Global Smart Airport Market valued approximately USD 12 billion in 2017 is anticipated to grow with a healthy growth rate of more than 5.70% over the forecast period 2018-2025.
The smart airport market has been an integral factor in the growth and development of economy of a country. The volatility and fluctuations in the prices of fuel which includes degrading demand and the global financial crisis have provided signs to transform the aviation industry on the global scenario. The global airlines with their respective alliances to airports and various megahubs , the operations of the aviation sector are being pushed to integrate and implement the precise and innovative strategies to compete, grow and survive in the present context of business scenario. In todays modern era so many airports and airlines are not able to deliver the services in accordance with the customer expectation which in turn does not lead to customer satisfaction which is a major factor in the expansion and development of an sector or organization in the modern global business market. The airlines and airports are focusing on the acquisition and retention of their customer base in significant ways and to invest precisely and cleverly in the future solutions and models. Understanding of customer expectations and experience will not come easily because it requires structure of discipline, feasible investment and qualitative and quantitative understanding of the thought of individuals or passengers. The organizations operating in the aviation industry firstly need to focus on the basic operation of the airport which includes safety in landing and takeoff, arrival and departures which also includes check-in , boarding, security, food & beverages segment and baggage pick up and retail shops.
The major drivers of the smart airport market includes the rise in demand for automated processes which includes the automation of passport authentication, E-Gates and baggage monitoring and handling the enhancing and heavy investment & expenditure on the airports which includes the development of waiting lounges, megahubs, Cyber clubs and food & beverages shops, the increase in the number of passengers that are travelling by Air in the present scenario by various airlines across the globe. The passengers travel by air because they find it feasible in accordance in time and also if any emergency occurs it is the fastest mode of transporation The upgradation in the security systems such as arrival and departure check and efficient monitoring and controlling of airport also is a major driver of the smart airport market.
The smart airports consists and deploys all the strength of available and emerging technologies. On the basis of segmentation the smart airport market is divided into four segments on the basis of communication systems, security systems, End point devices, passenger baggage and ground controlling system The communication systems includes factors such as the wireless airports, smartphones, social media and near field communication. The security systems includes the factors such as cyber security market and biometrics market. The end point devices market includes the factors such as sensors, video conferencing, Ip phone and tags market. passenger baggage and ground controlling systems includes the factors such as RFID baggage reconciliation system, the interactive advance information, I-beacons and E-Gates.
On the basis of geography, the global smart airport market is segmented into four major regions such as North America, APAC, Europe and RoW. Currently, Asia-Pacific is expected to grow at the highest CAGR through the forecast period due to rise in number of air passengers and up gradation of services and technologies such as communication systems, baggage & cargo handling systems, and security systems. According to the International Air Transport Association (IATA) expects that, the Asia-Pacific will reach 1.8 billion annual passengers by 2035, through the overall market size of 3.1 billion. And also Its annual average growth rate of 4.7% will be the second-highest, behind the Middle East. In Asia-Pacific region, China, India and Indonesia are the fastest growing market country in terms of additional passengers per year during the forecast period where China is expected to reach 817 million new passengers for a total of 1.3 billion, India is expected to reach 322 million new passengers for a total of 442 million and Indonesia is expected to reach 135 million new passengers for a total of 242 million. Apart from this, North America is expected to fastest growing after the Asia-Pacific where the rate of annual passengers will grow by 2.8% annually and in 2035 will carry a total of 1.3 billion passengers, an additional 536 million passengers per year. In which, U.S. alone is expected to reach 484 million new passengers for a total of 1.1 billion in forecast period.
The regional analysis of Global Smart Airport Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share. Whereas, owing to the countries such as China, Japan, and India, Asia Pacific region is anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025.
The Key Market Players Include-
- IBM Corporation
- Siemens AG
- Sabre Corporation
- Rockwell Collins Inc
- Thales Group
- Amadeus IT Group
- Cisco Systems Inc
- NEC Corporation of America
- Indra Siestema S.A.
- Raytheon Company
- Qinetiq Group PLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Security Systems:
- Cyber Security
By Communication Systems:
- Social Media
- Near Field Communication
- Wireless Airports
By End-Point Devices:
- IP Phone
- Video Conferencing
By Passenger Cargo & Baggage Ground Handling Control:
- RFID Baggage Reconcilation System
- Interactive Advance Information System
- North America
- Asia Pacific
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2015, 2016
Base year – 2017
Forecast period – 2018 to 2025
Target Audience of the Global Smart Airport Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers