PUBLISHER: The Business Research Company | PRODUCT CODE: 1620141
PUBLISHER: The Business Research Company | PRODUCT CODE: 1620141
Transportation security technology includes systems, solutions, and services designed to safeguard passengers, cargo, and infrastructure across different modes of transportation. Its primary goal is to detect, prevent, and respond to security threats, ensuring safe and efficient travel and transport. These technologies are used to enhance passenger screening, secure cargo, control access to restricted areas, and detect contraband and explosives.
Key technologies in transportation security include bottled liquid scanners, explosive detection systems, and explosive trace detection. A bottled liquid scanner is a security device that employs advanced technologies, such as lasers and microwave reflection, to analyze the chemical composition of liquids within sealed containers without the need to open them. Various transportation modes, including airways, waterways, roadways, and railways, utilize these technologies for diverse applications such as video surveillance, passenger and baggage screening systems, cargo inspection systems, perimeter intrusion detection, access control, nuclear and radiological detection, fire safety and detection systems, and tracking and navigation systems.
The transportation security technology market research report is one of a series of new reports from The Business Research Company that provides transportation security technology market statistics, including transportation security technology industry global market size, regional shares, competitors with a transportation security technology market share, detailed transportation security technology market segments, market trends and opportunities, and any further data you may need to thrive in the transportation security technology industry. This transportation security technology market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The transportation security technology market size has grown strongly in recent years. It will grow from $41.76 billion in 2023 to $45.3 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed during the historic period can be attributed to several factors, including the rising need for public safety, increased use of unmanned aerial vehicles (UAVs) for surveillance and monitoring, a surge in global travel, growing passenger traffic, and governmental initiatives aimed at enhancing public transportation safety and security standards.
The transportation security technology market size is expected to see strong growth in the next few years. It will grow to $63.03 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The projected growth during the forecast period can be attributed to several factors, including rising demand for smart transportation, increasing concerns about terrorism, theft, and other security threats, the growing integration of artificial intelligence and machine learning algorithms into security systems, and the expanding adoption of cloud-based security solutions. Major trends expected in this period include innovative security screening solutions, advancements in transportation security technologies such as biometrics, data analytics, and 3-D or multi-view scanning, the implementation of blockchain technology for secure data sharing and tracking, and a growing adoption of emerging technologies in transportation security. Additionally, strategic partnerships among key market players are anticipated to play a significant role.
The growing threat of terrorism is expected to drive the expansion of the transportation security technology market. Terrorism involves the use of violence or intimidation to achieve political, religious, or ideological objectives, often targeting civilians or non-combatants. This rise in terrorism is influenced by complex socio-political factors such as grievances, ideological beliefs, and geopolitical tensions. Transportation security technology supports smart transportation by providing real-time monitoring, threat detection, and response systems, thereby enhancing safety and reducing risks. For example, the Global Terrorism Index by the Institute for Economics and Peace reported in December 2023 that terrorist attacks became more lethal in 2022, with an average of 1.7 fatalities per attack compared to 1.3 in 2021. Consequently, the increasing threat of terrorism is fueling growth in the transportation security technology market.
Key companies in the transportation security technology sector are developing advanced explosive detection systems to improve security measures. These next-generation systems are designed to accurately identify explosive materials and reduce false alarms at security checkpoints. For instance, Agilent Technologies Inc., a US-based manufacturer of instruments and systems, introduced the Insight200M liquid explosive detection system (LEDS) in November 2022. This advanced system is tailored to enhance security and efficiency at airport checkpoints by providing a low false alarm rate and high detection accuracy, complementing CT screening technology. This improves item screening speed and reliability, thereby increasing passenger throughput while upholding high safety standards.
In May 2024, SITA, a Switzerland-based company specializing in air transport communications and information technology, acquired Materna IPS for an undisclosed sum. This acquisition aims to strengthen SITA's position in the air transport sector by developing a leading passenger handling portfolio. It will enhance SITA's capabilities in passenger processing and support digital transformation at airports. Materna IPS, a Germany-based company, specializes in automated passenger handling solutions and RFID bag tag scanner technologies for airports and airlines.
Major companies operating in the transportation security technology market are Siemens AG, Rockwell Collins Inc, RTX Corporation, Lockheed Martin Corporation, Honeywell International Inc, ABB Ltd, Safran SA, Thales Group, L3Harris Technologies Inc, ASSA Abloy, ADT Corporation, Daifuku Co. Ltd., Vanderlande Industries B.V., Smiths Group Plc, Bosch Security Systems GmbH, OSI Systems Inc., FLIR Systems Inc., Astrophysics Inc., Vehant Technologies, Kromek Group plc, Cobalt Light Systems Ltd., Todd Research Ltd
North America was the largest region in the transportation security technology market in 2023. The regions covered in the transportation security technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the transportation security technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The transportation security technology market consists of revenues earned by entities by providing services such as threat detection and assessment, cargo screening services, identity verification, and cybersecurity solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The transportation security technology market also includes sales of cargo screening systems, control systems, and advanced video surveillance systems. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Transportation Security Technology Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on transportation security technology market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for transportation security technology ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The transportation security technology market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.