The global security screening market size is projected to reach $19.18 billion by 2027
According to a recent report published by Allied Market Research, titled, “Security Screening Market by Device Type and End Use: Global Opportunity Analysis and Industry Forecast, 2020–2027,” The global security screening market size was valued at $8.35 billion in 2019, and is projected to reach $19.18 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027.
The primary objective of installing security devices is to provide safety & security to people and their property. Safety screening assures from threat against unethical and unlawful activities and protects financials and humans. The rising need for security equipment, such X-ray system, hand-held detectors, and biometric system, is expected to provide growth opportunities for the security screening market. Technological advancements in the security screening market may favorably impact the market growth over the coming years. Many countries have increased spending on new security equipment to advance their security measures.
The security screening market encompasses a significant market share in the government sector, homeland security, educational institute, industrial, and residential sectors. The rising number of smart cities has created the need for security systems while increase in airports boosts the growth of the security screening market. Security screening has become an important part to detect land mines and weapons, such as guns, blade, and knife, especially in airport security. Biometric systems are in high demand as this technology is used to secure sensitive and personal data. They are also used for identification purposes at offices and educational institutes. Detection of explosives at airports, seaports, and land borders is an essential task to prevent terrorism and organized crime.
According to global security screening market trends, the companies in the market are pursuing new technologies, such as the development of web-based applications, IoT-based devices, and many more, thereby boosting the growth of the global security screening market. Furthermore, increase in number of airports and rapid urbanization are the major factors for the growth of the market.
New trends in security devices, such as computed tomography inspection and inbuilt alarm, favor the market growth. Increasing terrorism, illegal activities, and fraud boost the use of security screening devices.
Moreover, the need and use of security screening devices are increasing. For instance, X-ray security systems are used in the government sector and aeronautics industry; handheld detectors are used in airports; and biometric systems are used in many offices and educational institutes. Government regulation for greater and effective security checking boosts the security screening market growth.
COVID-19 has caused the overall security screening industry to mobilize quickly. Governments in key markets have prioritized safety & security technologies pertaining to the current threat environment experienced globally. Therefore, there is a strong demand for security devices and technologies from the military & defense sector.
COVID-19 outbreak has forced suppliers to radically rethink how they operate their business. With rising unemployment and low & poor sources of income, there will be more theft, robberies, murders, and threat to life & property. Therefore, there is more need for security.
The pandemic has impacted the production process of several industries. Trade barriers are further constraining the demand and supply outlook. As governments of different countries have already announced total lockdown and temporary shutdown of industries, the overall production process is adversely affected.
Key Findings Of The Study
By device type, the metal detector segment generated the highest revenue in the security screening market analysis in 2019. By end use, the airport segment generated the highest revenue in the security screening market forecast in 2019. By region, Asia-Pacific generated the highest revenue in the security screening market in 2019.
The key players profiled include: Smiths Group plc, L-3 Communications Holdings, OSI Systems Inc., Honeywell International Inc., Lockheed Martin Corporation, Raytheon Company, Security Electronic Equipment Co. Limited., United Technologies Corporation, Safran S.A, and Argus Global Pty.
These key players adopt several strategies, such as new product launch & development, acquisition, partnership & collaboration, and business expansion, to increase their footprint in the global security screening market share during the forecast period.
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