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The global smart airport market is anticipated to record a revenue of US$ 54,862 Mn at a compound annual growth rate of 10.9% over the forecast period of 2022-2027. The market growth is attributed to several factors such as the growth of the air-travel and tourism industry, increase in passenger and cargo traffic, the rising rate in the development of smart cities, increasing investment in the development/augmentation of airports, and technological advancements leading to process optimization.
The report of the global smart airport market provides a detailed and comprehensive study of the market covering market growth factors and opportunities related to the market covering covid-19 impacts on the market and its recovery. The report provides a detailed analysis within 19 chapters, totaling 361 pages, supported with extensive data tables and figures representing the analysis.
Airports can grow non-aeronautical commercial revenue merely by intensifying service in areas such as hospitality, retail, parking, and real estate. To accurately exploit the value of these services; however, airports need to implement a customer-centric approach dedicated to improving the passenger experience. Since airlines broadly own passenger relationships, therefore, they need to find ways of affiliating with airlines to generate an end-to-end passenger journey.
Increasing traffic of air passengers across the world ascribes the growth of the smart airport market across the globe. As per the International Civil Aviation Organization (ICAO), in 2019, the total number of travelers carried on scheduled flights went up by 3.6% higher than the previous year and increased to 4.5 billion. According to the International Air Transport Association’s (IATA) annual review, in the year 2019, airlines continued to increase the number of city-pair routes they operate globally, with more than 22,000 unique city pairs regularly serviced. This was an increase of almost 1,000 over the number of city-pair connections in 2018. Meanwhile, the inflation-adjusted cost of air travel declined a further 2.3% in 2019.
The research report provides a detailed analysis of the global smart airport market, opportunity, and growth trends in the market including fetters in the smart airport market such as system failure and privacy concerns in smart airport systems. In June 2019, Manchester Airport had faced complication of IT issues in check-in airport systems. The regions analyzed in the report include North America, Europe, Asia Pacific, Middle East & Africa, and South America.
According to the report, the global smart airport market was valued at US$ 29,463.1 million in 2021, which is expected to reach US$ 54,862.1 million by the end of the year 2027, projecting growth at a CAGR of 10.9% during the forecast period. Geographically, the North America smart airport market held the highest market share in the global marketplace in 2020 accounting for more than 35% of revenue contribution. A much large part of this comes from the U.S. alone, estimated at 83%. The reason behind the growth is the large-scale investments for optimizing operations at airports coupled with the implementation of IoT, AI, and Big Data in airport operations has the feasibility to improve visibility and optimize business processes. Moreover, the rising preference for improving the personalized experience, and higher concentration of the market players are expected to drive the market growth in the region.
Furthermore, the Asia Pacific smart airport market is expected to grow at the fastest CAGR of 14% during the forecast period 2022-2027. As the smart transport & parking services segment contributed the major share of 36.5% in the Asia-Pacific smart airport market, the smart airport processes is projected to grow at the fastest CAGR of 18.7% during the forecast period.
The research report provides a rigorous analysis of the smart airport market covering global market size, recent development in the aviation industry, regional analysis, global market growth, and opportunity in the market.
The global smart airport market provides readers with detailed market insights covering several growth factors of the market such as the growth of the air travel and tourism industry. According to the World Tourism Organization (UNWTO), it has been estimated that a surge of 3.3% a year on average. The report also provides a section of technology overview covering all the technological advancements in the industry including the impact, usage, and benefits of several technologies in the aviation industry.
Further, the report provides a detailed analysis of major market dynamics and market restraints such as system failure, and privacy concerns in smart airport systems. Further, the report includes company profiling of the key players in the smart airport market across the globe.
The report covers an exhaustive list of airport investments under two categories viz. under construction/upcoming airports and current and predicted global airport investments. Global airport investments account for US$ 93,004 Mn in 2020 which is anticipated to witness tremendous growth over the future period. The report also tracks current and predicted global airport improvement investments for the terminal, runway, and other major improvements.
List of under construction/ upcoming airports include details under various particulars such as the name of the airport, implementation strategy, total investment amount, stakeholders involved, and timeframe required for the implementation of the project. For instance: Dubai International Airport requires an investment of US$ 32.67 billion with stakeholders involved such as Emirate's airline, Flydubai, Dubai Police, and Dubai customs and immigration and implementation strategy as - Dubai Airport’s Smart Tunnel uses facial recognition and artificial intelligence to allow passengers to go through passport control procedures in just 15 seconds without human intervention.
The report also covers a different section focusing on Airport Environmental Management such as National Environmental Policy Act (NEPA), Single European Sky Initiative, and others. The National Environmental Policy Act (NEPA), and special purpose environmental laws and regulations, require environmental impact analyses of proposed airport actions that are subject to the Federal Aviation Administration (FAA) decision.
The COVID-19 pandemic delivered the largest shock to air travel and the aviation industry since the Second World War. Previously, the adverse impacts on aviation of the 9-11 terrorist attacks and the 2007–08 global financial crisis were thought dramatic. But neither had an impact that compares with what is estimated to be a 66% decline in global revenue passenger kilometers (RPKs) in 2020.
Air connectivity collapsed in April 2020. As per ICAO, the total number of flights in the US was around 634 thousand till May in 2019 that further declined to 390 thousand till May in 2020. China’s domestic aviation market fell first, at the start of the year. As the disease spread, its impact on air transport was felt globally, beginning in February to a low point in April.
The global smart airport market covers company profiling of various key players in the smart airport market across the globe.
Details covered in the company profiles include a business overview, key official, establishment, strategic analyses, products & services, company financials, and recent developments.
Key players included in the report are Adelte, Ascent Technology Inc., Amadeus IT Group SA, Ansul, Cisco System, Collins Aerospace, Deerns Airport System Consultants, Daifuku Co., Ltd., Sensec Solution AS (Initially DSG Systems), FB Technology, Honeywell International, Inc, Huawei Technologies Co., Ltd., IBM Corporation, Indra, SITA, Lufthansa Systems GmbH & Co. KG., QinetiQ, RESA, S.A.S., Sabre Corporation, Selex ES, Siemens AG, T-Systems, Thales Group, Vanderlande Industries, Vision-Box, Wipro Limited and Zensors among others.
According to the research report, the global smart airport market is observed to have a competitive nature and is projected to shift towards consolidated nature in the forecast period. As the intensity of competitive rivalry is high in the smart airport market and is expected to remain high during the forecast period with the presence of many local and international market players.
By Airport Model
By Airport Size
By Airport Operation
|Market Size Value in 2021||US$ 27,485.5 Mn|
|Expected Revenue in 2027||US$ 54,862.0 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Component, By Infrastructure, By Solutions, By Application, By Services, By Airport Model, By Airport Size, By Airport Operation, and Region|
|Regional Scope||North America; Europe; Asia Pacific; Middle East & Africa; South America|
|Key Companies||Adelte, Ascent Technology Inc., Amadeus IT Group SA, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
Cyber Security, Intelligent Building Management, Internet of Things (IoT), GPS and Sensor, Artificial Intelligence (AI), and Blockchain.
Federal Aviation Regulations (FARs), Aviation Law 2021, EU Network Information Security (NIS) Directive, Commission Implementing Regulation (EU) 2016/1377, and Commission Regulation (EU) No 677/2011 are some of the regulations of airport and aviation industry.
The global smart airport market generated a revenue of US$ 29,463.1 Mn in the year 2021.
Growth of air-travel and tourism industry, increase in passenger and cargo traffic, and technological advancements leading to process optimization are some of the grow factors influencing the global smart airport market.
The major segments considered for study of smart airport market are Component -Infrastructure, Solutions, Application and Services, Airport Mode, Airport Size, and Airport Operation.
SITA, Siemens, IBM, Honeywell, Collin Aerospace including Raytheon, Cisco, Amadeus IT Group SA, T-systems, SABRE, and Thales Group are some of the key players in the smart airport market.
North America held highest market share of smart airport market in 2021.
High initial and maintenance cost and system failures are some major restraints faced by the global marketplace.
Components of smart airport market are Infrastructure, Solutions, Application, and Services.
The airport 4.0 held the leading position in terms of CAGR of 17.0% in the global market. Airport 4.0 focuses on the real-time information and connectivity by connecting all stakeholders in an integrated digital ecosystem.
5G communication network, interactive navigation, biometric ID management, data exchange technology (XML) and business intelligence are some key focus areas of investment at airports.
As per Astute Analytica, the CR10 ratio of global smart airport market is 72.2%.