(USGovernment-News.Com, July 18, 2019 ) The report "Passenger Security Market by Security Solution (Baggage Inspection Systems, Explosive Trace Detector, Hand Held Scanner, Full Body Scanner, Access Control), End User (Airport, Seaport, Railway), Investment Type, and Region - Global Forecast to 2024", is projected to grow from USD 4.8 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 7.2% from 2019 to 2024. Increasing passenger traffic, replacement of existing systems with advanced ones, and the development of new airports, railway stations & seaports are some of the factors contributing to the growing demand for passenger security solutions.
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The passenger security market report provides an analysis of the market from 2019 to 2024 and discusses the prevailing industry and technology trends, along with the drivers, restraints, challenges, and opportunities. The market is projected to grow from USD 4.8 billion in 2019 to USD 6.8 billion by 2024, at a CAGR of 7.2% during the forecast period. The market in Asia Pacific is expected to witness substantial growth during the forecast period, especially in countries, such as China and India, due to the rapid development of new airports, seaports, and expansion of railways.
Based on the security solutions offered, the access control/biometric systems market is projected to grow at the highest CAGR during the forecast period owing to the increased use of automated passenger processing systems. For example, according to Future Travel Experience, Vancouver International Airport introduced fingerprint verification systems at its Primary Inspection Kiosks for passengers in March 2019.
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Based on end user, the seaports market is projected to grow at the highest CAGR during the forecast period owing to the development of new ports, especially in the Asia Pacific region, and the expansion of existing ports in Europe, and North America. In 2017, 2.5 million Chinese travelers took cruise trips. According to the Cruise Lines International Association, by 2025, the number of Chinese traveling on cruises will grow to 8-10 million annually. Hence, investments in seaports in China are expected to grow over the next few years. According to the World Maritime News, Brisbane commenced construction of the Brisbane International Cruise Terminal in February 2019, which is estimated to cost USD 113 million. This new terminal can handle 1.8 million passengers annually.
An analysis of the regional trends reveals that Asia Pacific is estimated to account for the largest share of the passenger security market in 2019. The market in the Asia Pacific is expected to grow significantly due to the increase in passenger traffic and the development of new airports, seaports, and railways in countries, such as China and India. Investments in upgrading technologies for passenger screening is another factor driving the demand for passenger security solutions. For instance, according to an article published by the Times of India in December 2018, the Bureau of Civil Aviation Security (BCAS) is expected to install full-body scanners in major airports in India in 2019.
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