Airport Security Market is Expected to Expand at a Compound Annual Growth Rate (CAGR) of 5.1% Over the Forecast Period i.e. 2016-2024

New York, USA, 2018-Dec-05 — /EPR Network/ — Growing air passenger traffic and volume led the airport authorities to adapt to the requirements and to become more active in moving aviation dynamics. The primary aim of the smart airports across the globe is to make systems connected, intellectual and uncomplicated access by everybody. Approximately two third of the airports across the globe are planning major IT developments in passenger effortless self-service solutions with precise smart security solutions to cope up with the emerging need for smart security solutions with growing passenger traffic. More than38% airports around the world will be incorporated by digital technologies such as interactive way findings, smart tracking of passengers and smart check-in services. Many major international airports have adopted advanced security technologies to advance their security needs. For instance, the self-service check-in kiosk systems were installed at the London Heathrow Airport not only enhance passenger traveling experience but also to expedite the screening process precisely.

“ Airport Security Market Outlook, 2016-2024” covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, competitive analysis includes the in-depth analysis of the major players and leaders in airport security solutions industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler and others. Our primary research team conducted various interviews, surveys and group discussions of industry professionals, airport security solutions manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall Airport Security Industry.

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Global Airport Security Solutions Market Segmentation

By Technology Type

  • Access control
  • Cyber security
  • Perimeter security
  • Screening
  • Surveillance

By Component Type

  • Software
  • Hardware
  • Services

By Geography

  • North America (US, Canada) {Market Share (%), Market Size (USD Billion)}
  • Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion)}
  • Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion)}
  • Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion)}
  • Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion)}

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Market Trends, Drivers and Challenges

Megatrends such as rapid urbanization and globalization in today’s world continue to influence on society through the ever-growing mobility of air passenger and goods. The major challenge for airports as entryways to the extensive world is to proficiently accommodate the hassles of the escalating passenger and cargo traffic. In addition to this, guaranteeing the complete safety and security of passengers, staff, airport possessions and structure remains major concern at all times.Passenger traffic across the globe is swelling with 5% Y-O-Y growth coupled withrising IT expenditure by the airport authorities to lower their operating expenditures and to implement advanced technologies will significantly fuel the growth of global airport security solution market. However lack of funding and delayed airport development projects are some major challenges affecting the growth of smart airport security solution market. For instance approximately USD 20.0 billion average annual funding required for U.S. airports, which is expressively higher than the funding accessible through annual AIP grants and airport generated net revenue. It shows, existing authorizedfunding system cannot meet U.S. airport infrastructure needs for updating and expanding airport capacity which is importantfor a safe, effective and globally competitive aviation system.

Global Airport Security Solutions Market Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global airport security solutions market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Airport Security Market growth is driving on the basis of the advancement in the mentioned below industries:

Air Data System Market 

Air Data System Market is expected to reach USD 0.72 billion by 2024, growing at a CAGR of 5.80% over the forecast period 2016-2024. The increasing demand for aircraft in civil aviation industry coupled with rising frequency and number of passengers in air travel and growing international tourism which is demanding new aircraft is eventually driving the demand for air data systems. Rising demand for aircraft equipped modern air data computers which can accurately measure critical air mass properties are fuelling the demand for Global Air data System Market.

Smart Airport Market

passenger traffic is increasing with 5% Y-O-Y growth and IT spending by the airport authorities are growing to lower their operating expenditures and to implement advanced technologies, fuel the growth of Smart Airport Market. However, high initial investments and slow rate of adoption by the emerging economies are expected to hinder the growth of Global Smart Airport Market. Where the Asia Pacific smart airport market to expand at a CAGR of 7.3% during the forecast period 2016-2024. Further, the Asia Pacific smart airport market is anticipated to reach USD 6.7 billion by the end of the forecast period.  Based on solutions, Safety management accounted for the largest revenue share of 25% in APAC smart airport market in 2016. Further, information technology is the fastest growing segment, likely to expand at a CAGR of 15.3% over the forecast period i.e.2016-2024.

Air Traffic Management Market

Air Traffic Management Market size is set to reach USD 99.28 billion by 2024, registering a CAGR of 11.56% over the forecast period. Expansions of aircraft manufacturing industry along with the upcoming technological advancements are the two key factors which are triggering the growth of air traffic management market.

 

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