According to BlueWeave Consulting, The Global Transportation Security Market is anticipated to grow at a significant rate during the forecast period. The transportation security market is projected to account for a value of around USD 36 billion in the year 2018 and is expected to grow at a CAGR of more than 8% from 2018, to reach a value of approximately USD 65 billion by the year 2025. The transportation security market driven by rising urbanization, technological advancements, growing demand for transportation facilities, and increasing investments from the various country governments is further expected to propel the need for the transportation security market globally. Significant limitations of the market are high initial costs and problems related to security, which are expected to act as restraints in the market.
Different drivers of the transportation security market are the technological advancements in the transportation sector, the constant increase in need from the public, and the scope of development of infrastructure facilities worldwide.
Global transportation security Market: Competitive Insight
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, are some of the major players in the global transportation security market.
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The Airport segment from the transportation mode section is projected to be the fastest-growing segment of the transportation security market during the forecast period.
The Airport segment in the market is anticipated to be the fastest developing transportation mode; a majority of the airports across the world are investing in the advanced technologies to serve better to their customers. Additionally, the increase in the number of passenger footprint among the global airports during recent years is further expected to propel the demand for the transportation security market in the airport segment.
The video surveillance segment from the form section is projected to be the fastest-growing application in the transportation security market during the forecast period.
The video surveillance segment, from the application of the transportation security market, is anticipated to hold the most significant market share in the transportation security market during the conjecture time frame. Video surveillance is currently using several transportation facilities for the surveillance and identification of passengers. Over the past few years, the usage of video surveillance has become significantly used full in airports, railway stations, and transportation & logistics centers across the world.
North American and Europe regions hold a significant amount of share in the transportation security market
North American and Europe nations are robustly expanding their transportation security for the public and transportation infrastructure. The development of the transportation security market in the North American and Europe regions is majorly due to the adoption of advanced technologies such as video surveillance and passenger & baggage screening system used in both railway stations and airports across these regions. Regions comprised of multiple companies, and the adoption of advanced technologies by the customers in the region is expected to propel the demand for the transportation security market in these regions during the forecast period.
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Scope of the Report
By Transportation Mode
- Video surveillance
- Passenger & baggage screening system
- Cargo inspection system
- Perimeter intrusion detection
- Access control
- Nuclear & radiological detection
- Fire safety & detection system
- Tracking & navigation system
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