The coronavirus global pandemic has had a severe impact on the aviation industry, and has restricted operations by security personnel in multiple sectors. However, with investments in law enforcement and defense sectors, the sales and adoption of security inspection services and products is expected to remain positive in the near future.
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With these factors under consideration, Future Market Insights (FMI) has projected the global market for security inspections to rise at 4% between 2020 and 2030, to reach a valuation of over US$ 10.2 billion.
Key Highlights
- Personnel screening systems remain highly sought-after in security inspection applications to minimize internal threats
- Aviation sector accounts for greater security inspection product and service adoption through 2030
- Portable security inspection models continue to generate strong demand over, larger area coverage benefits
- North America will remain at the forefront of the industry, given the higher risk of terrorism and domestic unrest in the United States
“Security inspections provide critical protection against threats such as unlawful and unethical actors against human life and property damage costs. Technologies such as biometric matching, X-ray scanners, and metal detectors, are popular at security checkpoints for optimizing scrutiny processes,” says analyst at FMI.
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Covid-19 Impact on Security Inspection Market
The coronavirus pandemic has exposed a wide range of sectors to substantial economic uncertainty owing to restricted operations, and strict social distancing guidelines. The security inspection market is witnessing lower demand, particularly in the transport sector. However, tech innovations could potentially generate key growth opportunities.
While physical distancing becoming the norm, institutions using security inspections are displaying interest towards automated systems, and self-service products to minimize touchpoints to minimize human to human interactions.
Consequently, the advancements in AI and data analytics will help in managing the recovery of the end user sectors such as defense and aviation in terms of traffic growth, airport infrastructure, passenger expectations, and changing security threats.
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Competitive Intelligence
Some of the key players in the security inspection market include Leidos, Gilardoni S.p.A., Nuctech Company Ltd., Analogic Corporation, Smiths Group plc, ADANI, Rapiscan Systems, Unival group GmbH, EAS Envimet Analytical Systems GmbH, Bruker, and C.E.I.A. SpA. With the competitive nature of the market landscape, product development and launch strategies, and efforts towards regulatory approval are key strategies.