MarketsandMarkets is forecasting modest growth for the Security Screening Market in the next few years. The firm specifically predicts that the market will climb from $7.5 billion in 2021 to $10.1 billion by 2026, which corresponds to a CAGR of 6.3 percent for the entire period.
Those figures account for the impact of COVID-19. In that regard, MarketsandMarkets noted that the pandemic has created more demand for health screening solutions that can make it safer for people to return to public spaces. The private sector is also interested in biometric access control solutions that can help protect corporate workplaces.
With that in mind, MarketsandMarkets believes that biometric systems will make up the largest segment of the broader security screening market. Facial recognition is expected to be particularly popular, primarily because it gives venue operators the ability to screen a high volume of people in a short amount of time, and to do so in a contactless fashion that reduces the threat of COVID-19 and other pathogens.
That’s especially true in the transportation sector, which will have the highest CAGR throughout the prediction window. Many airports and border security agencies are now using facial recognition for passengers boarding planes and moving through customs, and that trend is expected to continue in the years ahead. Transit organizations can also take advantage of X-rays and other cargo and baggage scanners in addition to people processing solutions.
North America will have the most regional demand for security screening products. Much of that can be attributed to the large number of airports in the region, with 14,556 located in the US alone as of 2019.
MarketsandMarkets listed Leidos, NEC, and Thales as some of the most noteworthy providers of security screening technology. The firm’s numbers are comparable to those of Frost & Sullivan, which predicted that the airport security market will be worth $13.63 billion by 2030.
June 4, 2021 – by Eric Weiss