The mass transit security global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Mass Transit Security Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The mass transit security market size has grown strongly in recent years. It will grow from $39.76 billion in 2023 to $42.88 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to public transportation systems, demand for innovative security solutions, increased investments in advanced surveillance, increased access control systems, increased biometrics, security breaches.
The mass transit security market size is expected to see strong growth in the next few years. It will grow to $55.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing public incidents, deployment of biometric identification systems, terrorism threats, public awareness and cooperation, geopolitical tensions. Major trends in the forecast period include AI-driven threat detection, enhanced biometric identification, internet of things (IoT) security, mobile security solutions, drone detection and mitigation.
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Scope Of Mass Transit Security Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Mass Transit Security Market Overview
Market Drivers –
The increasing threats and security concerns are expected to propel the growth of the mass transit security market going forward. Security threats and concerns refer to any potential danger or harmful event that can exploit a vulnerability and cause harm to any personnel. Public transit environments may be susceptible to criminal activities, including theft, assaults, and vandalism. Mass transit security plays a crucial role in addressing threats and security concerns by implementing measures to protect passengers, infrastructure, and operations from various risks. For instance, in June 2023, according to International Air Transport Association, a Canada-based trade association, in 2022, there was one unruly incident reported for every 568 flights, up from one per 835 flights in 2021. The most common incidents were non-compliance, verbal abuse, and intoxication. Although physical abuse incidents are rare, they increased by 61% over 2021, occurring once every 17,200 flights. Therefore, increasing threats and security concerns are driving the mass transit security market.
Market Trends –
Major companies operating in the mass transit security market are focusing on developing new technologies, such as AI-enabled video analytics platform. This platform process actionable insights and conclusions from digital video using AI techniques. For instance, in November 2021, ADLINK technology Inc., a Taiwan-based company that creates and produces goods for applications in test and measurement, automation, and embedded computing, introduced its AVA-RAGX AI-enabled video analytics platform with a focus on the development of next-generation rail solutions, such as passenger security, danger monitoring, and railroad incursion detection. The platform provides high computer density and I/O flexibility for edge applications in constrained contexts. The AVA-RAGX platform, based on the latest industrial version of the NVIDIA Jetson AGX Xavier module at 32 TOPS, offers high reliability and performance for railway applications in tough operating environments. The AVA-RAGX platform enables a number of use cases, including automatic fee collecting, track danger detection, predictive maintenance, autonomous trains, and passenger face mask detection, resulting in safer, smarter, sustainable, and dependable railway operations
The mass transit security market covered in this report is segmented –
1) By Type: Airways Transit Security, Seaways Transit Security, Roadways Transit Security, Railways Transit Security, Other Types
2) By Service Type: Managed Services, Professional Services
3) By Solution: Surveillance and Monitoring, Screening System, Biometric Security And Authentication System, Fire Safety and Detection System, Perimeter Intrusion Detection, Access Control, Other Solutions
4) By Application: Homeland Security, Industrial, Retail and Payment Industries, Logistics and Transportation Industries, Healthcare, Other Applications
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Regional Insights –
North America was the largest region in the mass transit security market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mass transit security market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the mass transit security market are Siemens AG, Panasonic Corporation, Cisco Systems Inc., Hanwha Group, Honeywell International Inc, Johnson Controls International PLC, Thales Group, Tyco International PLC, L3Harris Technologies Inc, Analog Devices Inc., Hikvision Digital Technology Co. Ltd, Bosch Security Systems Inc., NICE Systems Ltd., Axis Communications AB, OSI Systems Inc, Kratos Defense & Security Solutions Inc. (KTOS), Flir Systems Inc., Smiths Detection Inc, Avigilon Corporation, Nuctech Company Limited, Rapiscan Systems Inc, Genetec Inc., Analogic Corporation, Teleste, SDI Presence LLC, March Networks Corporation, IndigoVision Group PLC, High Rise Security Systems LLC, AngelTrax, Fortem Technologies Inc.
Table of Contents
- Executive Summary
- Mass Transit Security Market Report Structure
- Mass Transit Security Market Trends And Strategies
- Mass Transit Security Market – Macro Economic Scenario
- Mass Transit Security Market Size And Growth
…..
- Mass Transit Security Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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