Global Airport Security Market to Be Worth $13B by 2023, Report Says
The U.S. airport security market size is expected to exceed $3.5 billion by 2023.
DOVER, Delaware – The global airport security market is forecast to generate revenue of $12.83 billion by 2023, according to a new research report by Global Market Insights. Increased investment in technology R&D is expected to play a key role in stimulating global airport security market growth. Product innovation includes biometric identification and flexible card solutions.
The U.S. airport security market size is expected to exceed $3.5 billion by 2023. China and the Middle East are projected to drive global growth in the coming years. This is mainly due to increasing passenger volumes as well as infrastructure development in these regions.
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Increase in passenger volumes serves as an enabler for adoption of new technology solutions that offer time savings. Technological developments and evolution of smart security solutions are estimated to drive global airport security market size, according to the report. Rise in criminal and terrorist activity have propelled the need for security reforms and amendment of security laws.
Growth of airport infrastructure and a shift toward technological security solutions as an alternative to human labor intensive security practices is expected to drive airport security systems market trends over the coming years.
Effectiveness of existing equipment in combating threats and lack of a tangible return on investment has discouraged operators from purchasing new solutions. Labor costs consume a significant portion of the security budget, taking away potential investments in new technology.
The airport security surveillance market accounted for more than 9% of the global revenue in 2015, and the segment is expected to witness growth in the coming years. It primarily includes products such as IP and analog video surveillance, radar surveillance, among others.
Although analog cameras are more popular and widely deployed, IP cameras have quickly gained popularity and are expected to replace analog systems in the coming years. Video analytics play a vital role in threat detection and software analytics companies are expected to offer innovative solutions for airports.
Biometric access control devices are expected to gain significant airport security market share over the next few years. Card readers and keypads are some of the primary solutions deployed worldwide.
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