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Airport Information System Market to Continue to Hold Dominant Chunk in Revenues
There are several small players and new entrants providing software solutions, thereby resulting in a high degree of competition. Some of these small players which have achieved economical roduct offerings and economies of scale are Velatia S.L and Resa, S.A.S.
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Players within the market are targeting the specific needs of domestic as well as international airports and attempting to develop different products in terms of function, technology, and cost. Due to these sincere efforts by market players both big and small, the market will grow and also be highly competitive.
According to Transparency Market Research (TMR), the global airport information system market will be worth US$46,950.6 mn by 2024, exhibiting a 7.2% CAGR from 2016 to 2024.
On the basis of geography, North America and Europe are leading and will continue to do so. In terms of solution type, the baggage processing segment has been leading in the past and will continue to do so for the rest of the forecast period, despite other segments expanding at a faster CAGR.
Passenger processing and flight information are the two segments which are expected to expand at a faster pace and exhibit a CAGR of 9.5% and 9.1% respectively between 2016 and 2024.
Airport Expansion and Construction Activities to Bolster Demand for Airport Information Systems
The global demand for airport information system is increasing on account of the growth in global air traffic and air passengers in the past few decades. The efficient operation of airport as well as to ensure passenger convenience amidst this vast pressure of handling high number of passengers and flights will drive the growth of the global airport information systems.
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Government and private companies are both increasing their capital investment for airport construction, airport refurbishment, and airport expansion activities. This will bolster the demand for airport information system.
Advanced IT solutions that can effectively handle and display crucial information within the airport premises or any other related contact points is the need of the hour. Thus, there is a dire need for airport information system.
High Cost of Implementation May Slow Down Adoption Rates in Cost Sensitive Regions
There are a few challenges, which are inhibiting the growth of the global airport information system. The high cost of advance airport system is not the only expenditure to be dealt with.
The cost of implementing these systems can also be very high on account of supplementary facilities such as continuous high speed connectivity, digitally compliant airport infrastructure, and technologically advanced electronic devices and other supporting devices.
Another challenge for the global airport information system is maintaining the security, reliability, and robustness of these additional systems. They also increase the overhead cost of implementing airport information systems. All these factors can slow down the adoption of airport information system, especially in cost sensitive areas such as Africa and Asia Pacific.
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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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