A recent study by Transparency Market Research (TMR) has detected that the global transportation and security system is largely fragmented with several multinational and regional vendors. The report identifies Honeywell International, Alstom S.A., Lockheed Martin, L-3 Communications Holdings, Inc., Kapsch Group, Orbcomm Inc., Rapiscan Systems, Smiths Group PLC, Safran Group, and Saab Ab-B as some of the key players in the global transportation and security system market.
The TMR report estimates the global transportation and security system market to expand at a robust CAGR of 10.9% during the forecast period of 2015 to 2021, reaching a valuation of US$74.50 bn by the end of 2021, significantly up from its evaluated worth of US$36.40 bn in 2014. Technological advancements and prompt after-sales services to maintain their consumer base are two of the prominent strategies adopted by these leading players to gain ground over their competitors. The report segments the transportation and security system market on the basis of modes, systems, and geography, and aspires to serve as a credible business document for the stakeholders.
Roadways Remains Most Profitable Segment
On the basis of modes, the report segments the global transportation and security system market into railways, roadways, airways, and seaways, and rates roadways as the most profitable segment. Exponential increase in the number of vehicles, essentiality of road transportation for inter-state deliveries, and growing safety concerns due to terrorism incidences are some of the factors augmenting the demand for roadways transportation and security system market. During the forecast period, roadways segment is expected to remain most prominent, although railways and airways are also adding to the demand, in that order.
Based on systems, the report categorizes the global transportation and security system market into surveillance, access control, biometrics, fire safety, and scanning. Currently, access control has the maximum demand, although surveillance is quickly turning into highly profitable department of the market.
Geographically, the report takes stock of the potential of the transportation and security system market in the regions of North America including the U.S., Canada, and Mexico, Europe including the U.K., France, and Germany, Asia Pacific including India, China, and Japan, and the rest of the world, which includes the regions of Latin America and the Middle East. In the present scenario, North America serves the maximum demand, although vastly populated Asia Pacific is expected to increment the demand at most robust CAGR of 11.2% during the forecast period. This shift is a reflection of increasing awareness pertaining to safe transportation and improving infrastructure in countries such as India and Japan.
Improving Infrastructure Incrementing Demand
Public safety requirements, massive infrastructural development, and technological advancements in biometrics and surveillance are some of the key factors augmenting the demand in the global transportation and security system market. Increasing terrorist attacks by the means of airways and roadways and consistent smuggling issues pertaining to drugs are other prominent factors favoring the global transportation and security system market. Modern transportation safety and security systems have quickly turned into an integral part of cargo supply chain, aviation, maritime, and passenger transportation systems connected to airways, railways, and roadways. The data presented by these systems are helpful for border security, law enforcement, and intelligence services to maintain the jurisdictions. As the traffic of goods in transit increases, vendors are now concerned to enhance security measures in sensitive infrastructures.
The information presented in this review is based on a Transparency Market Research report, titled, “Transportation and Security System Market (Modes - Roadways, Railways, Airways, Seaways; Systems - Access Control, Surveillance, Fire Safety, Scanning, and Biometrics) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021”
Key Segments of the Global Transportation and Security System Market
Global Transportation and Security System Market: By Modes
Global Transportation and Security System Market: By Systems
Global Transportation and Security System Market: By geography
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