National security is of vital importance at critical infrastructures such as airports. Demand for quicker and efficient screening has culminated in the design and development of advanced screening systems that are being employed worldwide. The rapid pace of new construction activity at airports and need to streamline security screening process in order to minimize waiting time for passengers also serve as key drivers for market growth.
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However, economic turmoil and lack of funds for public spending new development and construction, as well upgrade of existing airports. In addition, effectiveness of existing security equipment in combating threats and lack of a tangible return on investment has discouraged operators from purchasing new technology solutions. Existing retrofits and shift towards automated security solutions as an alternative to human labor is expected to provide market growth opportunity over the coming years
International and domestic legislations have fueled the procurement of security technologies. Organizations such as the TSA and European Civil Aviation Conference (ECAC) establish security standards and oversee their adherence. Airports are subjected to numerous threats including robbery, arson, cyber-crime, terrorism, and vandalism. Terrorist attacks are the most critical threat in public view; therefore, technologies enabling security are of prime importance for ensuring public safety.
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Further key findings from the report suggest:
Cyber security solutions are expected to witness fastest market growth over the forecast period owing to technology trends such as IoT, Big Data, cloud storage and adoption of smart solutions. Airport screening systems continue to dominate the industry with over 45% revenue share in 2014.
North American airport security market accounted for about 35% of the overall share in 2014 owing to the presence of key players in the region coupled with a large number of new construction and upgrade activity. Government spending and regulatory mandates continue to drive growth across regions
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The global airport security market is diversified and competitive in nature. A large number of companies specialize in the provision of unique solutions from screening to cyber security. The global airport security screening market is consolidated in nature; key vendors including Safran Morpho, Smiths Detection, L-3, OSI Systems (Rapiscan) and American Science & Engineering accounted for around 50% of the overall share in 2014.
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