Security clearance or screening involves the process of checking people and their belongings for security purposes. It is one of the most common types of security drill taken place across various public transit areas including airports, government offices, private offices, malls, entertainment centers, hospitals and stadiums. Constantly rising threats of terrorism and instances of theft, murders and such other unethical activities are creating rising demand in the security screening market. Growth in demand on global scale is considered as a strong opportunity for the existing players in this market, as far as new investments are concerned. Potential investors are also expecting to expand their business in this market, on global scale. Technological advancements are expected to contribute to the growing rate of adoption in the market.
Segmentation in Security Screening Industry
In order to understand the basic trends, drivers, restraining factors, opportunities and business threats, researchers segment the market into different crucial components. Analysis of each of these segments also provides details about the key players, competition and future opportunities in the industry. The security screening market is segmented on the basis of the types of products and their applications. Apart from that, demand for these products across different geographic regions is also taken into consideration.
The types of products in the market include explosive trace detectors, X-ray screening systems, electromagnetic metal detectors, liquid scanners, show scanners, biometric systems, and such other security systems. Basic applications of these products are found at the border check points, government organizations, airports, private sectors, education institutes, private sector offices, and so on. On the basis of geographic regions, researchers divide the global security screening market into North America, Asia Pacific, Europe, and RoW.
Market Drivers & Forecasting Reports
Researchers suggest that the global market is steadily driven by five basic drivers, as follows:
- Growing threats of terrorism
- Rising security concerns in aviation market (post 9/11 attacks in US)
- Rising demand for large scale security surveillance at public gatherings
- Changing security norms and government regulations
- Rising demand for biometric systems from private sector offices
Despite these driving factors, the global security screening market is expected to be restrained by high risk of negative publicity of defense, high installation costs, and fear of privacy interruption. Strong health effects of full body scanning and competitive pressure on the manufactures are also major challenges for the industry. Despite these challenges and restraining factors, the global market is aiming at remarkable growth with reduced time in security scanning and multi-modal functions of biometrics.
According to the latest reports, the global security screening market is estimated to become worth $9.10 billion by the end of the year 2020. In order to attain the projected revenue, the global industry is expected to maintain a steady CAGR of over 9% from 2014 to 2020. During the forecasting period, Asia Pacific region is expected to witness strongest growth in terms of CAGR, while North America is expected to dominate the industry in terms of the overall market share.