According to a new market research report published by Credence Research “Global Smart Airports Market (Technology (Security System, Communication Systems, Air and Ground Traffic Control, Passenger, Cargo and Baggage, and Ground Handling); Landside (Advanced Vehicle Parking Solutions, Smart Marketing Techniques, Security); Airside (Air Traffic Management, Aircraft Maintenance, Aircraft Parking); Terminal Side (Baggage Handling, Check-in Systems, Other Operations); Applications (Aeronautical Operations, Non-aeronautical Operations))–Growth, Future Prospects and Competitive Analysis,2019 – 2027”,the overall smart airports market worldwide is had registered a market value of US$ 13.20 Bn in 2018 and is set to grow with a CAGR of 11.50 % during the forecast period.
The advancement in technology has led in the growth of smart airports leading to personalize the customer experiences. The increasing spending on development of smart airports and IT is some of the major factors driving the growth of the market. These airports includes a range of intelligent technologies such as security system, communication systems, air and ground traffic control, passenger, cargo and baggage, and ground handling for better customer traveling experience. The rise in the demand for quick check-ins and easy boarding facilities provided by these airfields also results in saving passenger’s time & money which also contributes in the growth of the market.
Based on technology, the smart airports market has been segmented as security system, communication systems, air and ground traffic control, and passenger, cargo and baggage, and ground handling. The communication systems segment is the dominating segment in 2018 with a market share of more than 30.0% and is expected to dominate the market during the forecast period. The increasing communication technology and rise in IoT devices adoption in the airports considered as one of the major factors for driving the segment.
Asia-Pacific is considered to be the fastest-growing region for the smart airport market. The region is expected to grow with a significant CAGR of over 18% during the forecast period. The rising tourism, development of infrastructure, and growing business among different countries in the region is some of the major factors leading to drive the market. Additionally, China accounts the largest market share in the region and is expected to dominate the region during the forecast period. However, India is considered to be the fastest-growing country in the region due to increasing investments made by the government for development of smart airports in the country.
Some of the prominent players operating in the smart airports market include Honeywell international Inc., Cisco Systems Inc., Amadeus IT Group, Siemens AG, T-Systems international GmbH, Thales SA, SITA, Collins Aerospace, NATS Limited, Sabre Corp., IBM Corporation, and L-3 Security & Detection Systems Inc.
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