Effective security technologies and systems are still in demand among airport operators as increasing passenger volumes place new strains on infrastructure. The threats of terrorism and crime leave airport operators with no choice but to invest in robust security. While the mature European and North American airport security technology markets will witness incremental growth, markets in the developing regions will see a more substantial uptrend.
This is all according to new analysis from a Global Airport Security Technology Market Assessment, by the market research company Frost & Sullivan. It finds that the market earned revenues of $8.22 billion in 2014 and estimates this to reach $12.67 billion by 2023. The study covers the segments of perimeter security, command, control and integration, cybersecurity, communications, surveillance, access control, and screening. Screening, big data and integration markets are particularly driving upgrades and new investments in the airport security market. Over the next 20 years, however, cybersecurity spending will rise at the fastest pace, according to the researchers.
Frost & Sullivan Aerospace & Defense Research Analyst Robert Haddon said: “International and domestic aviation legislation is fuelling the procurement of security technologies in airports. International and domestic organisations such as the European Civil Aviation Conference and the United States (US) Transport Security Administration are exerting influence in setting airport security standards in key regions, lending further pace to market development.”
On the other hand, budgetary constraints have been an obstacle to market growth, the market research firm says. The effectiveness of existing legacy systems in combating current threats have discouraged airport operators from purchasing new solutions that fail to demonstrate a tangible return on investment. Haddon said: “Clearly, the market for airport security technologies is highly reactive in that it only looks to address known threats rather than prevent unknown threats alongside. Once end users adopt a more proactive approach to dealing with evolving threats, the airport security technology market will witness more traction.”
Technology providers according to the market analysts should roll out intelligent and integrated security solutions that stimulate additional airport efficiencies such as smarter and enhanced speed of travel through the site. As competition in the global airport security market has been rising over time, strategic partnerships and acquisitions have also become important means to success for companies in this space.
