According to a new market research report published by Acute Market Reports “Global Smart Airports Market (Technology (Security System, Communication Systems, Air and Ground Traffic Control, Passenger, Cargo and Baggage, and Ground Handling); Landside (Advanced Vehicle Parking Solutions, Smart Marketing Techniques, Security); Airside (Air Traffic Management, Aircraft Maintenance, Aircraft Parking); Terminal Side (Baggage Handling, Check-in Systems, Other Operations); Applications (Aeronautical Operations, Non-aeronautical Operations)) – Growth, Future Prospects and Competitive Analysis,2019 – 2027”,the overall smart airports market worldwide is had registered a market value of US$ 13.20 Bn in 2018 and is set to grow with a CAGR of 11.50 % during the forecast period.
Market Insights :
Advances in technology have contributed to the development of smart airports, contributing to the personalization of customer experience. Increasing expenditure on smart airport and IT development is one of the key factors driving market growth. Such airports include a variety of advanced technology such as security systems, communication systems, air and ground traffic control, passenger, freight and luggage, and ground handling for better customer travel experience. The increase in demand for quick check-ins and convenient boarding facilities offered by these airfields also saves passengers time and money, which also leads to the growth of the industry.
The technology-based market for smart airports has been segmented as security systems, communications systems, air and ground traffic control, and passenger, cargo and luggage, and ground handling. The Communication Systems segment is the dominant segment in 2018 with a market share of more than 30.0 per cent and is expected to dominate the market during the forecast period. Improved communication technologies and a growth in IoT devices are considered to be one of the main drivers of the segment at airports.
Asia-Pacific is considered to be the fastest growing area in the smart airport industry. The area is expected to grow with a significant CAGR of over 18% during the forecast period. Rising tourism, infrastructure development and growing business between the various countries in the region are some of the key factors driving the market. In addition, China has the largest market share in the world and is projected to dominate the region during the forecast period. Nevertheless, India is considered to be the fastest growing country in the region due to increased investment by the government in building smart airports in the country.
Some of the prominent players operating in the smart airports market include Honeywell international Inc., Cisco Systems Inc., Amadeus IT Group, Siemens AG, T-Systems international GmbH, Thales SA, SITA, Collins Aerospace, NATS Limited, Sabre Corp., IBM Corporation, and L-3 Security & Detection Systems Inc.