Smart Airport Market Size Worth $66.763 Bn, Globally, by 2028 | Exclusive Report by The Insight Partners
Smart Airport Market is growing at a CAGR of 17.0% from 2022 to 2028.
Pune, India, Nov. 10, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Smart Airport Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component (Hardware and Software), Application (Terminal Side, Airside, and Land Side), and Geography,” the market size is expected to grow from US$ 26.073 billion in 2022 to US$ 66.763 billion by 2028; it is anticipated to grow at a CAGR of 17.0% from 2022 to 2028.
Download Sample PDF Brochure at https://www.theinsightpartners.com/sample/TIPAD00002061
Smart Airport Market: Competitive Landscape and Key Developments
Honeywell International Inc.; Cisco Systems Inc.; Huawei Technologies Co., Ltd; Indra Sistemas SA; Amadeus IT Group SA; SITA; Collins Aerospace; Daifuku Co. Ltd.; Thales Group; and T-Systems International GmbH are among the key players profiled in the smart airport market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which can help major players strategize their growth.
In 2022, Indra Sistemas announced that it had installed the world’s most sophisticated digital voice-over IP communication system in Dubai’s International Airport.
In 2021, Huawei Technologies Co. Ltd, a Chinese technology corporation, has launched the newest Smart Airport Cloud-Network Solution as the airport industry focuses more on digital transformation. The solution is intended to assist airports in increasing operational efficiency while improving security and customer experience.
Global Smart Airport Market Scope:
|Market Size Value in||USD 26.073 Billion in 2022|
|Market Size Value by||USD 66.763 Billion by 2028|
|Growth rate||CAGR of 17.0% from 2022 to 2028|
|Segments covered||Component, Application|
|Regional scope||North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Based on region, the smart airport market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. According to the smart airport market analysis, Asia Pacific is likely to grow at a significant rate during the forecast period.
North America has a well-established aviation hub with over 14,500 private and 5,082 public airports in the US. In North America, the investments in airport development have increased to develop a smart airport infrastructure. As the global aviation industry has started recovering from the losses caused by the COVID-19 pandemic, many airport authorities have shifted their focus to the development of smart airports; the US is one of the major sources of revenue generation for the North American aviation sector. According to FAA (Federal Aviation Administration), the US handles over 16.4 million flights per year (among these, more than 10 million flights are passenger flights), including more than 45,000 flights daily. These flights are supported by ~520 ATC towers (including over 14,000 air traffic controllers) across the US. Moreover, ~2.9 million passengers fly every day from US airports. The airlines and airport authorities are focusing on developing a more secure airport infrastructure to provide passengers with enhanced customer experience, lower operational costs, and higher revenue generation for airport stakeholders. For instance, in 2021, Siemens and SITA announced that they are about to provide the virtual and physical infrastructure and scalable technologies for the Kansas City International Airport’s New Terminal project to manufacture a ‘smart’ terminal that uses automation to improve the passenger experience. Such instances are likely to boost the North American smart airport market size.
In terms of smart airport market share, Europe is expected to be the second dominant region in 2022. France was estimated to be the third-largest country in the European smart airport market. This is owing to a high demand for smart airport systems across the country. Further, the presence of major companies such as Thales Group is also expected to cater to the demand for smart airport systems across the country. Many airports across France are taking initiatives to deploy a large number of smart systems across the airports to develop an automated infrastructure across the country’s airport sector. For instance, Paris-Charles de Gaulle and Paris-Orly airports in France have already installed e-gates to provide better customer service to the passengers. However, in 2022, the passengers across French airports have faced issues while departing from various French airports across the country. This was due to the cybersecurity challenge that led to a nationwide malfunction in France’s automatic passport gate system and caused delays lasting up to an hour in several airports, including Paris-Charles de Gaulle and Paris-Orly airports. Such cases are expected to slow down the smart airport market growth across the country.
Order a Copy of this Report at: https://www.theinsightpartners.com/buy/TIPAD00002061
During the forecast period, Asia Pacific is expected to be the fastest-growing region in the global smart airport market. The APAC smart airport market size is primarily attributed to the presence of companies catering to the demand for smart airport systems. Huawei Technologies Co., Ltd, Daifuku Co., Ltd., Cisco, and IBM are a few of the major smart airport hardware and software system manufacturers that are also catering to various automation needs for different airport authorities across the Asia Pacific smart airport market. Moreover, multiple airports have taken several initiatives to deploy IoT-based systems for developing a smart infrastructural airport to enhance passenger travel experience, increase the airport operational efficiency, and minimize costs which is further boosting the smart airport market growth in the region. For instance, in 2020, Hyderabad’s Rajiv Gandhi International Airport became India’s first airport to introduce ‘Internet of Things’ (IoT) enabled smart baggage trolleys as a part of India’s Flagship Digital India Program. Under this program, Hyderabad International Airport Ltd. has deployed IoT to track and maintain the availability of passenger baggage trolleys in real-time across the airport. Moreover, in 2021, Bangalore International Airport Limited (BIAL) announced that it had signed a ten-year partnership with IBM, wherein IBM Hybrid Cloud capabilities, Red Hat Automation, and Kyndryl managed infrastructure services will help the airport operator to improve the productivity, automate, and minimize airport operational costs. Such developments are catalyzing the smart airport market growth across the Asia Pacific region.
Smart Airport Market: Application Overview
Based on application, the smart airport market analysis is conducted on the basis of terminal side, airside, and land side. The terminal side segment accounted for the largest share of the smart airport market in 2022, owing to the growing adoption of products such as e-gates, passport verification systems, facial recognition systems, smart health monitoring systems, self-drop baggage systems, and digital wayfinding systems and IoT-enabled self-service kiosks.
Go through further research published by The Insight Partners:
Green Airport Market – Global Analysis and Forecast to 2030
Airport Management Market– Global Analysis and Forecast to 2030
Airport Notification Systems Market– Global Analysis and Forecast to 2030
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Ankit Mathur
E-mail: [email protected]
Press Release: https://www.theinsightpartners.com/pr/smart-airport-market
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.