At 11.2% CAGR Smart Airport Market Size will reach 31.10 billion USD by 2026
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Apr 08, 2019 (Heraldkeeper via COMTEX) -- The global smart airport market is estimated to reach USD 31.10 billion by 2026 growing at a CAGR of 11.2% during the forecast period, according to a new study. Data collated by Market Study Report, LLC, regarding 'Smart Airport Market' unveils a succinct analysis of the market size, regional spectrum and revenue forecast about the Smart Airport market. Furthermore, the report points out major challenges and latest growth plans embraced by key manufacturers that constitute the competitive spectrum of this business domain.
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The well-known companies profiled in the smart airport market report include Siemens AG, Rockwell Collins, Inc., Thales Group, IBM Corporation, Cisco Systems, Inc., International Business Machines Corporation, T Systems International GmbH, Amadeus IT Group SA, Honeywell International Inc., and Indra Siestma S.A. These companies launch new products and collaborate with other market leaders in the smart airport industry to innovate and launch new products to meet the increasing needs and requirements of consumers.
The report Smart Airport Market Share, Size, Trends, & Industry Analysis Report, By Component (Hardware, Software, Services); By Infrastructure; By Solution (Terminal Side, Air Side, Landside); By Application; By Region: Segment Forecast, 2018 – 2026 provides an extensive analysis of present market dynamics and predicted future trends. In 2017, the hardware segment dominated the global market, in terms of revenue. In 2017, North America accounted for the majority share in the global market.
The growing implementation of self-service kiosks at airports along with increasing costs associated with high energy use increases the demand for smart airport solutions. The increasing penetration of mobile and smart devices, along with government regulations regarding energy use and emissions support the market growth.
The rising adoption of Internet of Things and increasing security concerns boosts the adoption of smart airport solutions. Other factors driving the market growth include increasing need to offer personalized services to travelers, rising demand for real-time information, and growing need to simplify and enhance user experience. New emerging markets, technological advancements, modernization of old airports, and increasing awareness among consumers regarding efficient energy use would provide growth opportunities for market in the coming years.
Smart airport solutions provide high resolution imaging and advanced data processing for facial recognition, offering improved flow management and security processing. It also offers personalized wayfinding to guide travelers through terminals and provides accurate timings at each stage. Smart airport solutions manage predictive and real time passenger flow systems to minimize queuing for security and immigration.
Security search use non-intrusive, on-the-move facial recognition and bag scanning, risk-based analytics, and identification of high-risk travelers. Real time data from transport systems enables adaption of flight schedules, and provide connected, automated travel options offering seamless, reliable public transport options.
In 2018, North America accounted for the highest share in the global market. The primary factors driving the market growth in the region include established telecommunication industry and cloud infrastructure, rising penetration of mobile devices, technological advancements, and high investment in R&D. The introduction of favorable government regulations regarding energy usage and emissions, and rising awareness regarding use of energy efficient equipment boost the market in North America. The increasing concerns regarding safety, growing air traffic, modernization of old airports, and growing adoption of connected devices and IoT further increase the demand of Smart Airport solutions in the region.