Smart Airport Market Global Demand Analysis & Opportunity Outlook 2026
October 14, 2021
Reports And Data
Smart Airport Market was valued at USD 12.5 Billion in 2018 and is expected to reach USD 28.0 Billion by year 2026, at a CAGR of 10.0%.NEW YORK, NY, UNITED STATE, October 14, 2021 /EINPresswire.com/ -- According to the current analysis of Reports and Data, the global smart airport market was valued at USD 12.5 Billion in 2018 and is expected to reach USD 28.0 Billion by year 2026, at a CAGR of 10.0%.
Smart airport market highlights the growth and transformation of conventional airport to a intelligent transport hub. Airports are not just a boarding and travelling hub for passengers now, it has become more of a transport hub. The different innovations in technology and its applications in the smart airport market have transformed the conventional airports into smart and intelligent transportation hubs. These airports now have commercial spaces, transportation hubs, shopping centers, recreational spots, and other hospitality elements that attract tourists and travellers around the globe. The use of BYOD and IoT generate massive data that is collected from different touch points and processed to turn into actionable insights is a driving factor for the smart airport market.
These intelligent transport hubs are generating huge revenue and attracting massive public and private investments that are contributing to the economic growth of the country. With increasing number of passengers yearly the airports are implementing various solutions to handle operations, maintained, air traffic control, communications, security, and many more. Use of emerging technologies such as IoT, automation, big data, robots, AI and virtual reality has now become a part of the ecosystem that assist in day to day operations, along with integrated data collection from numerous touch points and devices and creating better real-time communications channels.
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Further key findings from the report suggest:
The smart airport markets fastest growing at a CAGR of 9% in Asia Pacific owing to modernization of conventional infrastructure in developing countries such as India and China
Communication Systems segment is accounted to be the leading segment in smart airport market which is valued at USD 3.0 Billion in 2019, due to the increasing use of connected devices and need for secured communications
North America is the largest region with a share of 35.5% in smart airport market due to the presence of technologically advanced infrastructure and communication technology
Terminal side solutions segment is the fastest growing at a CAGR of 12.5% due to the increasing adoption of Smart Airport solutions for simplifying baggage and terminal operations and reducing human errors
Check-in systems in the terminal side solutions to have the largest market share in the smart airport market due to the growing number of air travellers and decrease in the air fares
The sustainable energy management segment in the terminal side solutions to have the fastest growth rate owing to the increased focus on green and sustainable future by the regional and government bodies
Air traffic management is accounted for the largest share in the airside solutions due to the need for better air traffic control and management solutions at the airport
Europe is expected to account for the 29.1% of the market, rising investments for smart infrastructure, implementing PPP models, government investments and recent innovations
AI based intelligent Airports is the latest innovation in the global Smart Airport Market.
Some of the key players are Honeywell Corporation Inc., Collins Aerospace, ITA, Siemens AG, IBM Corporation, Cisco Systems Inc., Raytheon Company, Kiewit, Larsen & Toubro, and Amadeus IT Group SA.
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Segments covered in the report:
For the purpose of the study, this Reports and Data have segmented the Global Smart Airport Market on the basis of application, end user and the regional outlook:
Technology (Revenue, USD Billion; 2016–2026)
Passenger Information System
Cargo & Baggage Handling
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Application (Revenue, USD Billion; 2016–2026)
Solution (Revenue, USD Billion; 2016–2026)
Sustainable Energy Management
Air Traffic Management
Vehicle Parking Solutions
Smart Marketing Techniques
Regional Outlook: (Revenue, USD Billion; 2016–2026)
Rest of Europe
Rest of Asia-Pacific
Middle East and Africa (MEA)
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