SANTA CLARA, Calif., June 21, 2021 /PRNewswire/ -- The shipping industry is responsible for about 90% of global trade by volume. Frost & Sullivan's recent analysis on the global maritime port security market finds that governments are prioritizing the safe and secure transportation of goods to ensure economic stability and growth. The sector is being driven by increased threats to port operations, terminal expansions and new ports, soaring traffic, and the acceleration of digital transformation. In addition, a rise in surveillance spending with a large number of new port developments, especially in the Asia-Pacific (APAC), Africa, and the Middle East regions, and technology upgrades in large and established ports internationally are propelling the demand for maritime port security solutions. As a result, the industry is estimated to hit $9.10 billion by 2030 from $6.74 billion in 2020, a 3% upsurge in the compound annual growth rate (CAGR). Among key technologies, cybersecurity is expected to generate the highest revenue—$4.08 billion, followed by screening and detection at $1.69 billion, by 2030.
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"Ports remain a major safety concern as a critical component of global supply chains and commerce. Any disruption at ports would affect the interconnected transportation, energy production, and manufacturing industries and have far-reaching economic consequences across a country or even a larger region," said Aravind Srimoolanathan, Industry Analyst, Aerospace, Defense & Security Practice, Frost & Sullivan. "As ports recover from the impact of the pandemic, vessel traffic is anticipated to recover within two to three years to cater to the global demand, thus encouraging ports to invest more in solutions for infrastructure safety and to handle congestion. Demand for additional software for screening equipment and its integration into the overall port security will intensify."
Srimoolanathan added: "Port digitalization for tracking and coordination of vessels and cargo has the dual goals of lowering operational expenditure and improving efficiency, thereby unlocking opportunities for safety upgrades. Hence, security providers must consider the best ways to optimize cargo screening and detection, surveillance, and perimeter security by deploying data analytics and artificial intelligence (AI) as they enhance existing security systems' accuracy in identifying and thwarting threats."
Companies need to pursue groundbreaking ideas and develop novel cyber-resilient technologies to proactively counter the ever-evolving cyber threats. To achieve this, market participants should focus on:
A Dynamic Threat Landscape Propels the Global Maritime Port Security Market is the latest addition to Frost & Sullivan's Aerospace & Defense research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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A Dynamic Threat Landscape Propels the Global Maritime Port Security Market
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