Airport Security Market to grow at 7% CAGR from 2017 to 2024: Fractovia.org The commercialization potential of airport security market has escalated immensely over the recent years, subject to the relentless threat of terrorism and aviation crimes plaguing the global landscape. Aviation industry being at the center of international and domestic transportation plays a crucial role in driving nation’s economic growth. Airport security industry space is thus highly affected by demographic, political, and regulatory changes. The catastrophic bombarding at Brussel’s airport and explosion at Maelbeek metro station is difficult to go unnoticed in this regard. Reportedly, the accident bears a record of 31 casualties and severe injuries of almost 270 civilians. As an aftershock of the event, the Belgian government was highly criticized on the grounds of inadequate security measures and violation of safety norms. Experts believe that the immediate requirement for strict and efficient screening system in order to mitigate these global threats is proliferating airport security industry share.
The incorporation of digitization in business model, passenger interaction, and security processes has brought a new dimension to airport security market outlook. In fact, over the recent past years, the overall business space has witnessed a plethora of new developments with regards to product innovations and technological integration. The burgeoning demand for seamless processing and luggage checks has literally pushed TSA (Transportation Security Administration) to explore novel security channel, with a significant improvement in threat detection accuracy. Bosch Security Systems, one of the leading names in the airport security market, for instance, has recently launched a Video Management System 7.5 software, which is claimed to enhance openness in video surveillance and forensic capabilities by offering the security operators a much faster and efficient access to video footage. Some of the other renowned giants actively partaking in airport security market involves Fisher Research Laboratory, Auto Clear LLC, Lockheed Martin Corporation, Axis Communications, Siemens AG, Smiths Detection LLC, and G4S PLC. These companies are heavily investing in R&D activities to integrate cloud security solutions in their business models for sustaining in the competitive landscape. Statistics claimed by Global Market Insights Inc., depicts that overall airport security industry size was 1|Page