Dublin, Sept. 03, 2021 (GLOBE NEWSWIRE) -- The "Global Smart Airport Market, By Infrastructure (Endpoint Devices, Others), By Solutions (Airside, Others), By Airport Size (Small, Medium, Large), By Application, By Services, By Airport Model, By Airport Operation, Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global smart airport market held a market value of USD 27,485.5 Million in 2020 and is estimated to reach USD 54,862.1 Million by the year 2027. The market is anticipated to register a CAGR of 10.9% during the forecast period.
Smart airports use connected technologies, such as GPS, sensors, and the internet of things for performing planning & operations digitally and also support operational staff as well as optimize passenger flows and the activities of the airport staff across the airport.
The market is anticipated to grow owing to the growth of the air travel & tourism industry, increase in the passenger & cargo traffic, and rising rate in the development of smart cities are the factors driving the market growth. Furthermore, the increasing investment in the development or augmentation of the airports and technological advancements leading to process optimization are also expected to boost the market growth.
The market is expected to be negatively influenced by the high initial and maintenance cost for the development of smart airports. In addition to this, the risk of system failure and privacy concerns in smart airport systems is also expected to restrain the market growth during the forecast period.
Growth Influencers:
Growth of the air travel & tourism industry
The air travel and tourism industry is growing at a tremendous rate. According to the Air Transport Action Group, around 58% of all international tourists travel by air. Therefore, the tourism and aviation industries are sustainably dependent on each other for their growth.
The same source also stated that the tourism sector provided around 319 million jobs in 2018 and is expected to provide 421 million jobs by 2029, globally. This demonstrates that the tourism industry is rapidly growing, which is also anticipated to increase demand for enhanced customer experiences as well as tools & systems for managing the airports efficiently. This is expected to boost the adoption of smart airport features, hence driving the market growth.
Increase in passenger and cargo traffic
The rapidly increasing passenger as well as cargo traffic is expected to drive the market growth for smart airports. According to the Airports Council International, the air cargo traffic and passenger traffic are expected to grow at an average annual growth rate of 2.3% and 3.7%, respectively from 2018 to 2040.
It also stated the regional contribution to international passenger traffic growth from 2018 to 2040. These contribution growth rates were 37.3%, 31.5%, 12.2%, 8.8%, 7%, and 3.2% in the Asia Pacific, Europe, Middle East, North America, Latin America Caribbean, and Africa, respectively. Such high growth rates are also expected to boost market growth.
The passenger, cargo, & baggage handling control segment accounted for the largest market share of over 27% owing to the rapidly growing passenger traffic, which is also increasing pressure on airport operators to boost their passenger handling capacity. The security systems segment is anticipated to grow at the fastest rate of 10.7%. Within the communication systems segment, the smartphones segment is expected to grow at a CAGR of 10.2% during the projected period.
The terminal side is estimated to hold the largest market share of about 60% owing to the rising demand for installation of artificial intelligence-based advanced equipment and systems on the terminal side of the airports. Within the terminal side, the energy management segment is anticipated to grow at the CAGR of 13% and within the landside segment; the perimeter security segment is estimated to grow at a CAGR of 11.9%.
The business applications segment is expected to hold the largest market share, as well as is expected to witness the highest growth rate owing to the increasing focus of market players on applications, such as noise abatement and performance management
The smart transport & parking services segment is expected to hold the largest market share of around 34%, owing to the increasing passenger traffic. The smart airport processes segment is estimated to grow at the fastest rate of 15.7% over the forecast period.
The airport 3.0 segment accounts for the largest share while the airport 4.0 segment registered the fastest growth rate. Airport 4.0 assists in managing connectivity as well as real-time information by connecting stakeholders in an integrated digital ecosystem, which promotes market growth.
The large airport size segment accounted for the largest market share owing to the high demand for advanced systems at these airports. They also experience high demand for customization of systems, which also contributes to the market growth.
The commercial service airports segment is expected to grow at the fastest rate owing. Commercial service airports provide personalized services and assist in enhancing customer experiences, which contributes to the market growth.
Company Profiles
- Adelte
- Ascent Technology Inc.
- Amadeus IT Group SA
- Ansul
- Cisco System
- Collins Aerospace
- Deerns Airport System Consultants
- Daifuku Co., Ltd.
- Sensec Solution AS (Initially DSG Systems)
- FB Technology
- Honeywell International, Inc.
- Huawei Technologies Co., Ltd.
- IBM Corporation
- Indra
- SITA
- Lufthansa Systems GmbH & Co. KG.
- QinetiQ
- RESA
- S.A.S.
- Sabre Corporation
- Selex ES
- Siemens AG
- T-Systems
- Thales Group
- Vanderlande Industries
- Vision-Box
- Wipro Limited
- Zensors
For more information about this report visit https://www.researchandmarkets.com/r/7hal7r
