Portland, OR, Nov. 09, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global smart airport market generated $2.15 billion in 2020, and is expected to reach $6.46 billion by 2030, registering a CAGR of 12.5% from 2021 to 2030.
Increase in use of artificial intelligence (AI) to ensure safety at airports and surge in air passenger traffic across the world have boosted the growth of the global smart airport market. However, lack of trained and experienced staff hinders the market growth. On the contrary, surge in customer satisfaction and adoption of reliable cloud applications are expected to open new opportunities for the market players in the future.
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Covid-19 Scenario on Smart Airport Industry:
- The Covid-19 outbreak resulted in lockdown, which put restrictions on different means of transportation including air travel.
- The aviation sector is expected to witness loss due to uncontrolled situation of the pandemic and decline in demand for AI in airport operations.
The report segments the global smart airport market on the basis of system, end user, location, and region.
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Based on system, the data storage segment is expected to portray the highest CAGR of 13.8% during the forecast period. However, the communication and network systems segment held the largest share in 2020, contributing to around one-third of the market.
On the basis of end user, the implementation segment is projected to manifest the highest CAGR of 13.0% during the forecast period. However, the upgrade and services segment held the lion’s share in 2020, accounting for more than half of the market.
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The global smart airport market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, holding more than one-third of the market. Moreover, the region is projected to showcase the highest CAGR of 13.5% during the forecast period.
The global smart airport market report includes an in-depth analysis of the prime market players such as Cisco Systems Inc., Ascent Technology, Inc., Huawei Investment & Holding Co., Ltd., Honeywell International Inc., Indra Sistemas, S.A., International Business Machine Corporation, Raytheon Technologies Corporation, L3Harris Technologies Inc., SITA, and Thales Group.
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