As
interest for security innovation — from metal indicators to imaging scanners —
has developed, the organizations that process and works it have seen an upsurge
in the market.
Rapiscan
Systems, based in Torrance, Calif provides wide range of security technology
like baggage scanner has opened its office in the Crystal city. The company
provided security at recent Olympics game such as Beijing and Salt Lake City,
said Peter Kant, the company’s executive vice president.
“The
technology is currently in a mature cycle,” he said. “The move now is how to
keep or increase security operations” while trimming costs.
As
per Kant, there are not many opportunities for the business in U.S.A. He said that
business went up by $400 million in 2012.
“These
aren’t products that people are going to necessarily stop buying,”Lance
Roncalli, managing director and vice president of sales for the Americas at
Smiths Detection.
“When
we have an event like the Boston Marathon, there’s always a big focus on, of
course, not allowing that to happen,” Roncalli said.
“I
wouldn’t say [security technology is] a fast-growth market, but it’s a growing
market,” said Timothy Quillin of the financial services firm Stephens. “I would’ve
thought that there would be some kind of a lull or decline off of those
relatively high levels of spending post-9/11, but I think security spending
just continues to go up.”
Roncalli
is of the view that his company must constantly improve the technology to
enhance the security services. “If you deliver it today and you can’t add to
the library of substances it can detect, it becomes obsolete very quickly,” he
said.
However,
privacy is still a concern for such security technology. The balance “between
security and liberty [is] an ongoing discussion, but I don’t think the
discussions that we’ve had about privacy and liberty have changed in aggregate
spending on security,” Quillin said. “I don’t think that we as a society. have
decided that we want to reverse course.”
Hence,
the Global Transportation Security Technology Market seems to be growing
immensely. With security being a major concern globally, this market has much
to offer. To understand the Transportation Security Technology Market’s scope
and opportunities, Allied Market Research articulated an extensive research
report. One could understand the potential of the market drivers and restraints
from this elaborate report.
