Frost & Sullivan — port upgrades and terminal developments will boost port security spending
A new study by Frost & Sullivan called “Global Port Security Market, Forecast to 2023,” has found a number of strategic imperatives for success in the port security market.
By SP&T Staff
The study analyzes market trends, drivers, restraints, regional trends and key technologies globally, and focuses on the land-side security of ports including surveillance, perimeter security, command control, cybersecurity, screening and detection.
According to the firm, 90 per cent of global trade is being carried out by the shipping industry, which indicates the importance of port security.
The study suggests that as vessel traffic continues to increase, the infrastructure will need to be developed.
While a number of ports are in the process of digitizing their operations to drive efficiencies and expand capacity, new ports, port upgrades and new terminal developments will be the major drivers of security spending, says the research firm.
“Persisting threats concerning the illicit movement of individuals, weapons, drugs and other illicit materials are driving ongoing efforts to enhance port security technology deployments,” said Frost & Sullivan security analyst Rakesh Vishwanath. “New technologies and solutions, including unmanned aerial vehicles, are gaining traction with ongoing pilots and use cases.”
The analysis includes a number of strategic imperatives for success in the evolving port security market, such as:
• The development of innovative cyber-resilient technologies that proactively counter constantly evolving cyber threats
• Developing strategic partnerships with niche cyber-security suppliers
• Positioning cybersecurity at the core of an offering to address growing challenges in an increased threat landscape
• Development solutions that are easy to understand with actionable intelligence and integration with existing architecture
“The ‘digital port’ will be a critical issue by 2023. Demand for cyber solutions that better protect networks will grow,” Vishwanath added. “Software requirements for screening equipment and integration of this into the overall port security environment will increase across regions as well.”