The global smart airport market size is expected to expand at a high CAGR of 5% during the forecast period 2021-2028.The growth of the market is attributed to rapid growth of the airport industry.
The aviation industry is one of the most competitive and distinguished industry across the globe. In recent years, the acquiring of smart applications and appliances in operation of airports has increased swiftly.
Market Trends, Drivers, Restraints, and Opportunities
- Rising use of latest technology, such as artificial intelligence and Internet of Things (IoT) to reduce the customer service and queries, find the lost bags, and combat the flight delays is expected to propel the growth of the smart airport market.
- The COVID19 pandemic has positively impact the market growth, as it resulted into implementation of touch-less solutions, driving the growth of the market.
- Increasing air traffic owing to relaxation in restrictions due to the pandemic has fueled the market growth.
- The process of development, digitalization, building infrastructure and design airport involves high cost, which can create challenges for the market growth.
- High use of virtual reality and augmented reality can hinder the operation owing to rising cyber security attacks.
- Increasing number of smart airport, which includes vehicle parking solution, aircraft parking, air traffic, communication system, cargo & baggage handling, ground handling and security handling, is expected to create lucrative opportunities for the market players.
Scope of the report
The report on the global smart airport market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report
Smart Airport Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technology (Security Systems, Communication Systems, Air and Ground Traffic Controls, and Passengers, Cargo, Baggage, and Ground Handlings), Airport Locations (Landside [Advance Vehicle Parking Solutions, Smart Marketing Techniques And Security], Airside [Air Traffic Management, Aircraft Maintenance, and Aircraft Parking] , and Terminal Side [Baggage Handling, Check-in Systems, and Other operations
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Cisco System Inc.; Honeywell International Inc.; SITA; Raytheon Technologies Corporation; and Siemens AG
Smart airport Market Segment Insights.
Passengers, cargo, baggage, and ground handling segment is expected to represent to key market share
Based on the technology, the smart airport market is divided into security systems, communication systems, air and ground traffic controls, and passengers, cargo, baggage, and ground handling. The rapid increase in the passenger traffic is expected to drive the passengers, cargo, baggage, and ground handling segment. Rising use digitalization and artificial intelligence (AI) is anticipated to further drive the market segment growth.
Terminal segment is expected to expand at a significant pace
On the basis of airport location, the smart port market is divided into landside, airside and terminal Side. The landside segment is further divided into advance vehicle parking solutions, smart marketing techniques, and security baggage handling. The airside segment is segregated into air traffic management, aircraft maintenance, and aircraft parking. The terminal segment is categorized as baggage handling, check-in system and other operations.
The terminal segment is expected to constitute a major share of the market during the forecast period. Airport authorities in the regions are striving to enhance airport operation on the terminal side. Increasing penetration of touch-less systems in the terminal side is expected to drive the market segment growth. Moreover, implementation of latest technologies to minimize the workload of staff as well as for customers is expected to spur the segment growth.
Asia Pacific is expected to dominate the market
On the basis of regions, the market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. The regional market growth is attributed to the growing demand for smart airport, especially in South and East Asia. The key factor that is contributing to the growth of the market in the region is increasing passengers’ traffic. Moreover, the government and aviation ministry in the emerging economies in the region are planning to construct new airports.
Segments Covered in the Report
The smart airport market has been segmented based on
- Security systems,
- Communication systems,
- Air and Ground Traffic Controls
- Passengers, Cargo, Baggage& Ground Handlings
- Advance vehicle parking solutions
- Smart marketing techniques
- Air traffic management
- Aircraft maintenance
- Aircraft parking
- Terminal Side
- Baggage handling
- Check-in system
- Other operations
- North America,
- Asia Pacific
- Latin America
- Middle East & Africa
- Cisco System Inc.
- Honeywell International Inc.
- Raytheon Technologies Corporation
- Siemens AG
Key players competing in the global Cisco System Inc.; Honeywell International Inc.; SITA; Raytheon Technologies Corporation; and Siemens AG.
Some of these players are adopting several business strategies including acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market share.