Dublin, Jan. 26, 2021 (GLOBE NEWSWIRE) -- The "Security Inspection Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product Type and Application" report has been added to ResearchAndMarkets.com's offering.
Security Inspection Market market was valued at US$ 6768.3 million in 2019 and is projected to reach US$ 11041.0 million by 2027; it is expected to grow at a CAGR of 6.7% from 2020 to 2027
Integration of Artificial Intelligence with Security Inspection Systems to Provide Growth Opportunities for Security Inspection Market.
With the rise in terrorism worldwide, security inspection equipment have become necessary across the crowded and government facilities; thus, increasing the demand for efficient and full body scanning systems for screening humans, baggage, and cargoes, among others. X-ray screening helps in scanning objects without human intervention and scans large number of individuals and baggage in less time.
Therefore, X-ray screening is being adopted among facilities such as metro stations, railways stations, airports, and sea ports. ADANI offers x-ray screening systems for detecting non-metallic weapons, plastics, liquid explosives, and drugs under clothing. Thus, owing to the demand for efficient scanning, full-body x-ray systems are gaining a significant scope across the security inspection market.
APAC is projected to witness the highest growth rate during the forecast period. The security inspection market is segmented into product type, application, and geography. Based on product type, the security inspection market is further segmented into personnel screening systems, cargo and baggage inspection systems, vehicle inspection systems, and others.
In 2019, the personnel screening systems segment held the largest share in security inspection market. Based on application, the security inspection market is further segmented into aviation, border security, critical infrastructure protection, commercial security, and others. The aviation segment contributed a substantial share in 2019.
Impact of COVID-19 Pandemic on Security Inspection Market
The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a rapid pace across the world. The COVID-19 crisis is affecting the industries worldwide, and the global economy has witnessed the worst hit in 2020, which is likely to continue in 2021.
The outbreak has created significant disruptions in primary industries such as logistics, retail, and e-commerce, and others; the sharp decline in international trade is negatively impacting the growth of the global economy. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak are affecting the businesses. The continuous loss in the business due to the lockdown measures is expected to directly impact the growth of the investments in security solutions worldwide. The disrupted business activities and product sales are expected to hinder the growth rate of the security inspection market.
Key Topics Covered:
1.1 Study Scope
1.2 Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
4. Security Inspection Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Security Inspection Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of Vehicle Inspection System across Border Checkpoints
5.1.2 Surge in Demand for Full-Body X-ray Screening Systems across Important Facilities
5.2 Market Restraint
5.2.1 Prevalence of Legacy Security Inspection System
5.3 Market Opportunity
5.3.1 Integration of Artificial Intelligence with Security Inspection Systems
5.4 Future Trend
5.4.1 Emergence of Automated Security Scanning
5.5 Impact Analysis of Drivers and Restraints
6. Security Inspection Market - Global Analysis
6.1 Security Inspection Market Global Overview
6.2 Security Inspection Market - Revenue and Forecast to 2027 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Security Inspection Market Analysis - By Product Type
7.2 Security Inspection Market, By Product Type (2019 and 2027)
7.3 Personnel Screening Systems
7.4 Cargo and Baggage Inspection Systems
7.5 Vehicle Inspection Systems
8. Security Inspection Market Analysis - by Application
8.2 Security Inspection Market, by Application(2019 and 2027)
8.4 Border Security
8.5 Critical Infrastructure Protection
8.6 Commercial Security
9. Security Inspection Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Security Inspection Market
11. Industry Landscape
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
EAS Envimet Analytical Systems Ges.m.b.H.
Unival Group GmBH
For more information about this report visit https://www.researchandmarkets.com/r/mgz89c
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