Latest Trend in Smart Airports Market: Increased Acts of Terrorism Surged Security Segment

The global market for smart airports is dominated by a few key players including IBM Corporation, Cisco, and Siemens AG, while other players such as Raytheon, Amadeus IT Group, and QinetiQ are identified as emerging players in the market. Players such as Honeywell and SITA are amongst the promising players in the smart airport market with a strong hold over the industry and relatively median growth as compared to market leaders. The global smart airports market, which was valued at US$7.56 bn in 2015, is estimated to expand at a robust CAGR of 10.8% during the forecast period of 2016 to 2024, reaching a valuation of US$19.33 bn by 2024.

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The report observes that leading players in this market are currently focusing on integrating products to create a wider customer base, while the emerging as well as promising players are continuously investing in R&D to offer some of the most advanced, integrated, and powerful business tools available in the market. For instance, R&D investments by Amadeus IT Group SA for the years ended December 31, 2015 and 2014 amounted to approximately US$2.8 bn each.

Infrastructure Segment Projected to Exhibit Strong Growth Rate

The report segments smart airport infrastructure into endpoint devices, communication systems, passenger, cargo and baggage handling, air traffic control systems, security systems, and others. Smart airport solutions are segmented into terminal side, airside, and landside. The global smart airport market is segmented based on application into core and business applications while by services, the market is segmented into smart transport and parking, smart retail, hospitality, and entertainment, smart workplace, smart airport processes, and smart business-to-business services.

According to the report, infrastructure and solutions stood as the leading segments in the global smart airport market as of 2015, collectively valuing US$15.0 bn, with the sub-segments of security systems and landside solutions serving most of the demand. Due to increased incidences of terrorism where airports frequently are the targets, the security systems is the most quickly gaining as the most significant segment, which as a result if driving the demand for biometric devices by airports for identification and checking processes. However, sub-segments of core applications and smart airport processes are projected to expand at the fastest CAGR during the forecast period.

Rising IT Spending on Airports Driving Smart Airport Market

Some of the factors identified in the report that are driving the global smart airports market are: the growing demand for automated and self-service processes, rising IT spending on airports, the increasing number of air passengers leading to high airport traffic, and increased regulations. For instance, new security requirements for cargo and passenger handling processes are leading to disruptions and increasing airport costs. According to IBM Corporation, security and safety costs among for over 50% of total airport operating costs. In addition, some new environmental regulations are expected to lead to significant changes in airport operations in the form of directives to monitor and control noise pollution, carbon emission, and toxic air pollutants.

Conversely, one of the primary restraint on the global smart airport market is the high initial investment required for these high connectivity and robust infrastructures. Moreover, cyber security has quickly emerged as another prominent factor that is hindering the growth.

According to the author of the report, “The demand for biometric equipment at airports is opening new opportunities in the global market for smart airports. Several new technologies are under development to identify persons through their unique heartbeat pattern with the help of biodynamic and biometric signatures. Moreover, the deployment of artificial intelligence across airports is gaining momentum in order to manage large customer databases.”

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