New York, United States, March 04, 2024 (GLOBE NEWSWIRE) -- The Global Smart Airport Market Size to Grow from USD 4.8 Billion in 2023 to USD 12.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 9.78% during the forecast period.
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Airport operations and infrastructure need to be updated to accommodate the expanding demand while maintaining efficiency, safety, and security due to the increasing number of air travellers worldwide. The rapid advancement of technologies such as artificial intelligence (AI), biometrics, Internet of Things (IoT), and big data analytics has made it possible for airports to apply intelligent solutions for processing passengers, boosting security, optimising operations, and elevating the passenger experience. Airports are giving passenger experience initiatives more importance in an effort to differentiate themselves from the competition and attract travellers. Smart airport technologies are crucial for providing travellers with a seamless and customised experience, from check-in to boarding and beyond.
Smart Airport Market Value Chain Analysis
Airport operators and authorities are primarily responsible for starting and managing smart airport projects. They are responsible for defining needs, selecting technology vendors or service providers, and setting strategic objectives in order to implement creative solutions. Technology suppliers are companies that specialise in a range of smart airport solutions, such as communication infrastructure, IoT platforms, data analytics software, biometric systems, and AI algorithms. One of the most important tasks for system integrators is integrating various hardware and software components into cohesive smart airport systems. Consulting firms lend their expertise in project management, feasibility studies, strategic planning, and implementation to help the development of smart airports. Airlines and ground handlers are essential players in the smart airport value chain, as they rely on efficient airport operations to ensure timely departures and arrivals.
Smart Airport Market Opportunity Analysis
The market for smart airport solutions is growing as a result of the steady rise in air traffic worldwide. Airports are under pressure to enhance security, operational efficacy, and passenger experience in order to handle rising passenger loads. Ensuring seamless and personalised travel experiences for travellers is becoming increasingly crucial. Airports can employ smart airport technologies to offer self-service options, real-time information, and customised services to boost consumer satisfaction and loyalty. Numerous smart airport projects involve collaboration between private sector technology vendors or service providers and public sector airport authorities. Public-private partnerships offer a way to effectively implement smart airport solutions by leveraging outside expertise, resources, and finance.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Smart Airport Market Size By Component (Hardware, Software, Services); By Solution (Terminal Side, Air Side, Landside); By Application (Aeronautical Operations, Non-Aeronautical Operations); By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033."
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Insights by Component
The hardware segment accounted for the largest market share over the forecast period 2023 to 2033. Several airports throughout the world are expanding and modernising to manage increasing passenger volume and boost operational efficiency. For these projects, in order to support smart airport initiatives such as automated baggage handling systems, biometric authentication systems, and self-service kiosks, new hardware infrastructure development is often necessary. Because more and more people are using sensors and Internet of Things (IoT) technologies, hardware components for smart airports are in great demand. By employing sensors to collect real-time data on a range of operational variables, including as asset tracking, vehicle movements, ambient conditions, and passenger flows, airports may improve decision-making and streamline processes.
Insights by Solution
The terminal side segment accounted for the largest market share over the forecast period 2023 to 2033. Self-service kiosks and check-in counters enable passengers to independently check in, obtain boarding cards, and even tag their own luggage, reducing wait times and lines. In addition to improving passenger satisfaction, this increases airport operational efficiency. At boarding gates and security checkpoints, biometric authentication technologies like fingerprint scanning and facial recognition are being utilised increasingly frequently to increase security and speed up passenger processing. These technologies provide faster and more secure identification verification, reduce wait times, and enhance overall security measures. Examples of erminal side solutions are environmental sustainability initiatives including waste recycling, water conservation, and energy-efficient lighting.
Insights by Application
The aeronautical segment accounted for the largest market share over the forecast period 2023 to 2033. For the purpose of regulating aircraft movements, optimising the use of available airspace, and ensuring efficient and secure airside operations, modern air traffic management (ATM) systems are indispensable. These systems use technology such as satellite navigation, radar, and communication systems to enhance air traffic control and reduce congestion. Smart airport technologies include things like runway and taxiway management systems, which monitor and control aircraft movements on the airside. These systems increase safety, reduce taxi times, and maximise runway capacity through automatic alarms and real-time monitoring. As the usage of drones for various reasons increases, smart airports are implementing UAV management systems to ensure the safe integration of drones into airspace operation.
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Insights by Region
North America is anticipated to dominate the Smart Airport Market from 2023 to 2033. North American airports are setting the standard for integrating cutting edge technology to improve the traveller experience and update airport operations. This includes the use of self-service kiosks, biometric authentication systems, contactless solutions, and real-time passenger tracking technology. Improving passenger experiences is a primary goal as airports and airlines become more and more competitive. North American airports employ smart technology to provide efficient check-in processes, personalised services, and digital wayfinding solutions in an effort to increase consumer satisfaction. In order to accommodate growing passenger volumes and modernise infrastructure, airports in North America are growing and remodelling. Smart airport solutions are included into these projects to increase space utilisation, speed up procedures, and enhance overall airport efficiency.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. The Asia-Pacific region is home to some of the fastest-growing economies in the world, which is accelerating urbanisation and driving up demand for air travel. Consequently, airports around the region have had to upgrade and expand to accommodate the growing number of travellers. Modern technologies such as biometrics, artificial intelligence, the Internet of Things (IoT), and big data analytics are being used by airports in the Asia-Pacific area to enhance security procedures, improve operational efficiency, and enhance the traveller experience. Many airports in Asia-Pacific are expanding and renovating to meet the growing demand for air travel. Smart airport solutions are included into these projects to maximise space utilisation, enhance baggage handling procedures, and raise overall efficiency of the airport.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
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Recent Market Developments
- In May 2023, one of the newest products in Honeywell's portfolio, the NAVITASTM Smart Visual Docking system maximises airport productivity and security.
Market Segmentation
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Smart Airport Market, Component Analysis
- Hardware
- Software
- Services
Smart Airport Market, Solution Analysis
- Terminal Side
- Air Side
- Landside
Smart Airport Market, Application Analysis
- Aeronautical Operations
- Non-Aeronautical Operations
Smart Airport Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- UAE
- Saudi Arabia
- South Africa
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