DUBLIN, March 13, 2023 /PRNewswire/ — The “Global Smart Airports Market by Application (Landside, Airside, Terminal Side), End Market (Implementation, Upgrades & Services), Type (Airport 2.0, Airport 3.0, Airport 4.0), Operation, System, Airport Size, Technology, and Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The Smart airports market size is projected to grow from USD 7.0 Billion in 2022 to USD 8.3 Billion by 2027, at a CAGR of 3.5% from 2022 to 2027.
The growing need for real-time information and the increasing usage of self-service technologies are projected to fuel the growth of the smart airport industry. The market will be driven by the expansion of existing airports, the adoption of smart airport solutions at new airports, and an increase in the number of green initiatives by airports. Furthermore, airports are implementing self-service kiosks, biometric passenger identification, and artificial intelligence technologies to boost market development.
Upgrades & Services segment is expected to account for the largest share in 2022
Based on End Market, the Upgrades & Services are projected to lead the smart airports market during the forecast period. Airports are implementing digital transformation to differentiate their visitor experiences. To enhance the passenger experience and operational effectiveness, existing systems and solutions are being modernized with cutting-edge technology and solutions. The need for enhanced upkeep and services to guarantee their ongoing operation is driving the market.
The Endpoint Devices is projected to dominate the market share in the System segment during the forecast period
Based on System, the Endpoint Devices segment is projected to dominate the market share during the forecast period. The market is further segmented into Communication & Connectivity, Endpoint Devices, Data Storage, and Software & Solution. To speed up the screening process, airports use trustworthy endpoint devices like biometrics, RFID, beacons, and so on. End point devices have enhanced airport operations and consumer satisfaction. Furthermore, developments in endpoint devices have increased security standards and streamlined the airport screening procedure.
The Airside is projected to dominate market share in the application segment during the forecast period
Based on application, the smart airports segment is projected to dominate the market share during the forecast period. Rapid growth in global passenger traffic is expected to increase demand for smart solutions on the airside. Additionally, the market has been driven by the growing requirement for smart solutions for airside operations, such as sophisticated aircraft parking solutions and cutting-edge maintenance and health monitoring systems.
The Airport 3.0 segment is projected to lead the smart airports market during the forecast period
Based on airport technology, the airport 3.0 segment is projected to lead the smart airport market during the forecast period. The industry is expanding rapidly due to increased air traffic passengers worldwide. Furthermore, airport modernization plans are likely to drive the worldwide smart airport 3.0 market growth.
Non-Aeronautical segment is projected to account for the largest share in 2022
Based on Operation, the non-aeronautical segment is projected to lead the smart airports market during the forecast period. The expansion in air passenger travel will propel the aviation sector, which will boost the market for smart airport accordingly. In addition to intelligent transportation services and inventory management, airports are concentrating on specific digital advertising to meet customer preferences and boost the growth of the non-aeronautical sector.
Asia Pacific is expected to account for the largest market share in 2022
The smart airports market industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific accounted for the largest market share in 2022, and North America is projected to witness the highest CAGR during the forecast period. The Asia Pacific market is likely to develop rapidly over the forecast period, owing to considerable increases in air traffic in countries such as China, Singapore, and India. As the number of passengers increases, so will the demand for automation of procedures such as luggage handling and self-check-in services.
Market Dynamics
Drivers
- Growing Need for Real-Time Information
- Increasing Use of Self-Service Technologies at Airports
- Rise in Focus on Customer-Centric Approaches
- Adoption of Sophisticated Connectivity Technologies
Restraints
- Difficulties in Data Collaboration
- Lack of Standardized Regulations for Blockchain Technology
- Privacy Concerns
Opportunities
- Airport Operation Optimization Through Digitization
- New Revenue Sources from Smart Solutions
Challenges
- Comprehension of Passenger Preferences
- High Capex Resulting in Slow Integration of Innovative Technologies
Companies Mentioned
- Amadeus IT Group SA
- Ascent Technologies, Inc.
- Cisco Systems, Inc.
- Daifuku Co. Ltd.
- Emartech
- Gorilla Technology
- Huawei Technologies Co. Ltd.
- IBM Corporation
- Indra Sistemas SA
- Infax Inc.
- L3Harris Technologies Inc.
- Leidos Holdings, Inc.
- Nats Limited
- Raytheon Technologies Corporation
- Sabre Corporation
- Siemens AG
- Sita
- Smart Airport Systems (Sas)
- T-Systems
- Tav Technologies
- Thales
- Wipro Limited
- Zensors
For more information about this report visit https://www.researchandmarkets.com/r/oimxzu
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