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“Growing security concerns due to rapid urbanization drive overall growth of contraband detector market”
The contraband detector market is projected to grow from USD 3.9 billion in 2019 to USD 5.4 billion by 2024, with a CAGR of 6.7%. The contraband detector market is driven by various factors, such as growing security concerns due to rapid urbanization and ongoing technological advancements in security screening systems. However, substantial initial investment and high operational and maintenance costs associated with security systems may hinder the growth of the market.
“Metal detection technology to witness the highest CAGR during the forecast period”
Metal detection technology is expected to grow at the highest CAGR as metal detectors are widely used at retail stores & malls, hospitality facilities, hospitals, banks, and educational institutions, as well as during events & sports. Metal detectors are used to detect metallic objects carried by an individual. Due to the increase in criminal activities, metal detectors with high operational and functional performance are required for inspecting people and baggage.
“Based on applications, retail is likely to be the fastest-growing industry during 2019–2024”
Due to the rising threats of attacks and security concerns at public places such as retail stores and malls, there has been an increasing use of contraband detector technologies in retail application. Most retail stores have both walk-through metal detectors and handheld metal detectors. Also, as retail stores are turning out to be soft targets for terrorists, these stores are likely to use X-ray imaging scanners, along with metal detectors.
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“APAC to record the highest growth rate in contraband detector market during the forecast period”
APAC is likely to be the leading market for contraband detectors in the coming years. APAC has become a global focal point for significant investments and business expansions, thereby providing opportunities for the contraband detector market. Major factors driving the growth of the contraband detector market in APAC is the rising incidents of terrorist activities resulting in governments thinking about their security measures. APAC has several busiest airports and seaports that can provide further opportunities for contraband detectors.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the contraband detector marketplace.
- By Company Type: Tier 1 - 52%, Tier 2 – 25%, and Tier 3 - 23%
- By Designation: C-Level Executives - 68% and Managers - 32%
- By Region: North America - 40%, Europe - 18%, APAC - 30%, and RoW - 12%
The contraband detector market comprises major players such as L3 Technologies (US), OSI Systems (US), Smiths Group (UK), NUCTECH (China), Magal Security Systems (Israel), Metrasens (UK), ADANI Systems (UK), Godrej Security Solutions (India), CEIA (Italy), and Berkeley Varitronics Systems (US).
The study includes an in-depth competitive analysis of these key players in the contraband detector market, with their company profiles, recent developments, and key market strategies.
- The report defines, describes, and forecasts the contraband detector market based on technology, deployment, target-based screening, applications, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the contraband detector market. It also analyzes competitive developments such as product launches, acquisitions, expansions, major contracts, partnerships, collaborations, and developments carried out by the key players to grow in the market.
Key Benefits of Buying the Report
- The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall contraband detector market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.