Smart Airports Industry worth $8.3 Billion by 2027
(I-BusinessNews.Com, January 06, 2023 ) The Smart Airports Market 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 expansion of green airport programs, the redevelopment of existing airports, and the adoption of smart airport technologies at new airports will all drive the industry. In order to accelerate market growth, airports are also introducing self-service kiosks, biometric passenger identification, and artificial intelligence technology.
Based on end market, upgrades & services are expected to dominate market share during the forecast period. In order to distinguish their tourist experiences, airports are undertaking digital transformation. Existing systems and solutions are being updated with cutting-edge technology and solutions to improve the passenger experience and operational effectiveness. The market is being driven by the demand for better servicing and maintenance to ensure their continued operation.
Based on System, the aspect of the smart airports market dominates market share because the airports are employing reliable endpoint devices, such as biometrics, RFID, beacons, and other technologies, to expedite the screening process. Airport operations and customer happiness have improved because to end point devices. In addition, improvements in endpoint devices have raised the bar for security and expedited the airport security checkpoint process.
Based on application, airside is expected to account for the largest market share during the forecast period. This is owing to the significant increase in global passenger traffic, which is likely to stimulate the need for smart airport solutions on the airside. To better manage ground employees and speed up aircraft turnaround, smart operations are heavily employed at the airside. The market has thus been driven by an increase in demand for smart solutions for airside operations, such as sophisticated aircraft parking solutions and advanced maintenance and health monitoring systems, over the past few years.
Based on Airport Size, the medium segment is projected to lead the smart airports market during the forecast period. The latest technology implemented at airports will make airport travel easier for passengers. Airports are replacing traditional systems with highly modern and automated technology in order to cut passenger wait times. In the approaching years, the rising need for eco-friendly systems and airports will drive the demand for green and smart airports.
Based on Operation, non-aeronautical segment is forecasted to dominate market share during the forecast period because the rise in air passenger travel will propel the aviation sector, which will boost the demand for smart airport solutions proportionally. Airports are focusing on customized digital advertising as well as other initiatives such as inventory management and intelligent transport services in order to meet consumer expectations and assist the expansion of the non-aeronautical segment.
Based on Region, 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 market for smart airports in the aviation sector is expected to benefit from rising air travel demand. The region's growing middle-class population, the growth of international tourism, and low-cost flights to developing nations like India are the main factors fueling the increase of passenger traffic in the area. The need for automated procedures such as baggage handling and self-check-in services will rise as the number of passengers rises. This will support the remarkable rise of smart airports in the Asia-Pacific region, which will support the market's overall expansion.
Major players operating in the Smart Airports market include SITA (Switzerland), THALES (France), Siemens AG (Germany), Amadeus IT Group SA (Spain), IBM Corporation (US), Cisco Systems Inc. (US), Indra Sistemas S.A. (Spain), Honeywell International Inc. (US), L3Harris Technologies Inc (US). These companies have reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe, and Asia Pacific.
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