MarketsandMarkets: Global transportation security market to grow to $63B by 2018

MarketandMarkets has released its "Transportation Safety and Transportation Security Market Modes (Airways; Seaways; Roadways; Railways); Systems (Access Control; Surveillance, Scanning, Screening, Tracking, Navigation, Fire Safety): - Worldwide Market Forecasts (2013 - 2018)" report.

MarketsandMarkets forecasts the global transportation safety and transportation security market to grow from $37.80 billion in 2013 to $62.96 billion in 2018, at a CAGR of 10.7% from 2013 to 2018. North America is expected to be the biggest contributor in terms of revenue contribution, while the growing markets APAC, MEA and Latin America, are expected to experience increased market traction with high CAGR’s, during the forecast period.

The major driving forces which are enabling the growth of this market is constant need of public safety, massive infrastructural development, higher Return on Investment (ROI) from enhanced security, and business continuity.

The significant rise in this market is due to development of critical transportation infrastructural facilities and new transportation-related projects across the globe. The increasing threats, catastrophic accidents, and natural and unnatural disasters have also been the influencing factors for the growth of this market.

Some of the solutions which are gaining traction and investment from various vendors are integration software, Security/SaaS, integration of command and control system with communication systems, and advanced imaging technology.

The various solution providers--including Thales, Saab, Honeywell International, and Alstom--are reinforcing their business operations into the emerging markets and offer integrated solutions on unified platforms to reduce the overall cost and enhance the efficiency. Also, these vendors have uniquely positioned themselves in the market with propagation of new product developments and lucrative partnerships and acquisitions.