Transportation security technology is used in various industry segments to ensure safety of goods, products, or people in transit.
The global transportation security technology market has registered a significant growth, owing to the rise in need for public safety. The Transportation Security Administration (TSA) is an agency of the U.S. Department of Homeland Security, which has an authority over the security of the public travelling in the United States. TSA’s aim is to ensure the most effective and efficient transportation security. It shoulders the responsibility for the security of over 20,000 domestic flights per day and over 2,000 outbound international flights per day. TSA also screens approximately 2 million passengers per day and over 700 million passengers every year.
The Asia-Pacific region is expected to register substantial growth during the forecast period, owing to government incentives encouraging public safety and security concerns in the region. The high investment cost involved in adopting enhanced security technologies by developing economies serves as the major restraint to the market growth. However, emerging technologies in video surveillance and screening along with high return on investment from enhanced security offer lucrative opportunities for the market growth.
Major Key Players of the Transportation Security Technology Market are:Raytheon Company, Smiths Detection, Security Electronic Equipment, Lockheed Martin, L-3 Communications Holdings, Inc., Honeywell International, Inc., Rapiscan Systems, United Technologies Corporation, Alstom, and Kapsch.
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