Transportation security technology is used in various industry segments to ensure safety of goods, products, or people in transit.The global transportation security technology market has registered a significant growth, owing to the rise in need for public safety. The Transportation Security Administration (TSA) is an agency of the U.S. Department of Homeland Security, which has an authority over the security of the public travelling in the United States. TSA’s aim is to ensure the most effective and efficient transportation security. It shoulders the responsibility for the security of over 20,000 domestic flights per day and over 2,000 outbound international flights per day. TSA also screens approximately 2 million passengers per day and over 700 million passengers every year.
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The Asia-Pacific region is expected to register substantial growth during the forecast period, owing to government incentives encouraging public safety and security concerns in the region. The high investment cost involved in adopting enhanced security technologies by developing economies serves as the major restraint to the market growth. However, emerging technologies in video surveillance and screening along with high return on investment from enhanced security offer lucrative opportunities for the market growth.
The transportation security technology market is segmented by transportation mode, application, and region. The various transportation modes are airway, waterway, railway, and roadway. As per application, the market is categorized into video surveillance, passenger & baggage system, cargo inspection system, perimeter intrusion detection, access control, nuclear & radiology detection, fire safety & detection system, tracking & navigation system, and others. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and Latin America Middle East and Africa (LAMEA).
The key market players profiled in the report include Raytheon Company, Smiths Detection, Inc., Security Electronic Equipment Co. Ltd., Lockheed Martin, L-3 Communications Holdings, Inc., Honeywell International, Inc., Rapiscan Systems, United Technologies Corporation, Alstom, and Kapsch.
These players adhere to vital market strategies, such as mergers, acquisitions, collaborations, and partnerships, to expand their market reach and thereby, retain their positions in the competitive market.
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This study comprises an analytical depiction of the global transportation security technology market with current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the transportation security technology industry.
The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global transportation security technology market.
Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.
TRANSPORTATION SECURITY TECHNOLOGY MARKET KEY SEGMENTS
BY TRANSPORTATION MODE
Passenger & baggage screening system
Cargo inspection system
Perimeter intrusion detection
Nuclear & radiological detection
Fire safety & detection system
Tracking & navigation system
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Rest of Europe
Rest of Asia-Pacific