The value of the global airport security market is set to exceed US$12.8bn by 2023 according to a new report by independent researcher Global Market Insights.
The forecast is based on a compound annual growth rate (CAGR) of 4.6%, driven by the need to combat criminal activity. The global airport security market reached US$8.8bn in 2015.
According to the report, rising safety and passenger protection concerns due to an increase in terrorist activities will stimulate the market over the forecast period. Growing air traffic and the number of travelers might also contribute toward industry demand.
The report found that an increasing number of airports are investing in complex control and command and integration solutions due to the high level of security offered by such systems. Moreover, these systems provide greater situational awareness.
The report also found that the growing numbers of safety threats are compelling airports to invest in smarter security solutions such as biometrics, RFID and prototype screening devices.
To read more from the Airport Security Market report by Global Market Insights, click here.
Written by Dan Symonds