Global Smart Airports Market sales is growing at 5.64% CAGR till 2022

Press Release   •   Jan 24, 2018 05:52 EST

Zion Market Research has published a new report titled “Smart Airports Market by Technology (Security Systems, Communication Systems, Passenger, Cargo & Baggage Handling Control, Air/Ground Traffic Control, Endpoint Devices), by Airside (Air Traffic Management, Resource Management, Aircraft Parking, Aircraft Maintenance), for Aeronautical Operations and Non-aeronautical Operations. Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022”. According to the report, the global smart airports market was valued USD 12.40 billion in 2016 and is expected to reach around USD 17.19 billion by 2022, at a CAGR of 5.64% for the forecast period from 2017 to 2022.

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Across the globe, the smart airport is a huge market that is gaining attention due to the increase in demand for the travelers’ growing needs for real-time information and airports moving towards customer-centric approach. Based on application, it is categorized into hospitality, transportation, airport operations and others. The increasing focus on value added services such as customer servicing, enhancing the customer experience as well as increasing need for operational efficiency are the factors expected to drive the smart airport markets growth in coming years. The market for the smart airport is anticipated to expand at a CAGR of approximately 5.64% during the forecast period from 2017 to 2022 and market is expected to reach approximately USD 17.19 billion in terms of revenue by 2022.

The smart airports market players have been focusing on the innovations in terms of technological advancements and to increase the safety and durability. The unprecedented increase in global smartphone users as well as the need for real-time information related to the boarding, flight timing, and other flight-related information are some of the drivers which drive the growth of the smart airport market. The emerging economies are expected to present lucrative growth opportunities to the smart airport market than developed countries with advanced infrastructure.

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The smart airport market is segmented on the basis of technology, airside, terminal side, landside, application, and regions. The technology segment for the smart airports market is security systems, communication systems\passenger, cargo & baggage handling control, air/ground traffic control, endpoint devices and other technologies. Airside segment holds air traffic management, resource management, aircraft parking, aircraft maintenance and others. The terminal segment includes baggage handling, check-in systems, building operations, sustainable energy management. A landside segment for smart airports market is vehicular parking, security, intelligent advertising. Further, on the basis of application, the market for the smart airport is segmented into aeronautical operations, non-aeronautical operations. The market is analyzed based on five regions namely North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. The regional segment is bifurcated into various countries such as US, UK, France, Germany, China, Japan, India, and Brazil.

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The major participants in the smart airports market are Honeywell Corporation Inc (U.S.), Rockwell Collins (U.S.), SITA (Switzerland), Siemens AG (Germany), IBM Corporation (U.S.), and Amadeus IT Group SA (Spain) among others. These players have adopted strategies such as contracts, new product developments, and agreements to strengthen their position in the smart airports market.

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