Asia Pacific Security Screening Market to 2027 - Regional Analysis and Forecasts by Product; Application

The Asia Pacific security screening market accounted for US$ 2.40 Bn in 2018 and is expected to grow at a CAGR of 9.4% over the forecast period 2019-2027, to account for US$ 5.61 Bn in 2027. The Rise in the air passenger traffic has led to the expansion of airport infrastructure and increased cross-border transactions owing to rapid growth in the e-commerce industry are boosting the security screening market growth. Moreover, the growth of the infrastructure sector in developing economies is expected to boost the security screening market. The Asia Pacific region encompassed with countries such as India, China, Japan, Australia, South Korea, and Rest of APAC. The economy of the region is performing well due to numerous technological and infrastructural developments. The Asia Pacific region comprises several developing economies such as China and India as well as many Southeast Asian countries, strongly demanding for infrastructure projects. In addition, the e-commerce market in Asia Pacific market is growing significantly owing to the constant increase in population and increasing penetration of internet. According to the World Bank projection, Asia Pacific is expected to continue to account for 1/3rd of the overall e-commerce industry. Furthermore, the conventional brick and mortar business is also making considerable investments to accelerate their e-commerce business. Moreover, the growth of cross-border commerce is also propelling the growth of the e-commerce industry in the region. The growth of the e-commerce market in the region is anticipated to propel the demand for security screening market for the shipments.

The security screening market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is anticipated to change during the coming years. In addition to this, various initiatives are undertaken by governmental bodies to accelerate the security screening market further. For instance, initiatives by the Indian government such as Startup India, Make in India, Digital India, and Skill India are contributing to the e-commerce growth in India. Also, the e-commerce sector in the ASEAN countries is relatively underdeveloped as compared to economies such as Europe, the U.S., and China. To spur the growth, several initiatives have been introduced across the region such as the ASEAN ICT Masterplan and ASEAN Broadband Corridor. Further initiatives are taken by governments separately to support the growth of e-commerce. For instance, G3, an immediate payment project by the Singapore government, and Entry Point Project by the Malaysian government. Moreover, the Chinese government has also taken multiple initiatives to enhance administration, convenience, and logistics issues related to cross-border e-commerce
The APAC security screening market by application is dominated by the airport segment in the year 2018 and is anticipated to continue its dominance showcasing a substantial growth rate in the forecast period. Security screening market by application is segmented by border checkpoint, airport, government, public places, and others. Further, other application include private offices, educational institutes & universities, stadiums, museums, and seaports. Security screening helps in acquiring real-time information of an individual, baggage, cargo, and vehicle when passes or comes in contact with screening equipment. By installing equipment, the country improves the security of the concerned place and saves time. Henceforth, security screening is receiving much traction for the security purpose among several applications. Security is getting more stringent on airports as they are one of the busiest hubs for transportation. With increasing security concerns, the deployment of security screening devices and equipment on the airports is rising.

The overall security screening market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the security screening market. It also provides an overview and forecast for the security screening market based on all the segmentation provided with respect to the Asia Pacific region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the security screening market. Some of the players present in security screening market are Aware, Inc., Anviz Global, Analogic Corporation, Astrophysics Inc., L3 Security & Detection Systems, Magal Security Systems Ltd, Nuctech Company Limited, OSI Systems, Inc., Smiths Detection Inc., and Teledyne ICM (Teledyne Technologies Incorporated) among others.