One doesn’t need to embark on several journeys to realize how integrated safety and security is in today’s transport network, and rightfully so given the sophisticated, complex and highly explosive threats worldwide. Although some of these threats have been around for some time now, with the advancements in technology, novel ways of creating security threats are evolving. A new generation of bombs is reportedly being developed that can be hidden in electronic devices and presents a serious challenge to the transportation security administration.
This scenario has evoked an increase in the research and development of transportation security technologies. A recent report released by Allied Market Research valued the global transportation security technology market of $33 million in 2017 and predicted it to reach $61 million by 2025 at a CAGR of 8%. The transportation security technology is used in various industries to ensure the safety of goods, products, and people. It is mainly used in airport security, courier companies, railway departments, mass transit, logistics, port security, and returned transport items.
The key cause that is assisting the increase of this market is the continuous demand for public safety, immense infrastructural growth, greater RoI from improved security, and business stability. The increasing threats, catastrophic accidents, and natural and unnatural disasters have also been an influencing factor in the growth of this market.
Some of the solutions that are acquiring influence and investment from several vendors are integration software, SaaS, incorporation of command and control system with the communication system, and improved imaging technology.
The solution providers are supporting their business operations in the emerging markets and are offering an integrated solution on unified platforms to reduce the overall cost and enhance the efficiency. This effective integration and interoperability would lead to an advanced level of usage of security solutions. Also, market conversion from analog to digital technologies and IP coupled with an increase in the worldwide convergence of transportation security technologies acts as the key drivers of this market.
Given that, the implementation of transport security technology is quite expensive and faces significant obstacles majorly in the developing nations. Lack of adequate funding from the government for the adoption of these technologies hampers the growth of the market. The Asia-pacific region is expected to record a substantial growth during the forecast period, owing to government incentives encouraging public safety and security concerns in the region. Nonetheless, the developing technologies in video surveillance and screening in addition to increased profit on investment from enhanced security offer beneficial opportunities for the market growth. At present, the North America region dominates the market, offering advanced solutions. This is attributed to the extensive adoption of advanced technology by the region for the security of public and infrastructure.
Ultimately, the adoption of innovations in transportation security technologies such as bio-metrics, data analytics and 3-D scanning provides a valuable growth opportunity for the key players operating in the global transportation security technology market.