Smart Airport Market Revenue, Future Growth, Trends, Top Key Players, Business Opportunities by 2027
Posted on Aug 11 2022 12:09 PM
"Key companies covered in the Smart Airport Market Research Report are Amadeus IT Group SA, Kiewit, Cisco Systems Inc., Siemens AG, Collins Aerospace, Larsen & Toubro, Raytheon Company, IBM Corporation, SITA, Honeywell Corporation Inc. "
The smart airport market report states that key players are intensely focusing on delivering innovative solutions to consumers. The aim of these measures is for the companies to consolidate their position in the market through a diverse offering of products. In its new report, titled “Smart Airport Market Size, Share & Industry Analysis, By Technology (Passenger, Cargo, Communication System, air Traffic Control), By Airside (Air Traffic Management, Aircraft Parking, Aircraft Maintenance), By Landside (Security, Smart Marketing Techniques, Advanced Parking Solution), By Application (Aeronautical Operation, Non-Aeronautical Operation) and Regional Forecast, 2020-2027”. The global smart airport market size was USD 2.20 billion in 2019 and is projected to reach USD 6.70 billion by 2027, exhibiting a CAGR of 17.24% during the forecast period.
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Prominent Players in Smart Airport Market:
- Amadeus IT Group SA
- Cisco Systems Inc.
- Siemens AG
- Collins Aerospace
- Larsen & Toubro
- Raytheon Company
- IBM Corporation
- Honeywell Corporation Inc.
The ever-increasing passenger load at airports is likely to expand the global smart airport market size in the near future. According to the International Civil Aviation Organization (ICAO), the total number of travelers rose by 6.4% from 2017 levels to reach 4.3 billion in 2018. Low-cost air carriers, the ICAO reports, carried approximately 1.3 billion passengers across the globe, which is around 31% of the total world passenger air traffic. American airports alone handled a record 813.8 million travelers in 2018, according to the US Transport Security Administration (TSA). Moreover, the TSA managed to undertake a more stringent form of carry-on screening procedures at airports across the US. This astronomical rise in air travel is attributable to rising income and overall economic development in the world, generating a desperate need for smart management of airport operations.
Fortune Business Insights™ shares the following information:
- Accurate computation of market figures (revenue, size, and share);
- In-depth analysis of the various factors and drivers shaping the market;
- General overview of the overall industry outlook;
- Careful segmentation of the market and detailed assessment of their individual share and factors driving them; and
- Exhaustive research into the regional dynamics and competitive landscape of the market.
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Heightened Security Threats to Fuel the Adoption of Intelligent Systems at Airports
One of the most prominent smart airport market trends is the rising rate of integration of Internet of Things (IoT) at airports to counter the growing security concerns. For example, IoT can efficiently use passenger data based on biometric information and help quick identification and profiling of suspicious persons. This can make airport security staff more proactive and prepared for any potential threats and make traveling safer and more comfortable. In addition to this, smart airports can help efficiently monitor critical airport infrastructure and streamline security and check-in processes for passengers. Thus, IoT can significantly enhance the value of an airport, which will fuel the smart airport market revenue in the foreseeable future. Even more importantly, smart airports can become models for sustainable infrastructure through the use of green technologies and eco-friendly tools such as LED bulbs.
North America to Lead the Pack, Advancements in Cloud Computing to Drive the Market
North America is anticipated to dominate the smart airport market share during the forecast period owing to fast-developing cloud infrastructure, increasing number of smart devices, and a well-established telecommunications system in the region. The market in the region is further propelled by the rapid adoption of smart technologies. In Asia-Pacific, the market is set to surge at a formidable CAGR on account of the flourishing tourism industry in India and China. Swift evolution in the domestic aviation infrastructure in these countries through proactive government policies will further accelerate the smart airport market growth in the coming decade.
Increasing Investment in Innovation to Energize Competition
The smart airport market report states that key players are intensely focusing on delivering innovative solutions to consumers. The aim of these measures is for the companies to consolidate their position in the market through a diverse offering of products.
Key Industry Developments:
- September 2019: Siemens signed a contract with five of Spain’s busiest airports – Madrid, Barcelona, Malaga, Palma de Mallorca and Gran Canaria – to completely revamp their security infrastructure. The company will provide intelligent software to these airports for efficient management of passenger luggage in compliance with the new regulations set by the European Civil Aviation Conference (ECAC).
- April 2019: IBM and Arrow Electronics collaborated to develop and launch a novel IoT solution for airports called the Smart Airport Asset Management Solution. The system will consist of an integrated platform of Arrow’s IoT sensors and gateways and IBM’s Watson® IoT Platform, and IBM Maximo® Enterprise Asset Management software.
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