Transportation security has become an inevitable need for the rapidly increasing transportation industry. The fleet sizes in airways, roadways, railways, and maritime are tremendously expanding to support the growing global economy. The growing incidence of transportation hazards have resulted in huge human and financial losses. Huge resources are been invested in the transportation security market to ensure safety and security, and quick response to such occurrences to minimize losses. The global scenario shows a growing trend for stricter transportation security norms by the governments. The advancement in technology and connectivity solutions provides a better scope for the market to grow in the near future.
The global transportation security market is estimated to grow from $42.49 billion in 2014 to $67.96 billion in 2019. This market is expected to grow at a CAGR of 9.9%, from 2014 to 2019. Some of the key players in the global transportation security market include Alstom, Kapsch, Rockwell Collins, and Siemens AG.
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North America Transportation Security Market
The rising concerns for transportation security have forced the government agencies for stricter regulations on the transportation industry. The Transportation Security Administration (TSA), a department of the U.S. federal government, has planned to expand about 300 application centers across the country. The increased threat to the region by global terrorism has urged the governments for precise monitoring of the various transportation modes. Rising traffic has led to increased number of transportation hazards and as a result, financial losses. Hence, the transportation security market has a positive scope in the North American region.
The North American transportation security market is estimated to grow from $14.41 billion in 2014 to $21.36 billion in 2019 at a CAGR of 8.2%, from 2014 to 2019. Some of the key players in the North American transportation security market include Honeywell, L-3 Communications, Raytheon, Siemens AG, and United Technologies.
Latin America Transportation Security Market
The national governments in the Latin American region have planned extensive projects to improve the transportation security protocols in the region. The rising crime rates in the region have become a concern for national security and integrity. Illegal trafficking of drugs is the major concern for law enforcement, border, and transportation agencies in the developing countries such as Brazil, Argentina, Chile, and so on. The transportation security market in Latin America has shown a growing trend in the past and promises to be an attractive market in the near future.
The Latin American transportation security market is estimated to grow from $3.07 billion in 2014 to $5.14 billion in 2019 at a CAGR of 10.9%, from 2014 to 2019. Some of the key players in the Latin American transportation security market include Bosch Security Systems, Honeywell, Thales Group, Siemens AG, and United Technologies.
Europe Transportation Security Market
The developed economies in the European region have led to tremendous traffic over the airways, roadways, railways, and maritime. The limited infrastructure in the region has resulted in increased incidence of traffic hazards. The governments across the region have planned for transportation security protocol and systems that would spread over the whole of Europe. The rising threat from global terrorism has become a major concern for the administration to monitor and regulate vehicular and passenger traffic in the region. The increasing trend for the transportation security market in the European region is expected to show positive growth ensuring safety and security.
The European transportation security market is estimated to grow from $13.67 billion in 2014 to $20.51 billion in 2019, at a CAGR of 8.5%, from 2014 to 2019. Some of the key players in this transportation security market include Alstom, Kapsch, Rockwell Collins, Siemens Ag, and Raytheon, among others.
Asia-Pacific Transportation Security Market
The APAC region comprises some of the major developed and developing economies in the world such as China, India, South Korea, Australia, and Japan, among others. The transportation infrastructure is expanding tremendously in the region with high requirement for transportation security. The growing economy and demographics has driven the need for new sustainable transportation solutions which would assure safety and security. The APAC region has the largest transportation networks with high traffic density interconnecting the nations. It has become necessary for government administrations to monitor national borders and domestic networks for national security.
The Asia-Pacific transportation security market is estimated to grow from $7.59 billion in 2014 to $14.36 billion in 2019 at a CAGR of 13.6%, from 2014 to 2019. Some of the key players in the APAC transportation security market include Bosch Security Systems, Honeywell, Safron Group, Siemens AG, and United Technologies, among others.
Middle East and Africa Transportation Security Market
The MEA region has witnessed a rapid economic growth and infrastructural development. The oil and gas exports from the region have led to intense transportation needs, backed with advanced information and technology. Rise in the number of metropolitans such as Dubai, Muscat, Abu Dhabi, Jeddah, Johannesburg, and Cape Town, among others in the region, urges for new-age public transit systems. Major sporting and corporate events in the world are hosted by the national authorities in these cities. The transportation security systems show a rising trend in the MEA regional market due to growing need to cope with the expanding transportation facilities. These systems also offer solutions for national security against global terrorism and crime.
The Middle-East and Africa transportation security market is estimated to grow from $3.76 billion in 2014 to $6.59 billion in 2019 at a CAGR of 11.9%, from 2014 to 2019. Some of the key players in the MEA transportation security market include Honeywell, Raytheon, Safron Group, Siemens AG, and United Technologies, among others.
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