A study from Frost & Sullivan has revealed that airport operators still require efficient security technologies and systems, as existing infrastructure is being challenged by rising passenger volumes coupled with increasing threat of terrorism and crime.
According to Frost & Sullivan's new analysis, Global Airport Security Technology Market Assessment, the market secured revenues of $8.22bn in 2014 and is expected to reach $12.67bn by 2023.
Global Airport Security Technology Market Assessment is part of the Security Growth Partnership Service programme.
The study covered segments, including perimeter security, command, control and integration, cybersecurity, communications, surveillance, access control, and screening.
Frost & Sullivan says the airport security technology markets in Europe and North America will show significant growth, while markets in the developing regions will undergo a substantial uptrend.
Frost & Sullivan aerospace and defence research analyst Robert Haddon said: "International and domestic aviation legislation is fuelling the procurement of security technologies in airports.
"International and domestic organisations such as the European Civil Aviation Conference and the US Transport Security Administration are exerting influence in setting airport security standards in key regions, lending further pace to market development."
Frost & Sullivan noted that cutting-edge technologies in the screening, big data and integration markets are particularly driving upgrades and new investments in the airport security market and cybersecurity spending will rise at the fastest pace, over the next 20 years.
Budgetary constraints, along with the effectiveness of existing legacy systems in combating current threats, have discouraged airport operators to buy new solutions that fail to demonstrate a tangible return on investment.