Global Transportation and Security System Market to reach worth of US$74.50 Bn by 2021
December 01, 2022 at 00:00 AM EST
Several top players in the global transportation and security system market are inking partnership deals with governmental organizations and making tie-ups with research institutions to unveil advanced transportation and security systems, especially for public transit. Numerous prominent players are also entering into collaborations to develop next-generation automotive security solutions for in-vehicle system communication, with an aim to gain competitive edge over others.
Key players operating in the market include Safran Group, Rapiscan Systems Saab Ab-B, Smiths Group, ORBCOMM Inc., Lockheed Martin, L-3 Communications, Kapsch Group, Honeywell International, and Alstom, notes Transparency Market Research (TMR). A number of leading players are focusing in developing platforms with integrated security solutions.
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The various modes of transportation where security systems are demanded are seaways, railways, roadways, and airways. Of these, roadways led the pack in 2014 as the mode is the most popular one among the global population. The demand for transport security systems for roadways is likely to remain potentially high in the coming years as well.
On the regional front, North America led the global market in 2014. However, Asia Pacific is expected to rise at the most attractive CAGR of 11.2% during 2015–2021. The growth is driven by the rising awareness of transportation safety among the regional population and the sizeable government funds committed toward ensuring passenger safety in various modes of transport.
The transportation and security system market stood at US$36.40 Bn in 2014. The market is projected rise at a promising CAGR of 10.9% during 2015–2021 and touch a valuation of US$74.50 Bn by the end of this period.
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Demand for Systems for Ensuring Safety of Passengers in Transportation Modes bolster Uptake
The global transportation and security system market is driven by the worldwide need for the safe and smooth operation of transport systems to ensure the safety of passengers. The rapidly advancing infrastructural developments in several emerging economies is bolstering the demand for a safer public transport riding on the back of growing awareness about vehicle safety. This is propelling the widespread demand for security solutions and systems to enhance the transportation experience and is a key factor accentuating the global market over the forecast period.
The rapid pace of industrialization in numerous developing and developed nations is fueling the demand for safer land and air transportation system that could prevent exploitation by criminal activities and terrorism. The rising concern of these being compromised by terrorist activities has accentuated the demand for robust access control and surveillance systems. The growing exploitation of railways and airways for illegal goods trafficking is a notable concern in this regard.
Need for Technology Upgrades unlocks Exciting Prospects
The rising trend of automation in public transportation, notably in developed countries, has propelled the demand for better cybersecurity solutions, thus boosting the market. In this regard, the rapid progress being made in cellular and satellite connectivity, coupled with recent advancements in sensor technologies, bodes well for the market. The substantial adoption of baggage scanning systems, fire safety systems, and variety of other safety devices at railways and airports in several countries is boosting the market.
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The substantial demand for advanced security systems for freight terminals is a crucial factor catalyzing the rapid expansion of the market. The constant drive for upgrades in security technologies used in transportation systems is opening new, lucrative avenues for market players all over the globe. The staggering rise in number of vehicles in developing and developed regions is a notable factor that will substantially catalyze the growth of the market through 2021.
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