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Dublin,– The “Passenger Security Market by Security Solution (Baggage Inspection Systems, Explosive Trace Detector, Hand Held Scanner, Full Body Scanner, Access Control), End User (Airport, Seaport, Railway), Investment Type, and Region – Global Forecast to 2024” report has been added to ResearchAndMarkets.com’s offering.
The Passenger Security Market Size 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 growth of the segment can be attributed to the increasing demand for advanced passenger screening solutions, increase in global passenger traffic, and development of new airports, seaports, and railway stations globally. The US Department of Homeland Security is working toward using facial recognition technology on 97% of departing passengers in the next four years, starting from January 2019. Increasing demand for biometric solutions for immigration counters across the US, China, Japan, the UK, and the UAE airports is expected to have a significant impact on the passenger security market.
Based on end user, the passenger security market has been segmented into commercial airports, seaport, and railway stations. The commercial airports segment is estimated to lead the passenger security market during the forecast period. The growth of the segment can be attributed to heavy investments in the development of new airports, seaports, and railways.
In 2018, North America accounted for 49% of the cruise passenger traffic. To cater an increasing demand for cruises, the US and Canada have started developing and modernizing new terminals. In 2018, Shanghai has 416 seaports, Singapore had 374, Taipei had 322, and Hong Kong had 249. There is an opportunity to replace existing security solutions with upgraded, new security solutions such as CT scanners, fullbody scanners, and biometric systems for passengers at these major ports. Approximately 400 railway stations in India are getting access to Wi-Fi hotspots via a partnership between Google and the Indian Railways. The market for cybersecurity solutions for these networks to protect passengers is expected to grow in this country.
Based on investment type, the passenger security market has been segmented into new demand and replacement demand. The new demand segment is estimated to lead the passenger security market during the forecast period. The growth of the segment can be attributed to the increasing demand for new, high tech passenger screening solutions, and the replacement of damaged/broken equipment.
Investments in new airports and the expansion of existing airports in the Asia Pacific region, especially in China and India, have increased over the years with the estimated costs totaling USD 132.96 billion from 2016-2035. The China Railway Corporation has plans to add 6,800 km of new railway tracks into service in 2019, which is a 45% increase in expansion as compared to 2018. The passenger security solutions required at each station will contribute to a major part of the passenger security market for railways in China.
Based on region, the passenger security market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is estimated to lead the passenger security market during the forecast period. Investment in the modernizing of airports in North America is estimated to be approximately USD 51.06 billion from 2015-2024. 18 major railway projects are expected to have a significant impact on the passenger security market for railways.
They include the Crossrail project in the UK, the TAV Brazil high-speed project, Sweden’s Botnia Railway project, and the UAE’s Union Railway project, among others. According to the 2019 edition of IATA’s 20-year Air Passenger Traffic forecast, Asia Pacific will grow annually by 4.7%. IATA also estimates that more than half of the new passenger traffic will come from the Asia Pacific region.