The
passenger
security market report provides an analysis of the market from 2019 to 2024
and discusses the prevailing industry and technology trends, along with the drivers,
restraints, challenges, and opportunities. The market is projected to grow
from USD 4.8 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 7.2% during
the forecast period. The market in Asia Pacific
is expected to witness substantial growth during the forecast period,
especially in countries, such as China and India, due to the rapid development
of new airports, seaports, and expansion of railways.
Know more about the Global
Market:
Based
on the security solutions offered, the access control/biometric systems market
is projected to grow at the highest CAGR during the forecast period owing to
the increased use of automated passenger processing systems. For example,
according to Future Travel Experience, Vancouver International Airport
introduced fingerprint verification systems at its Primary Inspection Kiosks for
passengers in March 2019.
Based
on end user, the seaports market is projected
to grow at the highest CAGR during the forecast period owing to the development
of new ports, especially in the Asia Pacific region, and the expansion of existing
ports in Europe, and North America. In 2017, 2.5 million Chinese travelers took
cruise trips. According to the Cruise Lines International Association, by 2025,
the number of Chinese traveling on cruises will grow to 8-10 million annually.
Hence, investments in seaports in China are expected to grow over the next few
years. According to the World Maritime News, Brisbane commenced construction of
the Brisbane International Cruise Terminal in February 2019, which is estimated
to cost USD 113 million. This new terminal can handle 1.8 million passengers
annually.
An
analysis of the regional trends reveals that Asia Pacific is estimated to account
for the largest share of the passenger security market in 2019. The market in the
Asia Pacific is expected to grow significantly due to the increase in passenger
traffic and the development of new
airports, seaports, and railways in countries, such as China and India. Investments
in upgrading technologies for passenger screening is another factor driving the
demand for passenger security solutions. For instance, according to an article
published by the Times of India in December 2018, the Bureau of Civil Aviation
Security (BCAS) is expected to install full-body
scanners in major airports in India in 2019.
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Email: newsletter@marketsandmarkets.com
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