Global Transportation and Security System Market – Overview:
Public safety is gaining prominence in a number of countries and governments are helping the market grow further with many initiatives and policies. Besides, massive infrastructure has been developed for the same as improved security would help the nations reap higher ROIs (Return on Investment). It is also worth noting here that over the past few years a number of catastrophic accidents and increasing number of threats is also paving way for better security systems.
Transparency Market Research anticipates that over the forecast period, the global transportation and security system market would chart a notable growth, creating opportunities that the market players would leave no stone tuned to make the most of.
- As e-commerce grows, demand for logistics and a robust security system would gain prominence, becoming the pressing issue for businesses involved. This will thus pave the way for growth in the global transportation and security system market.
- Voice recognition and video surveillance are technologies that are set to underscore growth in the global transportation and security system market over the forecast period. These are rapidly adopted in a number of cities across the world for better monitoring and identification.
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Transportation security is essential for ensuring safety, proper and timely operations and a smooth transportation system combined with risk-free traveling. The major components of transportation and security system include passenger safety with the help of proper safety devices. Access control and surveillance are the most important parts of a transportation and security system.
Infrastructural development is on at full swing across the globe. Moreover, rapid growth in the industrial sector has led to the construction of huge buildings and offices. Besides, the markets in North America and Europe are steadily recovering from the recent economic crisis. All these factors have led to growth in the global economy. Office buildings, shopping malls, and important public places require proper safety and security arrangements. Moreover, modern airports and railway stations also require proper fire safety and biometric scanning for protection against terrorism and other threats. All these factors are responsible for the exponential growth of the transportation and security system market globally.
Technological innovation backed by new product development is one of the important factors expected to drive the market in the near future. Considering the increase in threat of terrorism along with rise in the number of people carrying illegal goods, there is a growing requirement for upgrades in detection technology to enable higher safety. Baggage scanning systems need to be upgraded in order to find out hidden threats in the passengers’ baggage. Moreover, high definition security cameras are the new level of security likely to drive the market in the near future. Thus, all these factors serve as a major opportunity for the transportation and security system market during the forecast period.
The global transportation and security system market is expected to witness stable growth due to increase in public safety requirements, and enhanced transportation security leading to higher sales of safety devices including metal detectors, explosive detection system, and baggage scanners. Roadways have traditionally dominated the transportation and security system market as this is the most common form of transportation which is used globally. Moreover, there is an exponential increase in the number of vehicles which is further driving the market for security system in transportation.
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The report segments the market into four geographical regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). Increase in terrorism and criminal activities coupled with the rise in illegal smuggling of goods, drugs, and explosives are the key factors driving the transportation and security system market.
Asia Pacific is the most attractive region in the transportation and security system market. The region is expected to witness a CAGR of 11.2% during the forecast period from 2015 to 2024. Increasing awareness about transportation safety and higher focus towards passenger safety are the key factors propelling growth of the transportation and security system industry in the region. Moreover, there is an increase in infrastructural development of critical transportation facilities backed by huge government spending on air, water, land safety, and security-related projects which is further driving the transportation and security system market in the region.
The RoW region is another attractive segment for the transportation and security system industry due to the presence of countries such as Brazil, South Africa, Saudi Arabia, the UAE, and Argentina that are growing at a high rate. The transportation and security system industry in Brazil is expected to witness considerable growth due to the rising number of airports which are being built in the country. As a result, there is an increase in the number of air travelers which mandates the installation of security devices in airports. Thus, the RoW transportation and security system market is expected to witness a robust growth rate of 11.1% during the forecast period from 2015 to 2024.
Alstom S.A. (France), Honeywell International (U.S.), Kapsch Group (Austria), L-3 Communications Holdings, Inc (U.S.), Lockheed Martin (U.S.), Orbcomm Inc (U.S.), Smiths Group PLC (U.K.), Rapiscan Systems (U.S.) Saab Ab-B (Sweden), and Safran Group (France) are among some of the key players in the transportation and security system market.