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Smart Airports Market - By Size (Small, Medium and large Airport); By Application (Airside, Terminal Side and Landside); and Region - Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Smart Airports Market to surpass USD 78633.7 million by 2030, which is valued at USD 30490 million in 2021 at a compound annual growth rate of 11.10%.
Technology seems to bind everything nowadays. There is, therefore, no surprise that the airports themselves are transforming and linking themselves digitally, an innovation that allows millions of travelers to link across the world every year. The connected or smart airport integrates a range of Internet of Things (IoT) technologies to make an airport more strategically diversified, including improved passenger experience and allowing more productivity and new streams of revenue to take advantage of monetary benefits. To achieve this end objective, major participation between stakeholders should be needed, and airport implementation strategies that seek to increase the pace of winners over "big bang" transformations should be designed carefully.
This growth is anticipated due to increasing mergers and acquisitions across various sectors which will create a worldwide demand for Smart Airports. Increased penetration of automated and linked airport processes including self-service check-ins, intelligent baggage drops, and intelligent bag tracking can be accredited to the development of the market. Furthermore, the growing demand is expected to increase over the forecast period for a variety of technologically advanced non-aeronautical devices, communication devices, and safety systems, such as electronic baggage tags.
The global market has been segmented based on size, application type, and location. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
GlobalSmart AirportsMarket is segmented by size into Small, Medium, and large airports. There is high passenger traffic at airports, which continues to rise year after year. The revenue of airports is therefore directly proportional to their passengers. More than 70% of global air passenger traffic is managed by large and medium airports. Therefore, to promote successful airport operations, airports need to update and incorporate intelligent systems. Medium-sized airports are industry leaders since many medium-sized airports around the world are present in large numbers.
The Global Smart Airports market is segmented by Application into Airside, Terminal Side, and Landside. Among other things, this category of application covers, air traffic control, and aviation turnover control. Intelligent technologies have grown over the past few years for airside operations. Airports can dramatically reduce the waiting time for travelers by effectively leveraging IoT, AI, and Big Data to overcome some of the most common problems such as bag loss, airfare delays to customer service issues. The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Technological advancement and consumers centric approach is expected to spur market growth
Increased penetration of automated and linked airport processes including self-service check-ins, intelligent baggage drops, and intelligent bag tracking can be accredited to the development of the market. The growing demand is expected to increase over the forecast period for a variety of technologically advanced non-aeronautical devices, communication devices, and safety systems, such as electronic baggage tags. The use of advanced technologies will enhance the experience of customers. The traditional systems used are now upgraded to an advanced and automated system which in turn lessens the waiting time for the customers. Green and smart airports are in huge demand due to increasing consciousness about the eco-friendly environment and are therefore expected to fuel the market growth in the upcoming years.
The risk of cyber attacks hampers the market growth in the smart airports market
The high cost involved in the making and implementation of its architecture of smart and digital systems would hinder the market growth. A combination of various subsystems and electronic components is required to provide the airport authority with real-time data. The development and repair cost of such systems is comparatively very high and therefore people at the authority prefer to outsource the security from a third party thus leading them to spend more time on it. Therefore, the involvement of high costs and greater time may restrict the market growth.
The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA. In the North American region, the United States dominates the intelligent airport market. Operations at airports need to be streamlined by fueling innovation in intelligent applications. IoT, AI, and AV VR implementation can simplify and provide accountability for airport operations. The largest number of airports around the world fuels North America’s demand for IoT technology integration.
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