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.
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.
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