The security inspection market in APAC is expected to grow from US$ 2,416.6 million in 2019 to US$ 4,388.8 million by 2027; it is estimated to grow at a CAGR of 8.2% from 2020 to 2027.
Lack of skilled security personnel coupled with rising integration of automation technologies in security systems is influencing the surge in demand for automated security scanning systems. These automated systems enable computer-based security operations with predefined rules. Moreover, these systems are enabling to speed up the security checking processes in a systematic manner; thereby, reducing the risk of any human errors. The automated systems reduce the burden of repetitive tasks; thus, offering more time for the security personnel to focus on other critical security operations. Thus, the added benefits of automated security systems are contributing to the growth of the security inspection market.
In terms of application, the commercial security segment led the APAC security inspection market in 2019. Business security systems have high demand among commercial property owners to run a business. These systems are adopted to ensure the safety of employees working in the building as well as to protect business data and records from bearch. The systems ensure that nobody enters the commercial space with weapons or explosives; thereby, ensuring safety of all individuals in the area. Also, automated security systems restrict the entry of any unauthorized person inside the commercial space. This is influencing the adoption of commercial security inspection solutions in the region.
COVID-19 pandemic, which emerged in China later, affected several other countries such as South Korea and India. The countries such as China, India, South Korea, and Japan are moving toward the deployment of the new security solutions. China and India are the biggest manufacturing hub in the region and have increasing focus toward industrialization. Due to lockdown, businesses remained closed for several periods and the manufacturing industry has been hampered due to lockdown, but soon recovered the growth by enhancing the production capabilities is second half of 2020. Although, China is the most important manufacturer and industrial producer across the world, a large number of COVID-19 cases in China have affected the economy of APAC. According to the Organization for Economic Co-operation and Development (OECD), other than China, the pandemic has also affected other major economies such as the large South Korea, India, Australia, and Japan. Countries such as China, Japan, South Korea, India, Hong Kong and Taiwan have experienced tremendous losses due to low production and a poor supply chain. Additionally, the labor shortage in these countries has negatively affected the manufacturing sector. Due to the high impact of COVID-19 in the manufacturing sector, the exports from the countries are highly impacted; thereby, keeping the impact of COVID-19 on APAC region is low to moderate.
The overall APAC security inspection market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the APAC security inspection market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC security inspection market. ADANI; Analogic Corporation; Leidos; Nuctech Company Limited; OSI Systems, Inc.; Smiths Group plc; are among a few players operating in the APAC security inspection market.