Investment in airport security set to increase
The unrelenting threat of terrorism and crime plaguing the global landscape leave airport operators with no choice but to invest in robust security technologies. While the mature European and North American airport security technology markets will witness incremental growth, markets in the developing regions will undergo a more substantial uptrend.
New analysis from Frost & Sullivan, Global Airport Security Technology Market Assessmen t , finds that the market earned revenues of $8.22 billion in 2014 and estimates this to reach $12.67 billion by 2023. The study covers the segments of perimeter security, command, control and integration, cybersecurity, communications, surveillance, access control, and screening. Cutting-edge technologies in the screening, big data and integration markets are particularly driving upgrades and new investments in the airport security market. Over the next 20 years, however, cybersecurity spending will rise at the fastest pace.
“International and domestic aviation legislation is fuelling the procurement of security technologies in airports,” said Frost & Sullivan Aerospace & Defense Research Analyst Robert Haddon. “International and domestic organisations such as the European Civil Aviation Conference and the United States (US) Transport Security Administration are exerting influence in setting airport security standards in key regions, lending further pace to market development.”
On the other hand, budgetary constraints have been an obstacle to market growth. Combined with this, the effectiveness of existing legacy systems in combating current threats have discouraged airport operators from purchasing new solutions that fail to demonstrate a tangible return on investment.
“Clearly, the market for airport security technologies is highly reactive in that it only looks to address known threats rather than prevent unknown threats alongside,” noted Haddon. “Once end users adopt a more proactive approach to dealing with evolving threats, the airport security technology market will witness more traction.”
Technology providers should roll out intelligent and integrated security solutions that stimulate additional airport efficiencies such as smarter and enhanced speed of travel through the site. As competition in the global airport security market has been rising over time, strategic partnerships and acquisitions have also become important means to success for companies in this space.
Global Airport Security Technology Market Assessment is part of the Security Growth Partnership Service programme. Frost & Sullivan’s related studies include: 2014 Border Control & Biometrics Market Assessment , Global Military Helicopters Market Assessment , US Airport Screening Technologies , and Global Commercial Avionics Market .
