The global security screening market is expected to reach $9.10 Billion by 2020, at an expected CAGR of 9.46% from 2014 to 2020, according to a new market research report.
The global security screening market is expected to reach $9.10 Billion by 2020, at an expected CAGR of 9.46% from 2014 to 2020, according to MarketsandMarkets new research report "Security Screening Market by Product (X-ray & biometric screening system, EDT, and metal detector), by Application (Airport, Government, Border Security, Education, and Private & Public Places), and by Geography - Analysis and Forecast to 2013 – 2020."
Security Screening Market involves scanning of individuals and their belongings, to avoid unlawful and unethical practices. The importance of security screening has been increasing due to threats related to terrorism, and other unethical and unlawful practices which may result in economic, financial, and, human loss.
Security Screening Market can be segmented on the basis of applications, products, and geography. In terms of applications, the Security Screening Market is divided on the basis of the airports, government applications, border check points, educational institutes, private sector, and public places, among others. In terms of the products, the Security Screening Market is divided by X-ray screening system, explosive trace detector, electromagnetic detector, and biometric system.
Asia-Pacific stands first in terms of the CAGR in the Security Screening Market. North America has been identified as the leader in the security screening market in terms of the market size, with the U.S leading the way. Europe is a promising market, comprising Germany and the U.K.; while the ROW also presents a driving factor toward the growth of this market with Brazil and Argentina. The report profiles the 10 major players in the security screening market ecosystem.
The competitive landscape of the Security Screening Market presents an overall scenario, where major players such as Smiths Group plc. (U.K.) and Safran SA (France) play a major role. The market is witnessing agreements, contracts, and product launches across its value chain, among a number of tier-one players around the globe. SafranSA (France) developed Finger on the Fly', which is the world's fastest contactless four finger scanner. Smiths Detection (U.K.) came up with an advanced dual-view X-ray inspection system for automatic explosive detection at security checkpoints where bags and personal belongings are screened. Thus, the market players are constantly working toward new and innovative product offerings.