Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “AI Baggage Scanning System Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, March 25, 2021 (GLOBE NEWSWIRE) -- The Global AI Baggage Scanning System Market is expected to grow at a CAGR of around 41.3% from 2020 to 2027 and reach the market value of over US$ 5,544.9 Mn by 2027.
The global AI baggage scanning system market is anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027. The enhancing applicability in the sectors like airports, railways, marine, educational institutes, and border checkpoints, particularly in developed and developing economies is contributing to the market growth.
The global AI baggage scanning system market is segmented on the basis of component, type, application, and geography. Based on components, the market is bifurcated into hardware, software, and services. By type, the market is bifurcated into destination coded vehicle and conveyor. Additionally, the AI baggage scanning system has applications across airports, railway, marine, educational institutes, border checkpoints, and others.
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Software segment by component is leading the overall AI baggage scanning system market with a major revenue share (%) in 2019. Moreover, the hardware segment is projected to exhibit the fastest growth over the forecast period from 2020 to 2027. As the need for compatible hardware components will increase for the AI software is the factor expected to increase the demand for hardware in the estimated period from 2020 to 2027.
North America leads the AI baggage scanning system in 2019 and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The high per capita income and well-developed infrastructure of the major economies including the US and Canada are proliferating the regional market value. The presence of major players in the region is further proliferating the regional market value.
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Asia Pacific is anticipated to exhibit the fastest growth over the forecast period from 2020 to 2027 owing to the increasing need for advanced security systems in the developing economies of the region. Additionally, the increasing number of air travelers and tourists is further propelling the regional market value. The rising investments in infrastructural development coupled with advanced security systems are expected to bolster the regional market value in near future.
Some of the leading competitors are Astrophysics Inc., Daifuku Co. Ltd., Rapiscan Systems, Siemens Postal, Parcel & Airport Logistics, SITA, Smiths Detection, Synapse Technology Corporation, Vehant Technologies, and Westminster Group Plc. among others. The major players are continuously making efforts for the development of more efficient and faster systems that can meet the demand of the near future.
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Some of the key observations regarding the AI Baggage Scanning System industry include:
- An American company, Rapiscan Systems has successfully acquired an artificial intelligence platform from California headquartered in Synapse Technology Corporation in 2020. The strategic acquisition is anticipated to provide potential growth in the artificial intelligence (AI) segment of the company’s portfolio in near future.
- In 2020, Westminster International Ltd has launched an artificial intelligence-based X-ray baggage scanner. The new development is the integration of AI and system software that provides image detection, examination of bags with high contrast filters, coupled with the enhanced material discrimination. The newly developed visual software can identify dangerous objects in a scanned image, doesn’t matter if they are partially obscured, rotated, or of varied size.
- In 2019, Airport Authority, India had organized the “Innovate for Airports” Program under the Startup India Initiative Under the program startups across the country have got a chance to submit innovative solutions for airports. About 350 startups were screened across the country under the program, and among them, 8 were selected to implement their solution at various airports in India. Baggage AI is one of the 8 shortlisted startups that has got approval for the trial of its Artificial Intelligence based solution developed to enhance security at airports. The selected system is the first-of-its-kind threat detection system for security X-ray machines.
- The Syntech SOLUTION from Astrophysics Inc. has developed a fully-integrated artificial intelligence (AI) X-ray system in 2020. The developed software is able to identify dangerous objects like gun components, guns, ammunition, and knife from anywhere in a scanned image, doesn’t matter if they are rotated, partially obscured, or of varied size.
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