According to FMI, the transportation and security systems market will reach US$ 41.1 Billion by 2033. According to predictions, the market will grow by 8.8% over the next decade.
New forms of vulnerability have emerged due to the increased use of information technologies and their associated networks. As a result, corporations have built complex, interconnected networks of corporate information that are vulnerable to hacking and disruption.
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A significant strain was placed on the security process due to the increased traffic flow and the expansion of the hub-and-spoke system. Different airports had varying levels of effectiveness in screening passengers.
- In the event of a security threat, travel disruptions or trade disruptions will be reduced.
- Increased security against cargo thefts and diversions, resulting in a reduction of direct losses and indirect costs.
- A safer environment for passengers and freight transport, regardless of whether it is counterfeit, narcotics, weapons, or migrants.
- Transport activities generate complex transactions that require improved reliance on information systems.
- The evasion of taxes is reduced due to the decrease in risk of tax evasion.
- Shippers of goods have greater confidence in the international trading system.
- Procedures were simplified, and the screening process was improved.
An estimated USD 10 billion in damage was caused when viruses called NotPetya were created by hackers breaking into the servers of a Ukrainian company providing management software to multinational corporations. The transportation and logistics industries were severely disrupted, including Maersk and TNT. Computers have malfunctioned at distribution centers and terminals, causing them to cease operations.
Key Takeaways from Transportation and Security Systems Market Study
- Between 2018 and 2022, the transportation and security system market witnessed growth of 4.6% CAGR.
- According to the projected data, the United States transportation and security system market is expected to generate a revenue of US$ 200.2 million by the year 2033. This indicates potential growth and investment opportunities in this sector within the country.
- Projections show that the Europe market will produce 19.8% of all transportation and security systems by 2033.
- According to estimates, the transportation and security system market in the United Kingdom will generate US$ 36 million by 2033.
- Between 2023 and 2033, the Japanese transportation and security system market is expected to accumulate a revenue share of 35%.
- Electric locomotives are forecast to grow at a CAGR of 6.5% by 2033.
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Competitive Landscape of Transportation and Security System Industry
Several prominent industry players are investing heavily in enhancing their manufacturing capabilities in the transportation and security market:
Top Companies in the Transportation and Security System Market:
- Safran Group
- Rapiscan Systems
- SAAB
- ABB
- Smiths Group
- ORBCOMM Inc.
- Lockheed Martin
- L-3 Communications
- Kapsch Group
- Honeywell International
- Alstom S.A. (France)
- Raytheon Company
- Cisco Systems Inc.
- ASSA Abloy
- FLIR Systems
- Bosch Security Systems
- ADT Corporation
- Broadcom Limited
- Fortinet
Recent Developments in the Transportation and Security System Market:
- In March 2023, TSA will approach the airport security industry about open-systems technologies for screening passengers and baggage. For an Open Architecture Implementation project, the Transportation Security Administration (TSA) launched a request for information (70T04023I7573N001).
- In July 2023, NAIRAXI introduced transportation technology solutions. An innovation-driven mobility company named NAIRAXI has teamed up with Firstplus to create a digital mass-transit infrastructure for transport in the Federal Capital Territory (FCT). NIARAXI and its partners Firstplus maintain that digitizing mass transit within Nigeria needs the private sector's involvement to mitigate suffering and challenges.
