Smart airports are airports that can provide real-time information through SMS services, offer check-ins via self-service kiosks, and facilitate automated baggage handling. They engage with passengers to provide real-time notifications via social media and other communication forums through personal devices.
The Global Smart Airports Market was valued at UЅD $13,424.7 Мn in 2020, and is projected to achieve a valuation of UЅD $29,354.6 Мn by 2030, at a САGR of 9.7%. The 5-year (2020–2025) cumulative revenue of this sector is projected to be over $20,397.4 Mn, and is estimated to increase significantly over the latter part of the forecast period.
Owing to the exponential increase in number of tourists and air traffic in various parts of the world as a result of robust globalization is leading numerous conventional airports to upgrade their facilities to accommodate this vast influx. This is a primary factor that is anticipated to continue to fuel the revenue growth of the global smart airports market over the next decade. Moreover, the growing pressure being placed on airport authorities due the same aforementioned reasons is also a reason as to why respective governing authorities are now focusing on revamping their existing infrastructures, which is expected to significantly boost market growth opportunities in the years to come.
Furthermore, the surging costs associated with high energy usage at major airports is leading to the introduction of various self-service booths/kiosks. This is another factor that is expected to positively contribute to the revenue growth of the global smart airports market in the near future.
However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global smart airports market is no different, and this factor is anticipated to have a significantly negative impact on the revenue growth of this industry. In addition, the increasing difficult task of collecting and collating data of the numerous passengers passing through these airports owing to the diverse preferences they may or may not have is another factor that may restrain the revenue growth of the global smart airports market in the foreseeable future.
Nevertheless, the incorporation of various innovations such as AI technology into systems that administrate these facilities, as well as the introduction of numerous devices that possess advanced capabilities are some of the other factors that are expected to aid in the adoption of these facilities by respective authorities, thereby, further augmenting the revenue growth of the global smart airports market over the next decade.
Segmentation of the Global Smart Airports Market:
- Honeywell International Inc.
- United Technologies Corporation (Collins Aerospace)
- Siemens Aktiengesellschaft (Siemens Logistics GmbH)
- Amadeus IT Group S.A.
- NEC Corporation
- Damarel Systems International Ltd.
- International Business Machines Corporation
- QinetiQ Group Plc
- Cisco Systems Inc.
- Airport Information Systems Limited
- Pacific Controls
Segmentation by Technology Type:
- Security systems
- Communication systems
- Passenger, cargo & baggage handling control
- Air/ground traffic control
- Endpoint Devices
Segmentation by Solution Application:
- Aeronautical operations
- Non-Aeronautical operations
Segmentation by Solution:
- Terminal side
- Land Side
Segmentation by Regions:
- North America
- South America
Segmentation of the Global Smart Airports Market is as follows:
In terms of technology, the passenger cargo baggage control segment accounted for the maximum number of revenue shares of the global smart airports market in 2020, and this segment is expected to register considerable revenue growth over the forecast period. However, the security systems segment is anticipated to index the highest CAGR over the next 10 years.
On the basis of solution, the terminal side segment accounted for the maximum number of revenue shares of the global smart airports market in 2020, and this segment is slated to continue to do so over the next 10 years. The air side segment is also expected to register a high CAGR over the forecast period.
With respect to solution application, the aeronautical application segment accounted for the maximum number of revenue shares of the global smart airports market in 2020, and this segment is anticipated to retain its respective market position over the next decade. The non-aeronautical application segment is also expected to register considerable revenue growth in the coming years.
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Regional Segmentation and Analysis:
The market in Europe accounted for the maximum number of revenue shares of the global smart airports market in 2020, and are indicative of retaining their respective market position over the next decade. However, the markets in the Asia Pacific region are anticipated to index the highest CAGR over the course of the forecast period.