Research Nester published a report titled “Smart Airports Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers a detailed overview of the smart airports market in terms of market segmentation by technology, by application, by location, by size, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.
The uptake of digital technology, making airports smart, and entering “Airport 3.0”, will be valuable to airports and their passengers. Digital technology such as cloud computing, big data and analytics, smart machines and robots, virtual modeling and simulation, and the internet of things (IoT), improves efficiency, which decreases the costs and in turn advances passenger experience.
Due to the grievous outbreak of COVID-19 across the world, many countries have gone into lockdowns attributing to a tailspin in the aviation sector. As the primary point of entry and exit in most countries, airports play a vital part in handling health emergencies.
The smart airports market is anticipated to achieve a notable CAGR during the forecast period, i.e., 2020-2028. The market is segmented by technology, application, location, size, and region. Among application segmentation, the non-aeronautical application segment is predicted to hold the prominent market share during the forecast period on account of services such as retail outlets, advertising, smart parking, Wi-Fi, restaurants, lounges, conference rooms, lodging facilities, and personalized services that are enriching customer experience and driving the growth in non-aeronautical operations.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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Regionally, the smart airports market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region.
North America is projected to hold the largest market share on account of growing air tourism which is attributable to growing income and overall economic development in the region, creating a need for smart management of airport operations. North America houses the major key players of the global smart airports market. According to the US Transport Security Administration (TSA), American airports alone reached a record of 813.8 million travelers in 2018.
Europe is the second-largest region in the global smart airports market due to a boom in smart airport initiatives in countries, such as Germany, France, and Spain. The Asia-Pacific region is projected to grow as the fastest-growing region over the forecast period, on account of a sharp increase in traveler traffic, improvement and implementation of innovative technologies in airport communication and security systems, and booming tourism industry in India and China.
The rise in demand for real-time data expected to drive the smart airports market growth
Real-time data assists to ease the burden on airport infrastructure and manpower. Smart airports can deliver real-time information through SMS services, offer check-ins via self-service booths, updates through social media, and expedite automated baggage handling.
Additionally, the transformation of former airports, the institution of new airports, progress in commercial aviation, proliferation in green initiatives by the airports, growth in the number of flight routes, and demographic change in the developing nations are some of other significant factors promoting the growth of global smart airports market in the forecast period.
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However, the increasing cessation in international travel due to the outbreak of COVID-19 pandemic, global aviation is facing a tailspin. This might hamper the overall market growth of smart airport in the foreseeable future.
This report also provides the existing competitive scenario of some of the key players of the smart airports market which includes company profiling of IBM Corporation (NYSE: IBM), Huawei Technologies Co., Ltd. (SHE: 002502), Cisco Systems, Inc. (NASDAQ: CSCO), SABRE GLBL INC., Amadeus IT Group SA (BME: AMS), SITA (BOM: 512589), Honeywell International Inc. (NYSE: HON), Siemens AG (ETR: SIE), Thales Group (EPA: HO), and Collins Aerospace. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the smart airports market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
