Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global smart airports market anticipated driving due to the increasing demand for self-service technologies at airports and growing focus on customer-centric approaches
The global smart airports market size was estimated at USD 2.36 billion in 2019 and projected to reach USD 8.01 Billion by 2027, registering a CAGR of 14.61%, during the forecast period, 2020-2027. The growth of the market primarily attributed to the improved passenger experience at the airport with the help of real-time information. Additionally, the increasing number of passengers at airports and the need for effectively managing airport operations will spur the global smart airports industry. Further, the growing demand for quick check-ins and comfortable boarding facilities provided by these airfields by saving passengers' time and money is expected to fuel the robust growth of smart airports worldwide. Also, the rising adoption of biometric equipment at the airport will positively impact the smart airport market.
Moreover, the digital technologies used at airports these days, including self-service kiosks, baggage tracking, and flight information to offer customers enhanced experiences, are projected to trigger the smart airport demand globally. Also, the introduction of smartphone-based airport applications for passengers to utilize real-time information, such as gate number, arrival time, direction to airport, check-in line, and flight booking, will accelerate the growth of the smart airport industry in the future periods. Furthermore, the growing adoption of new intelligent technologies like the Internet of Things (IoT) at the airport for smart luggage system and on-site application to transform customer experiences will fuel the global smart airport market in the coming years.
System Overview in the Global Smart airports Market
Based on the system, the global smart airport market classified into endpoint devices, communication systems, passenger, cargo and baggage handling, air traffic control systems, security systems, and others. The cargo and baggage handling will be the fastest-growing segment in the forecast period. It is attributable to the rise in the use of robotics and augmented reality for providing exceptional customer experience by performing varied tasks such as luggage transportation and identifying the potential security risks.
Application Overview in the Global Smart airports market
Based on the application, the global smart airport market segregated into Landside, Terminal Side, and Airside. The airside held for the highest revenue in 2019 due to the intelligent innovations in airside location, such as in-wallet scanning, facial recognition for passenger boarding, geo-location of passengers, and coordination of teams with real-time information on aircraft landings.
Type Overview in the Global Smart airports Market
Based on type, the global smart airport market segregated into Airport 2.0, Airport 3.0, and Airport 4.0. The Airport 4.0 segment accounted for a larger market share in 2019 and projected to lead the market by 2027. It is due to airport 4.0 provide digital-based solutions such as real solicitation of the airport like operational needs, customer requests, etc.
Operation Overview in the Global Smart Airports Market
Based on operation, the global smart airport market bifurcates into Aeronautical and Non-Aeronautical. The non-aeronautical segment generated the most substantial revenue in 2019. On account of the airport are now offering parking facilities, duty-free shops, lounges, boarding facilities, conference rooms, and lodging facilities. They are now focusing on passenger satisfaction, such as shopping outlets and personalized information regarding retail showrooms and offers.
End Market Overview in the Global Smart Airports Market
Based on the end market, the global smart airport market bifurcates into implementation, and upgrades & services. The upgrades & services segment estimated to dominate the smart airport market by 2027. Due to the surge in demand for self-service check-ins and baggage drop units; therefore, the airport has adopted efficient measures to improve operational efficiency and save costs.
Regional Overview in the Global Smart airports Market
By geography, the Global Smart airports Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounted for the maximum revenue share in 2019. It is owing to the rapid development of smart airports across the U.S., including RFID-based baggage-tracking systems and smart security gates, the introduction of technology for real-time information, unmanned immigration system, and real-time CCTV surveillance, etc.
Global Smart airports Market: Competitive Landscape
Companies such as Collins Aerospace, IBM Corporation, Huawei Technologies Co., Ltd., Cisco Systems, Inc., Sabre Corp., Amadeus IT Group SA, SITA, Honeywell International Inc., Siemens AG, Thales Group, and Indra Sistemas, S.A., are the key players in the global smart airports market.