The global Airport Security Market share is projected to reach USD 11.45 billion by the end of 2027. The increasing number of air travels will bode well for the market in the coming years. According to a report published by Fortune Business Insights, titled “Airport Security Market Size, Share and Industry Analysis, by Security Type (Access Control, Cybersecurity, Perimeter Security, Screening, Surveillance, and Others), By System (Metal Detectors, Fiber Optic Perimeter Intrusion, Backscatter X-Ray Systems, Cabin Baggage Screening Systems, and Others), By Airport Model (Airport 2.0, Airport 3.0, and Airport 4.0), By Airport Class (Class A, Class B, and Class C), and Regional Forecast,2020- 2027,” the market was worth USD 10.78 billion in 2019 and will exhibit a CAGR of 7.62% during the forecast period, 2019-2027.
List of Key Companies Profiled in the Airport Security Market Research Report are:
- American Science and Engineering Inc. (The U.S.)
- Axis Communication AB (Sweden)
- FLIR Systems (The U.S.)
- Hitachi Limited (Japan)
- Honeywell International Inc. (The U.S.)
- L3Harris Technologies Inc. (The U.S.)
- Raytheon Company (The U.S.)
- Robert Bosch GmbH (Germany)
- Siemens AG (Germany)
- Smiths Detection Inc. (The U.K)
- Thales Group (France)
- Westminister Group Plc. (The U.K)
Airport security systems are used to ensure security and safety at airports as well as subsequent flight travels. The increasing awareness regarding security has created several opportunities for the companies operating in the market. The emphasis on airport security has risen dramatically over the past few years. Technological advancements in the equipment associated with security checks will have a huge impact on the growth of the overall market in the coming years.
The ability of security checks at airports to prevent huge security threats and potential terrorist attacks will bode well for the companies operating in the market. The high investment in the development of efficient Airport Security will emerge in favor of the growth of the market in the foreseeable future.
Company Mergers Are Proving Beneficial for Major Businesses
The report encompasses several factors that have contributed to the growth of the overall market in recent years. With a bid to capitalizing on the massive potential held by this market, several large scale companies are looking to adopt newer strategies. It is observed that company mergers and collaborations are a growing trend among major businesses across the world.
In April 2019, Thales Group announced that it has completed the acquisition of Gemalto. The Germany-based company is a provider of digital security services, with product applications ranging across diverse industry verticals. Through this acquisition, the company plans to strengthen its portfolio of digital security solutions. Thales’ acquisition of Gemalto will help the company establish a formidable position in the global market. Furthermore, this acquisition will have a positive impact on the growth of the overall market in the coming years.