Increased and Evolving Threats Heighten the Demand for Port Security Solutions and Enhanced Safety Technology

New port developments in the APAC, Africa, and the Middle East will push security spending, reveals Frost & Sullivan

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.

For further information on "A Dynamic Threat Landscape Propels the Global Maritime Port Security Market" analysis, please visit: http://frost.ly/5r8.

"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."