This post is also available in: עברית (Hebrew)
A new report, Transportation Safety and Transportation Security Market Modes, Worldwide Market Forecasts (2013 – 2018), offered by market research firm MarketsandMarkets defines and segments the global transportation safety and security market into various sub-segments with in-depth analysis and forecasting of revenues.
MarketsandMarkets forecasts the global transportation safety and transportation security market is expected to grow from $37.80 billion in 2013 to $62.96 billion in 2018, at a Compound Annual Growth Rate (CAGR) of 10.7 percent from 2013 to 2018. North America (NA) is expected to be the biggest contributor in terms of revenue contribution, while the growing markets Asia Pacific (APAC), Middle East and Africa(MEA) and Latin America (LA), are expected to experience increased market traction with high CAGR’s, during the forecast period.
This report also identifies drivers and restraints for this market with insights into latest trends, opportunities, and challenges.
The major driving forces which are enabling the growth of this market is constant need of public safety, massive infrastructural development, higher Return on Investment (ROI) from enhanced security, and business continuity. The significant rise in this market is due to development of critical transportation infrastructural facilities, new transportation-related projects across the globe. The increasing threats, catastrophic accidents, and natural and unnatural disasters have also been the influencing factors for the growth of this market.
Some of the solutions which are gaining traction and investment from various vendors are integration software, Security/Software-as-a-Service (SaaS), integration of command and control system with communication systems, and advanced imaging technology.
The various solution providers including Thales, Saab, Honeywell International, and Alstom are reinforcing their business operations into the emerging markets and offer integrated solutions on unified platforms to reduce the overall cost and enhance the efficiency. Also, these vendors have uniquely positioned themselves in the market with propagation of new product developments and lucrative partnerships and acquisitions.
MarketsandMarkets has segmented this market by modes of transportation (airways, seaways, railways, and roadways); regions; and services. All the modes of transport are further segmented on the basis of “infrastructure” and “mode” safety and security. Infrastructure safety and security systems includes passenger screening and scanning system, cargo inspection system, secure communication system, intrusion detection and perimeter protection system, fire detection and protection system, video surveillance and access control. Mode security solutions comprise of traffic control system, tracking and navigation system, and mode safety and security systems.