Increase in terrorism activities and rise in need for additional security at airports, railways, and tourist places is projected to drive growth of the security inspection market.
Market Size – USD 6.71 Billion in 2019, Market Growth - CAGR of 6.6%, Market Trends – Advancement in technology.
The global Security Inspection Market is expected to reach a market size of USD 11.23 Billion by 2027 and register a high CAGR during the forecast period, according to a latest report by Reports and Data. Security inspection market revenue growth is driven steadily by high demand for security checks of bags, vehicles, persons, and other articles at airports and railways. Security checks are necessary at secured areas to prohibit smuggling or movement of illegal substances and items.
Technological advancements and development of advanced x-rays, electromagnetic detectors, explosive trace detectors, and others are contributing to growth of the global market. Various countries have increased spending on security equipment and enhancing their security inspection across different verticals, which are primary factors driving growth for the market. Increasing security measures and systems is expected to continue to contribute to growth of the market.
Players in the market are investing in research and development to develop security inspection systems such as Nuclear Quadrapole Resonance (NQR). This technology is designed to detect explosives hidden under layers of clothes and footwear and is deployed in airports, with high deployment in countries in Europe and North America.
The COVID-19 impact:
The COVID-19 pandemic has hampered growth of security inspection system market. Imposition of lockdown had reduced need for inspection systems, especially in the transportation sectors such as airports and railway stations etc. However, demand is expected to gain traction post the pandemic lockdown.
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Key participants include Nuctech Company Limited, Leidos, Rohde Schwarz, Smiths Group plc, Unival Group GmBH, Rapiscan Systems, Analogic Corporation, Brucker, Astrophysics Inc., and Braun Co. Limited.
Further key findings in the report
- Checkpoint screening system through machine learning is expected to witness high growth in revenue terms. Body scans technologies are progressing towards becoming walk-through instead of stop-and-scan.
- Aviation segment among the application segments maintained its dominance in terms of revenue share in 2019. Security inspection enable authorities at airports to reduce threats to passenger, personnel, and aircraft. Use of x-rays and infrared to detect contraband and illegal items passing through airports is relatively high.
- Personal screening systems account for the largest share in product segment in 2019. The rise in insider threats and related efforts to screen personnel at point of hire drives the demand for personal screening system, especially in international airports.
- North America accounted for largest revenue share in the security inspection market in 2019. Increased investment in defense and security is a primary factor fueling growth of the market. Market growth is driven by high demand for such services in the U.S. For instance, the U.S. Department of homeland security proposed USD 7.79 billion budget for transportation security administration in 2020.
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Reports and Data has segmented the global security inspection market on the basis of product, type, services, application, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Checkpoint screening systems
- Personnel screening systems
- Liquid and radioactive substance monitors
- Vehicle inspection systems
- Cargo and baggage inspection systems
- Explosives drugs trace detection systems
Type Outlook (Revenue, USD Billion; 2017-2027)
Services Outlook (Revenue, USD Billion; 2017-2027)
- Maintenance and repair services
- Security consulting services
- Security training services
- Installation and integration services
- Support services
Application Outlook (Revenue, USD Billion; 2017-2027)
- Border security
- Critical infrastructure protection
- Correctional facilities and law enforcement
- Commercial security
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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Key Advantages of Security Inspection Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Security Inspection industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Security Inspection market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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