A MarketsandMarkets report forecasts the airport and marine port security market’s value will grow from $53.84 billion this year to $110.52 billion in 2025, representing an 8.3 percent compound annual growth rate.
The research firm said Friday the market growth will be driven by governmental efforts to implement advanced security systems at various ports of entry.
The surveillance technology segment is projected to grow with the highest market size over the 10-year forecast period as more consumers shift from analog to Internet protocol video surveillance platforms, the report states.
MarketsandMarkets also forecasts that Asia Pacific will account for the largest share of the airport and marine port security market through 2025 while Latin America will offer various growth opportunities for vendors.
Key industry players mentioned in the report include:
- Flir Systems
- Tyco International
- Honeywell International
- Bosch Security Systems