Rising demand for real-time data and developing connectivity advancements in smart airports are driving market revenue growth
Market Size – USD 2,609.3 Million in 2020, Market Growth – at a CAGR of 18.2%, Market Trends – Advancements in airport connectivity solutions
The global smart airport market size is expected to reach USD 10.07 Billion in 2028 and register a revenue CAGR of 18.2% over the forecast period, according to the latest report by Reports and Data. Growing focus on smart city development globally is a key factor driving smart airport market revenue growth. Communication systems, cargo and baggage handling, ground handling, security systems, vehicle parking solutions, and air traffic management are all part of the smart airport infrastructure. Passenger and staff notification systems, information display systems, lighting systems, and announcement systems also are among functions that are expected to fuel demand for smart airports.
Growing demand for real-time information and increasing advancement in connectivity technologies are projected to propel smart airports market growth. The major objective of establishing a smart airport is to develop systems and processes that are digitally equipped and organized for maximum efficiency and connectivity. Various modern technologies, such as the artificial intelligence and client identification utilizing a unique pulse rhythm and biometric signatures, are being used throughout airports to help with the administration of large airport databases. Rising need for intelligent systems for functions like flight ticket management, and baggage and document inspections, is propelling market growth.
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Companies profiled in the global market report include Collins Aerospace, Siemens AG, Thales Group, Ascent Technologies, Daifuku Co. Ltd., Wipro Limited, Zensors, Smart Airport System (SAS), Infax Inc., IBM Corporation.
Some Key Highlights from the Report
- By application, airside application segment accounted for the largest revenue share of the global smart airport market in 2020. Airside applications of smart airport infrastructure include air traffic control and aircraft turnaround management. Smart apps for airside operations have become more popular in recent years. Airports have the ability to substantially reduce passenger wait times and handle some of the most common concerns, such as lost baggage, flight delays, and customer service difficulties, by successfully leveraging Internet of Things (IoT), Artificial Intelligence (AI), and Big Data.
- By type, Airport 4.0 segment is expected to be the fastest-growing segment in terms of revenue share over forecast period. Airport 4.0 focuses on connectivity and real-time information by connecting all stakeholders in an integrated digital environment.
- Smart airport market in North America accounted for largest revenue share in 2020. The effort to enhance airport operations is driving investments in smart airports. The use of internet of things (IoT), artificial intelligence (AI), and Virtual Reality (VR) and Augmented Reality (AV) in airport operations has the potential to improve efficiency and transparency. Presence of key smart solution providers like Collins Aerospace, IBM Corporation, and Honeywell International Inc. is also expected to fuel market growth in this region.
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For the purpose of this report, Reports and Data has segmented the Smart Airport Market based on system, application, airport size, end use, type, operation, and region:
System Type Outlook (Revenue, USD Million; 2018–2028)
- Communication & Network systems
- End devices
- Data storage
- Software & solutions
Application Outlook (Revenue, USD Million; 2018–2028)
- Terminal side
Airport size Outlook (Revenue, USD Million; 2018–2028)
End Use Material Outlook (Revenue, USD Million; 2018–2028)
- Upgrades & Services
Type Outlook (Revenue, USD Million; 2018–2028)
- Airport 2.0
- Airport 3.0
- Airport 4.0
Operation Outlook (Revenue, USD Million; 2018-2028)
Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Questions Answered In The Report
- What will be the market size and growth rate in the forecast year?
- What are the key factors driving the global Smart Airport market?
- What are the risks and challenges in front of the market?
- Who are the key players in the global Smart Airport market?
- What are the trending factors influencing the market shares?
- What are the key outcomes of Porter’s five forces model?
- Which are the global opportunities for expanding the global Smart Airport market?
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Table of Contents:
- Global Smart Airport Market Overview
- Economic Impact on Industry
- Market Competition by Manufacturers
- Production, Revenue (Value) by Region
- Market Effect Factors Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Supply (Production), Consumption, Export, Import by Regions
- Production, Revenue (Value), Price Trend by Type
- Global Smart Airport Market Forecast
- Global Smart Airport Market Analysis by Application
- Manufacturing Cost Analysis
- Marketing Strategy Analysis, Distributors/Traders
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