According to a
recent market research report published by Transparency Market
Research, the globa ltransportation and security system
market is projected to expand positively at a CAGR of 10.9% during
the period between 2015 and 2021. The report, titled “Transportation
and Security System Market - Global Industry Analysis,
Size, Share, Growth, Trends and Forecast 2015 - 2021,”
estimates the global transportation and security system market to
reach a valuation of US$74.50 bn by 2021. The overall market was
worth US$36.40 bn in 2014.
Transportation
security system is widely used across different modes of
transportation such as railways, roadways, airways, and seaways. It
is highly essential to ensure safe and secured journey of passengers.
Rise in terrorism, coupled with criminal activities such as smuggling
of drugs and prohibited items has led to the need for transportation
and security system. People are getting more conscious about road
safety with stringent government norms and regulations regarding
public transport safety.
Massive
infrastructural development and increasing requirements for public
safety have boosted the growth of the global transportation and
security system market. Enhanced transportation security has further
fuelled the demand for transportation and security systems. However,
the high cost of security systems will inhibit the growth of the
market during the forecast horizon. The global transportation and
security system market has a huge scope to grow with new emerging
technologies. The development of total airport security system in
future will also augment the growth of the market.
According to modes,
the report categorizes the global transportation and security system
market into railways, roadways, airways, and seaways. In 2014,
roadways led the overall market as it is the most common mode of
transportation across the globe.
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On the basis of
systems, the report segments the global transportation and security
system market into surveillance, fire safety, access control,
scanning, and biometrics. The demand for access control systems is
expected to surge during the forecast period as it forms the basis of
any security system and is widely used across railway stations, bus
terminals, and airports. The demand for surveillance and fire safety
systems are also anticipated to increase in the coming years.
The report studies
the global transportation and security system market across four key
regions: North America, Asia Pacific, Europe, and Rest of the World.
In 2014, North America dominated the overall market. The growth of
the market in North America can be attributed to the manufacturing of
vehicles equipped with advanced electronic devices for safety and
navigation.
However, during the
forecast horizon, Asia Pacific is expected to emerge as the most
attractive market for transportation and security systems. Rise in
crime rate across countries such as Bangladesh, Pakistan, India, and
Sri Lanka has propelled the demand for transportation and security
systems in the region. Implementation of government regulations for
vehicle safety will also drive the growth of this regional market.
Describing the
competitive landscape, the report profiles some of the key players in
the global transportation and security system market such as
Honeywell International (U.S.), Alstom S.A. (France), L-3
Communications Holdings Inc (U.S.), Kapsch Group (Austria), Lockheed
Martin (U.S.), Smiths Group PLC (U.K.), Orbcomm Inc (U.S.), Saab Ab-B
(Sweden), Rapiscan Systems (U.S.) and Safran Group (France). The
report provides further information about the key players including
their product portfolio, financial overview, and recent developments.
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