6.7% CAGR, Security Inspection Market to hit $11,041.0 Mn, Globally by 2027
Security Inspection Market Size is expected to grow from US$ 7,305.6 million in 2021 to US$ 11,041.0 million by 2027. The Security inspection market is expected to grow at a CAGR of 6.7% during the forecast period of 2020 to 2027.
Numerous technological advancements coupled with disparity in security regulations in various countries is fostering the growth of the security inspection market in APAC. Since security is the major concern among the major facilities, various economies are adopting advanced security systems coupled with cloud-based solutions for automatic data recording and security warnings. On the other hand, the presence of world’s most populated countries such as China and India in the region is raising the domestic and international air travel coupled with interstate road transportation. Moreover, both the economies capture a substantial share in the global trade scenario; thereby, increasing import and export activities across the region. The factors mentioned above are likely to influence the adoption of security inspection systems across the region; thus, contributing to the market growth during the forecast period.
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APAC Security Inspection Market to Grow at Highest CAGR during Forecast Period
The presence of developing economies such as China, India, South Korea, Malaysia, the Philippines, and Taiwan make Asia a developing continent. Growing economic structure and technological advancements support the growth in the adoption of various types of security inspection systems across checkpoints. The region has the potential to invest massive amounts in security screening systems to overcome any risk associated with the entry and exit of individuals or commodities across the region.
Key Findings of the Study
Owing to rising trade through roadways and surge in intercity travel among the global population, the governments of various countries are implementing security measures across borders to avoid illegal entry of people or materials. The adoption of vehicle inspection system enables the border security team to check all vehicles crossing borders without involving manpower. This reduces the risk of omission due to human eyes or any other unauthorized proceedings between border officials. These factors are promoting the adoption of vehicle inspection systems across border checkpoints; thereby, contributing to the market growth.
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Surge in Demand for Full-Body X-ray Screening Systems across Important Facilities
With the rise in terrorism worldwide, security inspection equipment has become necessary across the crowded and government facilities; thus, increasing the demand for efficient and full body scanning systems for screening humans, baggage, and cargoes, among others. X-ray screening helps in scanning objects without human intervention and scans large number of individuals and baggage in less time. Therefore, X-ray screening is being adopted among facilities such as metro stations, railways stations, airports, and seaports. ADANI offers x-ray screening systems for detecting non-metallic weapons, plastics, liquid explosives, and drugs under clothing. Thus, owing to the demand for efficient scanning, full-body x-ray systems are gaining a significant scope across the security inspection market.
The key factors driving the security inspection market are an increase in the adoption of vehicle inspection systems across border checkpoints, the surge in demand for full-body X-ray screening systems across airports, railways, shopping malls, banks, country borders, and others. The vendors have a huge opportunity by offering automated security scanning and integration of artificial intelligence with security inspection systems. The various technologies used for security inspection are biometric technologies, X-rays, explosive trace detectors, electromagnetic detectors, and others. The advancements in technology are creating a lucrative opportunity for companies offering security inspection system. Companies are developing new applications such as Nuclear Quadrapole Resonance (NQR). Owing to rising trade through roadways and surge in intercity travel among the global population the governments of various countries are implementing security measures across borders to avoid illegal entry of people or materials. The adoption of vehicle inspection system enables the border security team to check all vehicles crossing borders without involving manpower.
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Published Tue, 22 Mar 2022 15:39:19 -0500
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