New York City, NY: Aug 08, 2019 – (Wired Release): The report attempts to offer high-quality and accurate analysis of the Global Transportation Security Technology Market, keeping in view market forecasts, competitive intelligence, and technological risks and advancements, and other important subjects. The global Transportation Security Technology market is comprehensively and accurately detailed in the report, taking into consideration various factors such as competition, regional growth, segmentation, and market size by value and volume. This is an excellent research study specially compiled to provide latest insights into critical aspects of the Global Transportation Security Technology Market.
Global Transportation Security Technology Market: Overview
Transportation security technology is used for the safety of goods, products, or people while traveling. It comprises systems and services which provides security to all modes of transportation and majorly used in airport security, courier companies, railway departments, logistics, and returnable transport items.
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Global Transportation Security Technology Market: Dynamics
The constant need for public safety and infrastructural development activities in developing as well as developed nations are major factors estimated to drive revenue growth of the global market. Preference shifted from analog to digital technologies and Internet protocol (IP) coupled with increasing demand for transportation security technologies globally, are expected to fuel growth of the target market. Furthermore, emerging technologies in video surveillance, voice recognition, and screening along with high return on investment are expected to offer lucrative opportunities for growth of the target market. The recent trend observed in the target market is manufacturers are focusing to develop security technologies such as Explosive Detection System (EDS), automated 3-D and X-ray scanning, biometric or access controls for passengers and luggage to ensure the safety of passengers and goods.
However, the high investment cost of the technology may hamper growth of the global market over the forecast period. In addition, the possibility of problems associated with security applications’ implementation in different modes of transportation may affect the adoption of products in the future.
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Global Transportation Security Technology Market: Segment Analysis
Among the transportation mode segments, the airway segment is projected to account for higher revenue shares in the global market.
Among the application segments, the video surveillance segment is estimated to account major revenue share in the global market and is projected to maintain its dominance over the forecast period.
Global Transportation Security Technology Market: Region Analysis
Among the regions, the North America region is expected to account for a major share in terms of revenue in the global market, owing to the presence of major players offering advanced solutions in countries in the region. In addition, extensive adoption of advanced technology for the security purpose is expected to propel growth of the target market. Moreover, the increased threat by global terrorism has forced governments for precise monitoring of the various transportation modes.
According to the document published by an agency of the US Department of Homeland Security, regulatory body and government are focusing for the most effective and efficient transportation security. It focuses security of more than 2,000 outbound international flights and over 20,000 domestic flights per day, along with screens approximately 2 Mn passengers per day.
In 2017, the Canadian Air Transport Security Authority (CASTA) screened over 68.1 Mn passengers and goods at airport checkpoints across the country.
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Global Transportation Security Technology Market: Key Players Analysis
Raytheon Company
Smith’s Detection, Inc.
Security Electronic Equipment Co. Ltd.
Lockheed Martin Corporation
L-3 Communications Holdings, Inc.
Honeywell International, Inc.
Rapiscan Systems
United Technologies Corporation
Alstom SA
Kapsch Group
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