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Port Security Solutions and Network and Cyber Security is Exhibiting High Growth in Market
The port security market is growing rapidly because of the increasing need for sustaining business continuity, threats on ports, and government initiatives. There has been huge investment for the construction of new airports worldwide; with special focus in Asia Pacific (APAC). According to the data by CAPA Center of Aviation, this year’s capital expenditure for the construction of new airports worldwide amounts to $320 billion till September, 2013. These ongoing and upcoming airports worldwide are creating business opportunities for port security vendors. The regional economies are experiencing high growth rates in air travel and international trade; which is thereby creating business opportunities for the port security industry.
Post the attack in September 11, 2001; the nations have recognized the utmost necessity of security checks and vigilance in the ports. The governments of various countries have issued regulations and framed agencies such as Department of Homeland Security (DHS), Transportation Security Administration (TSA), and various others to ensure and enforce reliability standards in the ports. Again the International Ship and Port Facility Security Code (ISPS Code), developed after the 9/11 attacks in the U.S., provides a comprehensive set of measures to enhance the security of ships and port facilities. The national governments are extremely serious about securing their port infrastructures and are consistently spending for the security, maintenance, improvement, and development of the ports, every year through homeland security budget allocations.
In the current scenario, screening and scanning is holding the highest revenue-generating potential among the various port security solutions and network and cyber security is exhibiting high growth rate in market sizes. The port security market has experienced a strong boost with the introduction and incorporation of biometrics-based access control systems. The incorporation of video analytics technology in video surveillance has accelerated the market more. The growing adoption of underwater surveillance is expected to enhance the market opportunities for the port security solution vendors.
In terms of regions, the North American market is projecting the largest market opportunity for port security systems and solutions. Europe (EU) is the second largest contributor in the port security market. APAC is expected to exhibit the highest growth rate in the port security market size out of the various regional markets.
Airport & Marine Port Security Market [Access Control, Video Surveillance, Screening & Scanning, Asset and Visitor Management, Perimeter Intrusion Detection, Network Security] - Worldwide Market Forecasts and Analysis (2013 - 2018)
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