Passenger Security Market

Smiths Detection Group Ltd. (UK) and Rapiscan Systems (US) are Major Players in Passenger Security Market

The passenger security market size is expected to grow from USD 4.8 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 7.2% from 2019 to 2024. The rise in the number of passengers, increasing cybersecurity threats, and development of airports, seaports, and railways are some of the major factors driving this market.

Major players in the passenger security market include Smiths Detection Group Ltd. (UK), Rapiscan Systems (US), Honeywell International Inc. (US), Axis Communications AB (Sweden), Bosch Sicherheitssysteme GmbH (Germany), SITA (Belgium), Autoclear, LLC. (US), L3 Security & Detection Systems (US), Sensurity LTD (UK), and Siemens (Germany), among others. These players have adopted various growth strategies, such as contracts, new product launches, partnerships, mergers, and acquisitions, to increase their foothold in the passenger security market. Of these, new product developments, partnerships, and mergers were the major strategies adopted by market players between 2015 and April 2019, to enhance their customer base.

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Smiths Detection Group Ltd. (UK) launched approximately seven new advanced products to scan bags, passengers, and cargo in 2018. The company is an innovator, and its products are installed in major ports, borders, and defense establishments. In July 2017, the company sold its Morpho global Explosive Trace Detection (ETD) business to OSI Systems (US) for USD 75.5 million in cash.

Rapiscan Systems (US), a subsidiary of OSI Systems (US), received a contract worth USD 21 million from the Charles de Gaulle International airport in France for the supply of multiple units of its RTT 110 (Real Time Tomography) explosive detection systems in January 2018. The company developed its latest product in April 2019, which is a lightweight, high-performance system used to detect the presence of radiological and nuclear materials.

SITA (Belgium) launched its SITA Community Cyber Threat Center (CCTC) in 2017 to help the community and member organizations combat cyber threats with contextualized, actionable cyber threat information. Members receive a weekly newsletter on cybersecurity incidents, threat indicators, and other information to enable better protection against attacks. The company has provided a rapid notification service to members to enable increased interaction and assist in discussing the evolving cyber threat landscape.

Related Reports:

Passenger Security Market by Security Solution (Baggage Inspection Systems, Explosive Trace Detector, Hand Held Scanner, Full Body Scanner, Access Control), End User (Airport, Seaport, Railway), Investment Type, and Region - Global Forecast to 2024

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Report Code
AS 7156
RI Published ON
6/7/2019
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