According to a new report from Frost & Sullivan, security spending at airports around the world is expected to increase from $19.10 billion in 2011 to over $45 billion by 2018.
In a statement, the research firm attributes the predicted increase to the continuing threat of terrorist attacks on airliners, as well as new regional security directives.
"High threat perceptions of criminal or terrorist attacks will continue to boost investment in airport security," said Frost & Sullivan Research Analyst Anthony Leather in the statement. "Regional and global legislation is constantly amended and updated in an attempt to address any criminal or terrorist activity. This has compelled airport operators worldwide to continually update latest security procedures and technology solutions."
In addition, the "Global Airport Security Market Assessment," also notes that spending on airport infrastructure will continue to rise despite the global economic downturn. However, the report also notes that airports will be looking for security technologies that are more efficient than personnel and adds that companies that can provide a "total security option" which streamlines the integration of security systems will benefit.
"The integration of security systems is becoming vital for airport security managers," Leather added. "Integration results in a more comprehensive and cohesive security control that helps to respond to identified threats in a more efficient and effective manner. Therefore, technology that can be easily integrated will be in the most competitive position in the procurement process."
For more information about the report, visit http://www.frost.com.