Press Release

IMARC Group’s latest report, titled “Security Screening Systems Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global security screening systems market size reached US$ 7.9 Billion in 2018. Security screening systems detect the presence of any illegal or prohibited items by examining individuals and their luggage. The traditional security methods, such as manual scanning, are now being replaced with enhanced X-ray security screening systems that enable advanced imaging of individuals without any inconvenience and intrusion of their privacies. Security screening technology helps in safeguarding people from explosives, concealed weapons and other contrabands without any physical contact between the screener and the object that is being screened. As a result, these systems are commonly deployed at government offices, border terminal points, airports, railway stations, educational institutions and various commercial complexes to provide protection against terrorism and from any other threats.

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Global Security Screening Systems Market Trends:

The rising threat of terrorism, militant encroachments, smuggling of illegal weapons or products have escalated the demand for security screening systems around the world. These state-of-the-art systems involve security equipment that is capable of scanning internal body parts to detect the presence of illicit drugs or smuggled goods. Besides this, several technological advancements have enabled manufacturers to develop sensor and biometric technologies for enhancing and improving security methods by employing voice, face, fingerprint, iris and retina scanners for security authentication. Apart from this, expeditious development in the information and communication technology (ICT) has led to the adoption of comprehensive screening systems to safeguard consumers’ identity and confidential information from being accessed by unauthorized hackers. For instance, fingerprint recognition and biometric scanning have become reliable solutions in the IT industry as they are unique for each individual and significantly minimize the possibilities of identity theft. Also, governments of numerous countries are introducing stringent regulations to ensure public safety. This, along with the rapid urbanization and globalization, has led to the installation of security screening systems across the corporate sectors to restrict invasion of unauthorized personnel and to promote confidentiality. Looking forward, the market value is projected to reach US$ 12.2 Billion by 2024, expanding at a CAGR of 7.5% during 2019-2024.

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Insights on Market Segmentation:

Market Breakup by Product Type:

1. X-Ray Screening Systems
2. Explosive Trace Detector
3. Electromagnetic Metal Detector
4. Shoe Scanner
5. Liquid Scanner
6. Biometric Systems

Based on the product type, X-ray screening systems represent the most preferred product type. Other major segments include explosive trace detectors, electromagnetic metal detectors, shoe scanners, liquid scanners and biometric systems.

Market Breakup Application:

1. Transit Sector
2. Land Transportation
3. Government Sector
4. Commercial Sector

On the basis of the application, the market has been segregated into transit, government and commercial sectors. The transit sector currently accounts for the majority of the total market share.

Market Breakup by Region:

1. North America
2. Asia Pacific
3. Europe
4. Middle East and Africa
5. Latin America

Region-wise, North America enjoys the leading position in the market, accounting for the majority of the overall market share. Other major regions are Asia Pacific, Europe, Middle East and Africa, and Latin America.

Competitive Landscape:

The competitive landscape of the market has also been examined with the presence of several key players operative in the industry. Some of the screening systems market competitors include American Science and Engineering, Inc., Analogic Corporation, Argus Global Pty Ltd., Aware Incorporation, Digital Barriers PLC, Magal Security Systems Ltd., OSI Systems, Inc., Safran SA and Smiths Group PLC.

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This post was originally published on Stock Markets News

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IMARC Group is a leading market research company that provides market and business research intelligence across the globe. We partner with clients in all regions and industry verticals to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. We make an effort to fulfill specific and niche requirements of the industry while balancing the quantum of quality with stipulated time and trace major trends at both the domestic and global levels. The information products and services provided by IMARC cover major technological, scientific and economic developments in industrial, pharmaceutical and high technology organizations.