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Smart Airports Market Dynamics 2024: The Future of Connected Aviation
Smart Airport Market Size
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According to The Business Research Company's, The smart airport market size has grown rapidly in recent years. It will grow from $7.61 billion in 2023 to $8.66 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to enhanced passenger experience, airline cost reduction, environmental sustainability, efficient airport operations, remote and self-service check-in..
The smart airport market size is expected to see rapid growth in the next few years. It will grow to $14.02 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to smart parking and transportation solutions,predictive analytics for resource management, smart retail and commercial spaces, enhancing security measures. Major trends in the forecast period include biometric passenger boarding, contactless technology adoption, blockchain for security and data integrity, artificial intelligence in airport operations, robotic process automation,5g connectivity for enhanced communication..
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Market Drivers and Trends:
Companies in the aviation industry across the world are focusing on green initiatives to protect the environment. Multiple airline companies are trying to become more sustainable. According to the International Council on Clean Transportation (ICCT), air travel produces about 3% of global carbon dioxide emissions, and it is one of the fastest-growing sources of greenhouse gases. In order to reduce emission of greenhouse gases, companies in the aviation market are focusing on taking green initiatives. For example, in October 2021, All Nippon Airways (ANA) a Japan-based aviation company launched SAF Flight Initiative, The SAF Flight Initiative builds on ANA's previous work blank in this area and wants to collaborate with key partners from a variety of industries to support their efforts to reduce emissions in value chains while also expanding SAF manufacture and use. ANA is adhering to the standards specified in the GHG Protocolblank, which demands corporations to eliminate all emissions, even those created indirectly by activities outside of their primary business.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Amadeus IT Group SA, CISCO System Inc., Collins Aerospace, Daifuku Co. Ltd., Ascent Technologies Inc., Honeywell International Inc., Huawei Technologies Co. Ltd., International Business Machines Corporation, Indra Sistemas S. A., ITALIA TRASPORTO AEREO S. P. A., L3Harris Technologies Inc., Raytheon Technologies Corporation, RESA, Lufthansa Systems GmbH & Co. KG., Sabre Corporation, Siemens AG, Société Internationale de Télécommunications Aéronautiques, Thales Group, T-Systems International GmbH, Vision-Box Inc., Wipro Limited, Zensors. Inc., ADELTE - The Boarding Company, Ansul, Deerns Airport System Consultants, FB TECHNOLOGY, Gentrack Group Limited, Beumer Group GmbH & Co. KG, Bosch security systems GmbH, Schneider Electric SE
Smart Airport Market 2024 Key Insights:
• The smart airport market size is expected to see rapid growth in the next few years. It will grow to $14.02 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
• Aviation Industry Embraces Green Initiatives To Combat Environmental Impact
• IOT Integration And Cloud-Based Platforms Drive Technological Advancements In The Smart Airport Market
• North America was the largest region in the smart airport market in 2023
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