Global Transportation and Security System Market: Increasing Crime and Terrorist Activities to Bode for Market Growth, reports TMR
The global transportation and security system market is proliferated by top players such as Alstom S.A., Honeywell International, and L-3 Communications. These hold a share of around 47.9% in the market, as per Transparency Market Research (TMR). These players are adopting strategies such as technological advancements and product innovation in order to have a better penetration in the global transportation and security system market. Hence, numerous upgraded and cutting-edge security systems are being introduced in the market by them. In addition, technological upgrades through upgraded explosive detection systems, cutting-edge X-ray scanners, and driverless eagle cargo inspection solutions have been introduced globally in this market.
The global transportation and security system market is anticipated to touch US$74.50 bn by 2021, expanding at a remarkable 10.10% CAGR between 2015 and 2021. In terms of mode of transportation, the segment of roadways led the market in the past owing to the fact that this transportation and security system is the top-most common transportation form utilized worldwide. This segment held a share of 40.6% in the market in 2014. After roadways, railways emerged as the prime segment in the market as millions of passengers are dependent on railways on day to day basis and it is also utilized for the delivery of goods and cargo. This segment is predicted to exhibit a healthy CAGR of 11.0% between 2015 and 2021. On the other hand, on the basis of revenue, the segment of seaways held the lowest share of 8.3% in the market in the same year.
Access Control Systems Held the Most Significant Share of 36.5% in 2014
On the basis of system, the global transportation and security system market is led by the segment of access control in 2014, on the basis of revenue. Access control is the main part of any transportation security system and is utilized to prevent illegal access to any type of transportation mode. It can prevent unauthorized access to seaports, railway stations, and airports. This segment held a share of 36.5% in the market in 2014 and is trailed by the segment of surveillance, which constituted a share of 34.6% in the same year. Surveillance aids in raising the security levels in railways, seaways, airways, and roadways and hence is experiencing a steady growth. On the other hand, biometrics has come up as a new concept and is gaining immense popularity globally due to increased security levels presented by these systems.
In terms of regions, the North America transportation and security system market led in 2014 and constituted a share of 36.8%. This is due to the immense rate of crime and terrorist activities in this region which has made governments more conscious regarding the problems related to transportation safety. The market is predicted to rise at a CAGR of 10.50% between 2015 and 2021 in the region of North America. On the basis of mode of transportation, the North America transportation and security system market was led by the roadways segment in 2014, while on the basis of systems, access control segment held the most significant share in this region in the same year. On the other hand, Europe trailed North America and held a share of 27.6% in the market in 2014 due to the increasing threat posed on the transportation of developed European nations.
Increasing Infrastructural Advancements Globally to Bolster Market Growth
The growing requirements for public safety and improvements seen in transportation security are amongst the top factors providing impetus to the development of the global transportation and security system market, states a TMR analyst. In addition, the increasing infrastructural advancements in some of the emerged economies will also bode well for market growth. Furthermore, the increasing crime and terrorist activities globally coupled with illegal goods’ smuggling via roadways, railways, etc. will further work in favor of the development of this market. “However, the skyrocketing cost of security devices and passenger inconvenience are the key factors expected to impede the development of this market,” says a TMR analyst.
Nonetheless, the advent of new upcoming technologies will bring in new opportunities in this market.
This information is based on the findings of a report published by Transparency Market Research titled, “Transportation and Security System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021.”
The Global Transportation and Security System Market have been segmented as follows:
Global Transportation and Security System Market: By Geography
- North America
- Asia Pacific
- Rest of the World
Global Transportation and Security System Market: By Modes
Global Transportation and Security System Market: By Systems
- Access control
- Fire safety
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