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
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets