Global Transportation and Security System Market was valued US$ 57.1 Bn in 2017 and is expected to reach US$ 144.5Bn by 2026, at a CAGR of around 10.87 % during a forecast period.
Technological innovation backed by new product development is one of the important factors anticipated to drive the market in future. Taking into account the increase in threat of terrorism along with rise in number of people carrying illegal goods, there is a increas ingneed for advancements in detection technology to enable higher safety. Baggage scanning systems need to be upgraded in order to find out concealed threats in the passengers’ baggage. Furthermore, high definition security cameras are the new level of security likely to drive the market in future. Accordingly, all these factors serve as a major opportunity for the transportation and security system market during the forecast period. However, the disparities in the government regulations in control and testing new technologies. As a result, a delay has observed in the implementation of the plans, high cost of security systems, and passenger inconvenience are restraints the transportation and security system market growth during forecast period.
The transportation and security system market is segmented by systems, access control and surveillance are the most important parts of a transportation and security system. Access control held the largest market share XX % in 2014 due to rise in terrorist activities backed by the rise in smuggling of prohibited goods across all modes of transportation globally, the prevention of which requires proper and strict monitoring along with improved security scanning. Among the modes of transportation, and roadways dominate global transportation and security system market as compared to railways, airways, and seaways.
In global transportation and security system market several top players are inking partnership deals with governmental organizations and making tie-ups with research institutions to expose innovative transportation and security systems, mostly for public transit. Some prominent players are also entering into cooperation to develop next-generation automotive security solutions for in-vehicle system communication, with purpose to gain competitive edge over others.
Geographically, Asia Pacific is the most attractive region in transportation and security system market. The region is projected to witness a CAGR of 11.19% during the forecast period. Increasing consciousness about transportation safety and greater focus towards passenger safety are the key factors boosting growth of the transportation and security system industry in the region. Additionally, there is rise in infrastructural development of critical transportation facilities backed by huge government spending on air, water, land safety, and security-related projects which is further driving the transportation and security system market in the region.
The report will help to decision maker and it includes market drivers, restraints, and opportunities of transportation and security system market. Recent market trends are also highlighted in the study. Future market trends that are estimated to impact the market is also included in the report. The report also contains market scenario, current market size, and market trends.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global transportation and security system market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global transportation and security system market.
Scope of Global Transportation and Security System Market
Global Transportation and Security System Market, By Modes
• Fire Safety
• Asia Pacific
• Middle East & Africa
• South America
• Rapiscan Systems
• Smiths Group
• ORBCOMM Inc.
• Lockheed Martin
• L-3 Communications
• Kapsch Group
• Honeywell International
• Alstom S.A. (France)
• Raytheon Company
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