Smart Airports Market to Witness Growth At 10.7% CAGR on Account Of Enhanced R&D Activities Till 2025 | Million Insights
FELTON, California, April 16, 2018 /PRNewswire/ --
The global Smart Airports Market size was estimated at USD 10.09 billion in 2016 and is anticipated to reach USD 25.09 billion by 2025, with a CAGR of 10.7%. Initially, traveling by air was an expensive business and was predominantly used by executive class business professionals, political leaders, and high-income earners to travel to places. Only a few companies provided facilities for air transport owing to the moderately smaller passenger traffic. The major factor responsible for the expansion of the aviation industry is considered to be the high rate of globalization.
The global aviation industry transformed eventually giving rise to a new aviation era of smart airports. Greater than before air passenger traffic and rising demand for air travel are the two foremost causes for the revolution in airports all over the world. In the present scenario, the airports are considered to be service providers offering new facilities as opposed to the earlier times when they were known to be infrastructure providers.
A smart airport system encompasses components, solutions, services and devices which optimize and powers the utilization of airways infrastructure for implementing advanced functions. It comprises of various components such as freight operations information systems, operations, check in and baggage management, communications, airways analytics, passenger information and reservation systems, air traffic management, IP-based security monitoring, and ticketing.
The global smart airports market is evolving as the next big thing of the air travel industry chiefly to support endways communication & exchange of information and combined decision making among all shareholders including passengers, aviation operators, airport authorities, and airports.
Browse 178 page research report with TOC on "Global Smart Airports Market" at: https://www.millioninsights.com/industry-reports/smart-airports-market
Advanced functionalities of the global smart airports over old-style airports are fueling sturdy market acceptance such as improved operational competence through on-demand resource utilization, shared services, real time trouble management & operational forecasting, smaller queue lengths, crowding management, digital navigation, efficient water, emissions, waste & energy management, profits generation by mobile based targeted selling & advertising strategies, capacity utilization & planning, service delivery automation, better customer's travel experience by self-service amenities, service innovations, event notifications, and more effective and smarter security.
The global smart airports market is majorly driven due to the growing demand for revolutionizing airports by converting business intelligence into a faciity of innovative software solutions related to airports. A growth in the global smart airports market is projected on account of greater than before investments in research & development. The market has witnessed a strong growth rate in the recent past owing to the surge in passenger and air traffic, in both developing as well as developed nations.
Factors such as the launch of technologically advanced systems and rising demand for real-time information collaboration and sharing may favorably impact the market growth. The decline in hardware and connectivity costs also fuels the demand for the global smart airports market. However, factors such as capacity and congestion constraints, high costs of up gradation and resource outages may create a major hindrance for the global smart airports market.
The global smart airports market is segmented based on technologies into lighting & guidance, airport communications, digital information display solutions & signage systems, emergency services & fire protection, car parking systems, landing aids, ground/air traffic control & management systems, airport management software, security, and baggage and passenger control and handling. The market is further segmented on the basis of services into hospitality, parking & transport services, workplace services, airport processes, retail, entertainment services, and business to business services. It is also characterized on the basis of airport modernization programs into airside, landside and terminal side services.
Europe market for smart airports accounted for the majority of the overall market in the past few years. Europe has been benefitted mainly due to the extensive initiatives for airport automation. Asia Pacific market is expected to witness the fastest growth rate over the next eight years. Factors responsible for its high growth rate includes a steady rise in the number of operating airports, increasing demand for airport information systems, rising adoption of innovative airport technologies, and enhanced system of baggage handling.
Major industry participants include Siemens AG, SITA, Amadeus IT Group SA, Indra, QinetiQ, Airport Smart, Colebrook Bosson Saunders, Honeywell, Airport Emission Control, Delair Air Traffic Systems, FB Technology, Selex ES, IBM, Cisco System, Adelte, VanderIande Industries, DSG Systems, Ansul, and Deerns Airport System Consultants.
Browse reports of similar category available with Million Insights:
Smart Airport Technology Outlook (Revenue, USD Million; 2014 - 2025)
• Security Systems
• Communication Systems
• Passenger, Cargo, & Baggage Ground Handling Control
• Air/Ground Traffic Control
Smart Airport Application Outlook (Revenue, USD Million; 2014 - 2025)
• Aeronautical Operations
• Non-Aeronautical Operations
Smart Airport Location Outlook (Revenue, USD Million; 2014 - 2025)
• Vehicular Parking
• Air Traffic Management (ATM)
• Aircraft Parking & Maintenance
• Terminal Side
• Building Operations
• Baggage Handling
• Check-in Systems
Smart Airport Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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