Global Smart Airport Market Size To Grow At A CAGR Of 13.60% In The Forecast Period Of 2023-2028
The ‘Global Smart Airport Market Size, Share, Analysis, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global smart airport market, assessing the market on the basis of its segments like system, application, airport operation, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Smart Airport Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 2.43 billion
• Forecast CAGR (2023-2028): 13.60%
• Forecast Market Size (2028): USD 5.22 billion
The primary growth drivers anticipated to support the global smart airport market are the modernisation of existing airports, construction of new airports, advancements in commercial aviation, and the growing emphasis on green initiatives. The creation and adoption of innovative, intelligent technologies that support a digital environment, such as automated check-in, flight booking management, baggage inspection, and document verification, are key developments in the market.
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The expansion of the market for smart airports can be attributed to the increased acceptance of digital technologies worldwide, which has sparked a digital transformation and increased the level of individualised experiences available to passengers. As these solutions reduce the stress on airport infrastructure and staff, the rising demand for technological solutions for day-to-day airport operations is anticipated to drive the smart airport market expansion.
Airports all over the world are increasingly embracing technology-enabled gadgets to improve customer experiences, for example, smart luggage systems and Internet of Things (IoT) integrations. In order to improve the automation of numerous airport procedures, emerging technologies are being incorporated, such as Quick Response (QR) codes, Near-Field Communication (NFC), Augmented Reality (AR), and beacons. Over the course of the forecast period, new opportunities for market growth are being created by the rising need for biometric devices at airports.
Smart Airport Industry Definition and Major Segments
A smart airport refers to an airport that has a centralised digital system. Smart airports have interconnected digital technology, such as sensors and software programmes, that improve operational effectiveness, security, and overall productivity. IoT-enabled smart airports enable flexible, individualised, and practical travel for the travellers and increased efficiency for airport staff.
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Based on system, the market is segmented into:
• Communication and Network Systems
• Endpoint Devices
• Data Storage
• Software and Solutions
On the basis of application, the market is divided into:
• Terminal Side
Based on airport operation, the market is bifurcated into:
On the basis of region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Smart Airport Market Trends
It is anticipated that the booming travel and tourism industry will drive the expansion of the global smart airport market along with rising standards of living. The necessity for smart technology in airports to meet the passengers’ high standards for service is growing as there are more tourists and business travellers using airports. The terminal side sectors are experiencing stable market expansion based on application. Use of digital technology and intelligent electronic equipment in airports is facilitating smooth passenger flow through the terminals.
The increasing use of digital signs, interactive kiosks, and intelligent self-service technologies in the terminal areas of smart airports are key trends in the global smart airport market. Other advanced technologies used in terminals include biometric recognition, passenger flow measurement, real-time asset tracking, and networked retail. Airports are increasingly adopting sophisticated electronic communication systems with real-time tracking capabilities.
Key Market Players
The major players in the global smart airport market report are Ascent Technology, Inc., Honeywell International Inc., Huawei Technologies Co., Ltd., THALES group, and IBM Corporation, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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