 6.8 billion by 2024, at a CAGR of 7.2% from 2019 to 2024. Increasing demand for cybersecurity solutions, upgraded technology, and an increase in passenger traffic is expected to drive the market.

New demand segment projected to grow at the highest CAGR during the forecast period

The new demand segment is expected to grow at the highest CAGR during the forecast period. Growth of this segment is attributed to improvements in the technology for scanning passengers & baggage, expansion of existing airports, and seaports, and development of new airports, seaports and railway stations.

For instance, in 2018, around 50 airports in the US collectively spent an estimated USD 70 billion for the expansion of existing airports and construction and development of new airports. According to the Economic Times, India is expected to add 100 airports in the next 15 years to cope with the rise in air passenger movement. Abu Dhabi is currently constructing a mega midfield terminal at the cost of USD 2.7 billion to handle up to 84 million passengers per year.

Commercial airport segment projected to have the largest share in the passenger security market during the forecast period

Passenger security can be implemented on various platforms, including commercial airports. The commercial airport segment is projected to lead the passenger security market during the forecast period. The rise in global air passenger traffic is driving the growth of the aviation industry, which is leading to the expansion of existing airports and construction of new airports. The security systems required for these airports are driving the market.

For instance, according to an article published by CAPA in February 2019, global investments in airports in 2018 were USD 81.9 billion, of which, USD 23.1 billion were for the construction of new airports, and USD 58.9 billion were for the development of existing airports. An expenditure of USD 137.3 billion is estimated in 2019, of which, USD 62.4 billion is estimated for the construction of new airports and USD 74.9 billion for the development of existing airports.

Asia Pacific expected to lead the passenger security market from 2019 to 2024

The increasing number of passengers majorly drives market growth in the Asia Pacific region. Changing demographics and increase in disposable income in the region is driving the demand for air travel, which has led to the increase in new airport developments and expansion of existing airports, resulting in the need for new passenger security systems in the region.

For instance, according to an article published by the International Air Transport Association (IATA) in October 2018, China is expected to add 1 billion new passengers to reach a total of 1.6 billion passengers from 2017 to 2037. India is expected to add 414 million new passengers to reach a total of 572 million passengers from 2017 to 2037, Indonesia is expected to add 282 million new passengers for a total of 411 million passengers from 2017 to 2037.

Key Market Players

Key players in the passenger security market include Smiths Detection Group Ltd. (UK), SITA (Belgium), Siemens (Germany), Honeywell International Inc. (US), Rapiscan Systems (US), Axis Communications AB (Sweden), Bosch Sicherheitssysteme GmbH (Germany), Autoclear, LLC. (US), L3 Security & Detection Systems (US), and FLIR Systems, Inc. (US), among others.

Axis Communications AB (Sweden) is a key supplier of network video solutions which are implemented with video analytics. The company offers open access control solutions which integrate with a wide variety of other systems. The company caters to multiple industries such as transportation, critical infrastructure, law enforcement, prisons and correctional facilities, and government facilities, among others.

Bosch Sicherheitssysteme GmbH (Germany) provides end-to-end cybersecurity solutions for video security cameras connected to the internet. The company is offering this service in partnership with Genetec Inc. (Canada).

Honeywell International Inc. (US) offers a suite of solutions which are tailormade for its clients. It offers biometric security, access control systems, and video analytics based identification of threats, among others. The company provides end-to-end solutions for airport security as well as airport operations management.

Scope of the Report

Report Metric Details Market Size Available for Years 2017�2024 Base Year Considered 2018 Forecast Period 2019�2024 Forecast Units Value (USD) Segments Covered End User, Security Solution, Investment Type, and Region Geographies Covered North America, Asia Pacific, Europe, Middle East & Africa, and South America Companies Covered Smiths Detection Group Ltd. (UK), SITA (Belgium), Siemens (Germany), Honeywell International Inc. (US), Rapiscan Systems (US), Axis Communications AB (Sweden), Bosch Sicherheitssysteme GmbH (Germany), Autoclear, LLC. (US), L3 Security & Detection Systems (US), and FLIR Systems, Inc. (US)

This research report categorizes the passenger security market based on security solution, end user, investment type, and region.

Based on security solution, the passenger security market has been segmented as follows:

Baggage Inspection Systems

Explosives Trace Detectors

Hand-held Scanners

Walk-through Metal Detectors

Full-body Scanners

Perimeter Intrusion Detection Systems

Video Management Systems

Access Control/Biometric Systems

Bar-coded Boarding Systems

Cybersecurity Solutions

Based on end-user, the passenger security market has been segmented as follows:

Commercial Airports

Seaports

Railway Stations

Based on the investment type, the passenger security market has been segmented as follows:

New Demand

Replacement Demand

On the basis of region, the passenger security market has been segmented as follows:

North America

Europe

Asia Pacific

Middle East & Africa

South America

Recent Developments

In April 2019, Axis Communications launched a new multidirectional, four-channel camera with Quad HD resolution per channel capable of recording at 30 frames per second. The camera is useful for perimeter security.

In April 2019, Rapiscan Systems launched its new product, the MP100 Portable Radiation Detection System, which is a lightweight, high-performance system used to detect the presence of radiological and nuclear materials.

In April 2019, Sensurity Ltd. partnered with Genetic Security Management Platform to integrate their systems.

Key Questions Addressed by the Report

What is the growth perspective of the passenger security market, and what are the key dynamics and trends governing the market, such as drivers and opportunities?

What are the key sustainability strategies adopted by the leading players in the passenger security market?

What are the new and emerging technologies and use cases disrupting the passenger security industry?

Which key applications play significant roles in passenger security?

What are the key trends and opportunities in the passenger security market across different regions and their respective countries?

Who are the key players and innovators in the partnership ecosystem?

How will changes in the competitive landscape of the client ecosystem impact clients� revenue?

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