Global airport security market to be worth $25 billion by 2028
The airport security market size is anticipated to record a valuation of $25 billion by 2028, according to the most recent study by Global Market Insights Inc.
The market growth can be attributed to an increase in the volume of air passengers across the globe.
According to its findings, the Real-Time Locating System (RTLS) segment in the airport security market will witness growth during the forecast timeline, which is credited to the rising focus on improving passenger flow across the site.
To improve operational efficiency, reduce maintenance costs & track passengers traffic, airport authorities are said to be investing in RTLS systems at different checkpoints.
For example, in December 2021, Xovis AG received a contract from the Airports of Thailand (AoT) for the supply & installation of passenger tracking systems at three airports – Phuket and Bangkok’s Suvarnabhumi and Don Mueang.
The system will collect data from operational data, such as a number of passengers in the arrival, departure & transit areas, and from visual information, to derive data-driven insights. Through this, AoT is focusing on reducing the waiting time during security checks, check-in lines, and passport controls, thus improving the overall customer travel experience.
The collected data can also be used to forecast passenger traffic on a day-to-day basis and allocate resources & assets accordingly.
According to the study, increasing demand for the modernisation of existing infrastructures will propel the airport security market expansion in North America.
It says that airport operators and government administrations are emphasising on developing their facilities with the installation of advanced technologies such as automated lanes, biometric access control systems, video analytics, AI-based surveillance cameras, and explosive detection solutions. Through this, it adds, they are improving the performance, productivity & safety of airport assets and passengers.
As an example of the security spend in North America, the study notes that in May 2021, the US Transportation Security Administration (TSA) awarded a contract worth $318 million to Raytheon Technologies to deploy checked baggage screening machines across all federally managed airports. The five-year nationwide contract includes equipment expansion to around 430 federal airports.
It is expected to improve the security aspects of the terminals and reduce any danger to various stakeholders on-site. The growing implementation of safety solutions will support industry demand during the forecast period.
Some major findings of the airport security market report are:
• The integration of advanced technologies, such as AI, data analytics, cloud computing & IoT, will boost the industry revenue. Furthermore, companies are developing security management software with features such as configurable API user restrictions, facial recognition, recorded footage smart search, map navigations, and video alarm processing.
• The introduction of new and stringent government regulations associated with the security parameters of airports will foster the market progression. Airway transportation authorities across various countries are launching guidelines to maintain a minimum standard of operational activities. Through this, they are focusing on monitoring unlawful practices to prevent major incidents in the coming years.
• The airport security market will showcase growth owing to growing investments in infrastructural extension of the facilities. To accommodate the increasing daily traffic in airports, administrations are planning new projects to add new flights paths, terminals, lounges, and parking spaces. The expansion of airport terminals will increase the requirement for safety solutions.
• The growing risk of terrorist attacks will support the airport security market value. Organisations are installing advanced X-rays scanners at the checkpoints to prevent illegal smuggling of dangerous explosives, weapons, chemicals & firearms. The aim of this deployment is to reduce harm & danger to passengers, sitting inside the airport & in the airplane.