The global smartairport market is set to be driven by the rising preference of the massesfor air travel. Besides, the expansion of the commercial aviation domain is setto affect the market positively in the coming years. This information is givenby Fortune Business Insights™ in a recent report, titled, “Smart Airport MarketSize, Share & Industry Analysis, By Platform (Hardware Systems, DataManagement, Software Systems, and Others), Airport Model (Airport 2.0, Airport3.0, and Airport 4.0), Airport Size (Small, Medium, and Large), Application(Airside, Landside, Terminal Side), Airport Operation (Aeronautical andNon-aeronautical), and Regional Forecasts, 2020- 2027.” The report furthermentions that the global smart airport market size was USD 2.20 billion in 2019and is projected to reach USD 6.70 billion by 2027, exhibiting a CAGR of 17.24%during the forecast period (2020–2027).
COVID-19 ImpactAnalysis:
The emergence of COVID-19 has brought the world to astandstill. We understand that this health crisis has brought an unprecedentedimpact on businesses across industries. However, this too shall pass. Risingsupport from governments and several companies can help in the fight againstthis highly contagious disease. There are some industries that are strugglingand some are thriving. Overall, almost every sector is anticipated to beimpacted by the pandemic.
We are taking continuous efforts to help your businesssustain and grow during COVID-19 pandemics. Based on our experience andexpertise, we will offer you an impact analysis of coronavirus outbreak acrossindustries to help you prepare for the future.
This Report Answersthe Following Questions-
· What are the market trends, opportunities, andchallenges?
· How will the market be affected owing to theoutbreak of Covid-19 pandemic?
· Which companies would generate the highestrevenue in the near future?
· Which are the key strategies adopted by theorganizations to intensify competition?
Market Drivers
Rising Installationof Advanced Systems in Airports to Drive Growth
The governments and other regulatory bodies of severalcountries across the globe are focusing on developing and creating smartairports by partnering up with industry giants. International, as well asdomestic airports are being installed with technologically advanced systems toprovide hassle-free traveling experience to the passengers.
Airport authorities are also replacing the aging equipmentand systems with automated and highly unique systems for reducing the waitingtime of passengers. Apart from that, the rising demand for eco-friendly systemswould accelerate the demand for green and smart airports in the forthcomingyears. However, owing to the expensive nature of such unique systems, severalcountries nowadays prefer outsourcing security services frm third-partycompanies. It may hamper the smart airport market growth in the coming years.
Segment-
Non-aeronauticalSegment to Be Impacted Severely Owing to Covid-19 Pandemic
Based on airport operation, the market is divided intonon-aeronautical and aeronautical. Out of these, the non-aeronautical segmentis anticipated to grow rapidly throughout the forecast period by generatinghigh smart airport share. It would occur as non-aeronautical revenue isconsidered to be the major source of revenue in numerous prominent airports inAsia Pacific. Approximately 45% of the region’s revenue comes from thenon-aeronautical sector. Our research states that the outbreak of the Covid-19pandemic has given rise to preventive measures, such as complete lockdown. Ithas further reduced the passenger traffic worldwide and is set to remain so forthe first quarter for 2020. These revenues play a vital role as they solelycannot serve all capital costs and airport operations. The sudden decline inthe number of passengers backed by the coronavirus infection is set to impactthe ecosystem negatively. It comprises of service providers, suppliers,airlines, and airports.
Regional Analysis-
Rising Air Traffic toBolster Growth in Asia Pacific
In 2019, North America held USD 1.28 billion revenue and isset to be the fastest-growing region in the coming years. This growth isattributable to the increasing expenditure on modernizing and upgrading theconventional systems in airports in the U.S. Apart from that, the presence ofgoverning agencies such as Transportation Security Administration (TSA), aswell as reputed manufacturers such as Raytheon Technologies and HoneywellInternational are set to augment the market growth in this region.
Europe, on the other hand, is expected to remain in thesecond position fueled by the rising demand for green and smart airports. AsiaPacific is anticipated to grow rapidly in the near future stoked by theincreasing air traffic in countries, such as India, Singapore, and China. TheMiddle East and Africa would exhibit a significant CAGR on account of theincreasing investments in the domestic airports located in Saudi Arabia and theU.A.E.
CompetitiveLandscape-
Key Players toInstall Technologically Advanced Systems in Airports
The market houses a large number of companies that arepersistently striving to provide the passengers with safe and efficient travelexperience. To do so, they are joining hands with the airport authorities ofseveral nations to design and implement innovative solutions for turning theconventional airports into smart airports.
Source: https://www.fortunebusinessinsights.com/industry-reports/smart-airport-market-101799
