Press release
Smart Airports Market at a CAGR of 10.8% By 2024
Top companies in the market are currently developing new and innovative products by integrating physical and digital infrastructures. These players mainly opt for strategic partnerships and acquisitions in order to consolidate their shares, notes TMR.
A number of emerging players are developing products that are focused on transforming airport operations as well customer experience, in a move to explore new revenue streams in the market.
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Some of the players fast emerging in the market are QinetiQ, Amadeus IT Group, and The Raytheon Company. Companies anticipated to grow at a medium pace and have a robust standing include SITA and Honeywell International Inc.
The global market for smart airport solutions stood at US$7.56 bn in 2015 and is projected to expand at a CAGR of 10.8% from 2016 to 2024. The market is anticipated to reach US$19.33 bn by the end of the forecast period.
Based on application, the market is mainly segmented into core and business applications. Of these, the core application segment held the leading share in the market. The segment is anticipated to remain dominant, rising at the leading CAGR of 18.4% during the forecast period.
The growth is majorly fueled by substantial investments by airport operators and airlines in various core applications, including next-generation web technologies.
Regionally, the market is segmented into North America, Europe, the Middle East & Africa, Asia Pacific, and Latin America. Of these, North America presently leads the global market.
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Adoption of Automation for Improving Operational Efficiencies Boost Market
The intensifying demand for automated services in the airline industry to enhance passenger experience and bring vast process improvements is a key factor driving the smart airports market.
The rising demand for self-service solutions at airports for a variety of tasks such as bag recovery, check-in, and flight rebooking is expected to boost the market.
The growing need for boosting passenger touch-points is a key factor bolstering the adoption of smart airport solutions among various stakeholders.
The need for continuous, real-time communication is a key factor propelling the demand for smart airport solutions. In addition, the rising need for advanced security capabilities is a key factor catalyzing the demand for smart airports solutions.
The soaring passenger traffic in various parts of the world and the burgeoning IT spending to constantly improve operations are the key factor expected to accentuate the smart airports market. In addition, the rise in IT spending toward the adoption of smart, real-time communications anytime, is a key factor expected to boost the smart airports market.
The growing popularity of the self-service solutions at airports such as bag recoveries, check-ins, and flight re-bookings is a prominent trend bolstering the uptake of smart airport solutions. Furthermore, the growing adopting of digital grids that enable real-time operations and process integration in the airline industry is a key trend boosting the market.
Smart Airport Solutions Compelling Propositions to Explore New Revenue Streams
The high upfront cost required for maintaining high connectivity and the high investment required for a robust infrastructure are the key factors likely to hinder the market to an extent.
Nevertheless, the need for lowering operating expenditure (OPEX) of the airline industry and explore new revenue streams are the key factors stimulating the demand for smart airport solutions.
A number of emerging and maturing communications technologies are propelling the demand for new business models and strategies, to sustain a high growth in the airline industry.
The emergence of new corporate governance requirements in various developing and developed nations is a crucial trend anticipated to create lucrative avenues in the coming years.
The demand for personalized and media-rich passenger services by unleashing next generation web technologies is further expected to throw up exciting opportunities for vendors.
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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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