Security Screening Market to Garner $19.18 Billion by 2027: Allied Market Research

Rise in security concerns, advent of automation in security and screening, and surge in need for large-scale surveillance at public gatherings have boosted the growth of the global security screening market. The market across Asia-Pacific held the largest share in 2019, contributing to nearly half of the market. The closure of public places such as restaurants and malls hampered the demand for security screening devices.

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Portland, OR, April 19, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global security screening market was accounted for $8.34 billion in 2019 and is estimated to reach $19.18 billion by 2027, growing at a CAGR of 10.2% from 2020 to 2027.

Rise in security concerns, advent of automation in security and screening, and surge in need for large-scale surveillance at public gatherings have boosted the growth of the global security screening market. However, high cost of installation of full-body scanners and surge in health problems due to X-ray radiation in X-ray body scanners hinder the market growth. On the contrary, emerging trend of IoT-based security cameras and surge in demand for automatic explosives detection in airports are expected to open lucrative opportunities for the market players in the coming years.

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Covid-19 scenario:

  • The Covid-19 outbreak presented unprecedented challenges for consumers, businesses, and communities across the globe. It has disrupted the supply chain and created uncertainty in the stock market.
  • The prolonged lockdown across Europe and Asia-Pacific has hampered several businesses due to shutdown of manufacturing units in the region. Moreover, manufacturing industries were severely hampered during the lockdown.
  • The closure of public places such as restaurants and malls hampered the demand for security screening devices.

The global security screening market is segmented on the basis of type, end use, and region.

Based on type, the metal detectors segment held the lion’s share in 2019, accounting for more than one-third of the total revenue. However, the biometric system segment is estimated to register the highest CAGR of 13.7% during the forecast period.

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On the basis of end use, the airport segment dominated the market in 2019, contributing to around one-fourth of the market. However, the educational institutes segment is estimated to register the highest CAGR of 13.6% during the forecast period.

The global security screening market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the largest share in 2019, contributing to nearly half of the market. Moreover, the region is estimated to register the highest CAGR of 11.3% from 2020 to 2027.

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The global security screening market report includes an in-depth analysis of the major market players such as L-3 Communications Holdings, Smiths Group plc., Honeywell International Inc., OSI Systems Inc., Raytheon Company, Lockheed Martin Corporation, United Technologies Corporation, Security Electronic Equipment Co. Limited., Safran S.A, and Argus Global Pty.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

 

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