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(Wireless-NewsWire.Com, March 06, 2020 ) The smart airports market is projected to grow from USD 2.2 billion in 2019 to USD 6.4 billion by 2025, at a CAGR of 19.8% during the forecast period. The increasing use of self-service technologies and the growing need for real-time information are expected to drive the smart airports market growth.
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The airport industry is one of the most competitive and prominent industries in the world. It generates huge amounts of income as well as employment. Airport areas can be divided into airside, landside, and terminal side. The airside application segment accounted for 62.7% of the smart airports market in 2019. This application segment includes air traffic management and aircraft turnaround management, among others. In recent years, the adoption of smart applications for airside operations has increased. By effectively utilizing IoT, AI, and big data, airports have the potential to greatly reduce the wait time for passengers and address some of the most frequently faced problems, such as lost bags, flight delays, and customer service issues.
Airports are experiencing high passenger traffic, which keeps on growing year-on-year. Thus, airports’ revenue is directly proportional to the passengers they handle. Large and medium airports handle more than 70% of the world’s air passenger traffic. Thus, with increasing air traffic, airports need to upgrade and implement smart systems to facilitate effective airport operations. Medium airports are leading the market as there are large numbers of medium airports across the globe. The immediate need for these airports is to implement self-service check-ins and baggage drop units to minimize the passenger wait time and reduce delays. In small airports, the installation of smart solutions is limited to self-service check-ins.
North America is expected to be the largest market for smart airports during the forecast period. The US leads the smart airports market in North America. The need for optimizing operations at airports is fueling investments in smart applications. The implementation of IoT, AI, and AV VR has the potential to optimize in airport operations and bring transparency. North America has the highest number of airports globally, thus driving the demand for integration of IoT technology. Along with its various airports, the presence of major smart solution providers, such as Collins Aerospace, IBM Corporation, and Honeywell International Inc, is expected to drive the market in this region.
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Key Market Players
Some of the major players in the smart airports market include Collins Aerospace (US), IBM Corporation (US), Huawei Technologies Co., Ltd. (China), Cisco Systems, Inc. (US), Sabre Corp. (US), Amadeus IT Group SA (Spain), SITA (Switzerland), Honeywell International Inc. (US), Siemens AG (Germany), Thales Group (France), and lndra Sistemas, S.A. (Spain), and Daifuku Co., Ltd. (Japan). These players provide smart solutions and platforms to various airports.
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