Global Passenger Security Market Analysis 2024 – Estimated Market Size And Key Drivers

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The Passenger Security Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Passenger Security Global Market Report 2024, The passenger security market size has grown strongly in recent years. It will grow from $6.18 billion in 2023 to $6.59 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to impact of security incidents, public awareness and demand for security, evolution of passenger screening methods, shift in security strategies, introduction of screening protocols.

The passenger security market size is expected to see strong growth in the next few years. It will grow to $8.32 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to increased air travel, focus on threat detection, adoption of biometric solutions, global events impacting security, health screening integration. Major trends in the forecast period include threat intelligence and information sharing, biometric identification, enhanced screening technologies, behavioral analytics, integration of ai and machine learning.

Rising passenger traffic is expected to propel the growth of the passenger security market going forward. Passenger traffic refers to the total number of passengers traveling in a vehicle, such as a bus, boat, or airplane, from one place to another via any transport medium. The rise in passenger traffic requires the expansion of security measures for passengers. Airport security helps provide passenger security in airports during travel. For instance, in May 2022, according to the International Civil Aviation Organization, a US-based agency that coordinates international air navigation, from January to April 2022, there were 65% more passengers carried by air globally than there were during the same time in 2021, while there were 30% more aircraft departures. Over the same period, the number of airline seats climbed by 32%. Further, in April 2023, according to Eurostat statistics, the statistical office of the European Union, rail passenger travel in the EU recovered partially in 2021, increasing by 16.5% over 2020. Therefore, an increase in passenger traffic is driving the growth of the passenger security market.

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The passenger security market covered in this report is segmented –

1) By Solution: Baggage Inspection Systems, Video Management Systems, Access Control Or Biometric Systems, Cybersecurity Solutions, Hand-Held Scanners, Full-Body Scanners, Explosive Trace Detectors, Walk-Through Metal Detectors, Perimeter Intrusion Detection Systems, Bar-Coded Boarding Systems

2) By Investment: New Demand, Replacement Demand

3) By End User: Commercial Airports, Seaports, Railway Stations

Technological advancement is the key trend gaining popularity in the passenger security market. Major companies operating in the passenger security market are focusing on developing new technologies to sustain their position in the market. For instance, in June 2022, Thales Group, a France-based producer of security management solutions for airport infrastructure and passengers, launched HELIXVIEW, a new and revolutionary airport scanner. It is a brand-new, cutting-edge Explosive Detection System for Cabin Baggage (EDS CB), allowing passengers to leave things alone. The C3-compliant HELIXVIEW scanner (the next EDS CB standard) combines electronic scanning based on X-ray nanotechnology with 3D image reconstruction. It also uses Thales’ expertise in artificial intelligence (AI) and cybersecurity to develop an innovative and affordable solution for airports.

The passenger security market report table of contents includes: