Press release
Smart Airport Market to reach US$ 76.52 Bn by 2027
The smart airport market has risen in prominence with new innovative technologies that have helped personalize customer experiences. Rising IT spending on airports is anticipated to propel the market's expansion as these solutions ease the burden on airport infrastructure and workforce. Emerging countries are showing dramatic traffic growth, diversity, and choice of airlines. Moreover, the rising penetration of smartphones and tablets is playing a key role in changing the outlook of global smart airports. In 2019, the global smart airport market was valued at US$ 28.69 Bn and is expected to reach US$ 76.52 Bn by 2027, expanding at a CAGR of 13.0% during the forecast period.Want to know the obstructions to your company's growth in future? Request a brochure @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1041
Among the various digital technologies used at airports these days, self-service kiosks, baggage tracking, and flight information using social media channels such as Twitter are gaining momentum rapidly. Airports are increasing adoption of advanced technology to offer customers enhanced experiences. Many airports are focused on introducing greater personalization of their existing services by delivering a number of technology-based options for their passengers. This is due to the extensive use of smartphones by people for various flight-related queries. Flight discovery is already a well-known mobile-based service. However, information updates related to customer service and baggage are also expected to play a major role in resolving most travel related issues at airports. Beacons and kiosks are also expected to play a vital role in the future, providing a personalized experience to passengers.
Smart airport services include smart parking and transport, hospitality, smart retail and entertainment, smart workplace, smart business-to-business, and smart airport processes services. Smart business-to-business services for airports has been a rapidly expanding segment of the global smart airport services market in terms of revenue. This is due to the rise in demand for continuously updating passengers with real-time travel services such as route switching and valet parking.
Geographically, in terms of infrastructure, North America is expected to remain a dominant region of the market for smart airports due to improvements in existing solutions and services and presence of large number of airport solution and service providers. Emerging regions such as Asia Pacific are witnessing government initiatives for the expansion of airports and implementing advanced solutions at airports aimed at higher capacity utilization. Rising demand for self-service and automated processes are leading factors driving the smart airports market worldwide. This is further complemented by the rise in IT spending on airports across the globe to enhance passenger experience.
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Key players operating in the global smart airport market are
Amadeus IT Group SA
IBM Corporation
Vision-Box
Siemens AG
Honeywell International, Inc.
CISCO System, Inc.
Thales Group
ITA
RESA
S.A.S., and Lufthansa Systems GmbH & Co. KG.
The smart airport market is anticipated to expand in the near future as many players are driven to invest in advanced technology. Some of the players such as SITA, Amadeus, and IBM Corporation are investing in technologies such as mixed reality, Internet of Things (IoT), artificial intelligence, and others to introduce advanced solutions and systems for airports to manage operations. Further, companies are signing agreements with various airports. For instance, in 2017, Honeywell International, Inc. signed an agreement with IGA Airports Construction to offer advanced visual docking guidance systems for IGA's Istanbul New Airport. Leading players are currently focusing on integrating products to create a new customer base. The companies are also engaging in various strategic partnerships and acquisitions.
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Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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