Rising Threat of Terrorism: A Key Driver Transforming the Transportation Security Technology Market 2024
Transportation Security Technology Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Are The Market Trends Shaping The Transportation Security Technology Global Market?
The transportation security technology market size has grown strongly in recent years. It is predicted to grow from $41.76 billion in 2023 to $45.3 billion in 2024 at a compound annual growth rate CAGR of 8.5%. This growth in the historic period can be attributed to the rising need for public safety, the increasing use of unmanned aerial vehicles UAVs for surveillance and monitoring purposes, a surge in global travel, increasing passenger traffic, and governmental initiatives towards improving public transportation safety and security standards.
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What Are The Future Trends Expected To Impact The Market?
The transportation security technology market size is expected to see strong growth in the next few years. The market is projected to grow to $63.03 billion in 2028 at a compound annual growth rate CAGR of 8.6%. The growth in the forecast period can be attributed to rising demands for smart transportation, increasing concerns regarding terrorism, theft, and other security threats, growing integration of artificial intelligence and machine learning algorithms into security systems, and growing adoption of cloud-based security solutions.
What Should The Market Watch Out For?
Major trends in the forecast period include innovative security screening solutions, adoption of innovations in transportation security technologies, such as biometrics, data analytics, and 3-D or multi-view scanning, implementation of blockchain technology for secure data sharing and tracking, growing adoption of emerging technologies in transportation security and strategic partnerships among key market players.
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What Are The Primary Market Drivers?
The increasing threat of terrorism is expected to propel the growth of the transportation security technology market going forward. Terrorism is the systematic use of violence or intimidation to achieve political, religious, or ideological goals, often targeting civilians or non-combatants. The rise of terrorism is due to complex socio-political factors, including grievances, ideology, and geopolitical tensions.
Transportation security technology aids smart transportation by offering real-time monitoring, threat detection, and response systems, thus boosting safety and reducing accident risks. For instance, in December 2023, according to the Global Terrorism Index by the Institute for Economics and Peace, an Australia-based think tank, terrorist attacks grew more lethal in 2022, resulting in an average of 1.7 fatalities per attack, compared to 1.3 deaths per attack in 2021. Therefore, the increase in the threat of terrorism is driving the growth of the transportation security technology market.
Who Are The Key Players In The Industry?
Major companies operating in the transportation security technology market include Siemens AG, Rockwell Collins Inc, RTX Corporation, Lockheed Martin Corporation, Honeywell International Inc, ABB Ltd, Safran SA, Thales Group, L3Harris Technologies Inc, ASSA Abloy, ADT Corporation, Daifuku Co. Ltd., Vanderlande Industries B.V., Smiths Group Plc, Bosch Security Systems GmbH, OSI Systems Inc., FLIR Systems Inc., Astrophysics Inc., Vehant Technologies, Kromek Group plc, Cobalt Light Systems Ltd., and Todd Research Ltd.
What Are The Recent Advances By Key Players?
Major companies operating in the transport security technology market are innovating next-generation explosive detection systems to enhance security measures. Next-generation explosive detection systems are cutting-edge technologies that improve safety by accurately identifying explosive materials and minimizing false alarms at security checkpoints. For instance, in November 2022, Agilent Technologies Inc., a US-based instruments and systems manufacturing company, launched the Insight200M liquid explosive detection system LEDS. It is an advanced liquid-explosive detection system designed to enhance security and efficiency at airport checkpoints.
How Is The Transportation Security Technology Market Segmented?
The transportation security technology market is segmented into:
1 By Technology: Bottled Liquids Scanner, Explosive Detection System, Explosive Trace Detection
2 By Transportation Type: Airways, Waterways, Roadways, Railways
3 By Application: Video Surveillance, Passenger And Baggage Screening System, Cargo Inspection System, Perimeter Intrusion Detection, Access Control, Nuclear And Radiological Detection, Fire Safety And Detection System, Tracking And Navigation System, Other Applications
Regional Insights: North America was the largest region in the transportation security technology market in 2023. The regions covered in the transportation security technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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