According to a latest research report titled “Security Inspection Market to 2027–COVID-19 Impact and Forecast and Global Analysis,” published by The Insight Partners, the global security inspection market was valued at US$ 6768.3 million in 2019, and it is expected to grow at a CAGR of 6.7% during 2020–2027 to reach US$ 11041.0 million by 2027.

APAC Security Inspection Market to Grow at Highest CAGR during Forecast Period

The presence of developing economies such as China, India, South Korea, Malaysia, the Philippines, and Taiwan make Asia a developing continent. Growing economic structure and technological advancements support the growth in the adoption of various types of security inspection systems across checkpoints. The region has the potential to invest massive amounts in security screening systems to overcome any risk associated with the entry and exit of individuals or commodities across the region.

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Numerous technological advancements coupled with disparity in security regulations in various countries is fostering the growth of the security inspection market in APAC. Since security is the major concern among the major facilities, various economies are adopting advanced security systems coupled with cloud-based solutions for automatic data recording and security warnings. On the other hand, the presence of world’s most populated countries such as China and India in the region is raising the domestic and international air travel coupled with interstate road transportation. Moreover, both the economies capture a substantial share in the global trade scenario; thereby, increasing import and export activities across the region. The factors mentioned above are likely to influence the adoption of security inspection systems across the region; thus, contributing to the market growth during the forecast period.

Key Findings of the Study:

Owing to rising trade through roadways and surge in intercity travel among the global population, the governments of various countries are implementing security measures across borders to avoid illegal entry of people or materials. The adoption of vehicle inspection system enables the border security team to check all vehicles crossing borders without involving manpower. This reduces the risk of omission due to human eyes or any other unauthorized proceedings between border officials. These factors are promoting the adoption of vehicle inspection systems across border checkpoints; thereby, contributing to the market growth.

For instance, Vehant Technologies, offers NuvoScan, an under vehicle scanning system specially designed for detecting terror activities and threats. The solution is integrated with artificial intelligence and machine learning algorithms to efficiently scan vehicles across all checkpoints across the globe. With the reduction in time taken to scan the vehicle, the system also enables to reduce human interference and cost in the long run.

Analogic Corporation; Leidos; Nuctech Company Limited; OSI Systems, Inc.; and Smiths Group plc - Prominent Market Participants in Security Inspection Market

Security inspection systems are electronic devices or manual or visual inspection of baggage, person, vehicle, and others to detect possession of prohibited, illegal, and other dangerous items into a secure area. Security inspections assist in threat recognition to safeguard public places, airports, borders, and other places against terrorism. The various technologies used for security inspection are biometric technologies, X-rays, explosive trace detectors, electromagnetic detectors, and others. The advancements in technology are creating a lucrative opportunity for companies offering security inspection system. Companies are developing new applications such as Nuclear Quadrapole Resonance (NQR). This technology can detect explosives embedded in electronics, which are hidden under layers of shoes or clothes. This technology is currently deployed in international airports of America, followed by Europe. The key factors driving the security inspection market are an increase in the adoption of vehicle inspection systems across border checkpoints, the surge in demand for full-body X-ray screening systems across airports, railways, shopping malls, banks, country borders, and others. The vendors have a huge opportunity by offering automated security scanning and integration of artificial intelligence with security inspection systems.

Key Market Players Security Inspection Market:

Analogic Corporation; Leidos; Nuctech Company Limited; OSI Systems, Inc.; and Smiths Group plc are some of the key market players operating in the global security inspection market. The listing of key players is derived by considering multiple factors such as overall revenue, current security inspection product portfolio, geographical reach, new product launches, market initiatives, investment in technology upgradation, partnerships, and other market related activities

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