Public safety requirements and enhanced transportation security backed by massive infrastructural development are the major factors responsible for the rise in demand of transportation and security system market globally.
Albany, NY -- (SBWIRE) -- 10/09/2017 -- According to a new market report published by Transparency Market Research "Transportation and Security System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021," the transportation and security system market was valued at USD 36.40 Billion in 2014, which is expected to reach USD 74.50 Billion by 2021, growing at a CAGR of 10.9% from 2015 to 2021.
Based on the modes of transportation, transportation and security system market is segmented into roadways, railways, airways and seaways. In 2014, roadways dominated the market share of the transportation and security system market followed by railways, airways and seaways as roadways forms the most common mode of transportation globally.
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By systems, the transportation and security system market has been sub-divided into access control, surveillance, fire safety, scanning and biometrics. Access control forms the basis of any security system and is used in a large scale in all airports, railway stations and bus terminals and thus, the demand is expected to increase through the forecast period. Surveillance also forms a vital part of transportation security. Surveillance with the help of CCTV cameras in aircrafts and trains helps to monitor any criminal activities and thus enhances transportation security. Fire safety has been made compulsory in different modes of transportation by various countries globally which is further driving the overall market.
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In 2014, North America led the transportation and security system market. Most of the vehicles in North America are fitted with modern electronic devices for safety and navigation which drive the market for transportation and security system. However, Asia Pacific is the most attractive market for transportation and security system due to increasing criminal activities along with exponential growth in crime rate is countries like India, Srilanka, Bangladesh and Pakistan. Moreover, implementation of government regulations for vehicle safety are also driving the growth of the transportation and security system market in this region as car safety instruments are in huge demand in the region.
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Alstom S.A. (France), Honeywell International (U.S.), Kapsch Group (Austria), L-3 Communications Holdings, Inc (U.S.), Lockheed Martin (U.S.), Orbcomm Inc (U.S.), Smiths Group PLC (U.K.), Rapiscan Systems (U.S.) Saab Ab-B (Sweden), and Safran Group (France) are among some of the key players in the transportation and security system market.
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