New York, Sept. 17, 2019 (GLOBE NEWSWIRE) -- Increased use of airport self-service technologies, Investment rise in agile and intelligent airport concepts, need to replace the conventional infrastructure for economic growth, increasing strategic developments such as partnerships and agreements are key factors contributing to high CAGR of smart airport market during forecast period.
According to the current analysis of Reports and Data, the global smart airport market was valued at USD 12.5 Billion in 2018 and is expected to reach USD 28.0 Billion by year 2026, at a CAGR of 10.0%.
Smart airport market highlights the growth and transformation of conventional airport to a intelligent transport hub. Airports are not just a boarding and travelling hub for passengers now, it has become more of a transport hub. The different innovations in technology and its applications in the smart airport market have transformed the conventional airports into smart and intelligent transportation hubs. These airports now have commercial spaces, transportation hubs, shopping centers, recreational spots, and other hospitality elements that attract tourists and travellers around the globe. The use of BYOD and IoT generate massive data that is collected from different touch points and processed to turn into actionable insights is a driving factor for the smart airport market.
These intelligent transport hubs are generating huge revenue and attracting massive public and private investments that are contributing to the economic growth of the country. With increasing number of passengers yearly the airports are implementing various solutions to handle operations, maintained, air traffic control, communications, security, and many more. Use of emerging technologies such as IoT, automation, big data, robots, AI and virtual reality has now become a part of the ecosystem that assist in day to day operations, along with integrated data collection from numerous touch points and devices and creating better real-time communications channels.
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Further key findings from the report suggest
- The smart airport markets fastest growing at a CAGR of 9% in Asia Pacific owing to modernization of conventional infrastructure in developing countries such as India and China
- Communication Systems segment is accounted to be the leading segment in smart airport market which is valued at USD 3.0 Billion in 2019, due to the increasing use of connected devices and need for secured communications
- North America is the largest region with a share of 35.5% in smart airport market due to the presence of technologically advanced infrastructure and communication technology
- Terminal side solutions segment is the fastest growing at a CAGR of 12.5% due to the increasing adoption of Smart Airport solutions for simplifying baggage and terminal operations and reducing human errors
- Check-in systems in the terminal side solutions to have the largest market share in the smart airport market due to the growing number of air travellers and decrease in the air fares
- The sustainable energy management segment in the terminal side solutions to have the fastest growth rate owing to the increased focus on green and sustainable future by the regional and government bodies
- Air traffic management is accounted for the largest share in the airside solutions due to the need for better air traffic control and management solutions at the airport
- Europe is expected to account for the 29.1% of the market, rising investments for smart infrastructure, implementing PPP models, government investments and recent innovations
- AI based intelligent Airports is the latest innovation in the global Smart Airport Market.
- Some of the key players are Honeywell Corporation Inc., Collins Aerospace, ITA, Siemens AG, IBM Corporation, Cisco Systems Inc., Raytheon Company, Kiewit, Larsen & Toubro, and Amadeus IT Group SA.
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Segments covered in the report:
For the purpose of the study, this Reports and Data have segmented the Global Smart Airport Market on the basis of application, end user and the regional outlook:
Technology (Revenue, USD Billion; 2016–2026)
- Communication Systems
- Traffic Control
- Passenger Information System
- Cargo & Baggage Handling
- Security System
- Others
Application (Revenue, USD Billion; 2016–2026)
- Aeronautical Operations
- Non-Aeronautical Operations
Solution (Revenue, USD Billion; 2016–2026)
- Terminal Side
- Baggage Handling
- Check-In Systems
- Building Operations
- Sustainable Energy Management
- Air Side
- Air Traffic Management
- Aircraft Maintenance
- Aircraft Parking
- Landside
- Vehicle Parking Solutions
- Smart Marketing Techniques
- Security
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Regional Outlook: (Revenue, USD Billion; 2016–2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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