Smart Airport Market Size, Share, Strategic Insights for Corporate Success by 2032
The global smart airport market size was valued at USD 2.29 billion in 2022. The market is projected to grow from USD 4.05 billion in 2023 to USD 11.56 billion by 2030, exhibiting a CAGR of 16.1%. Fortune Business Insights™ mentioned this in a report titled “Smart Airport Market, 2023-2030.” The increasing need for real-time data is propelling the growth of the market. The main growth drivers comprise of development in commercial aviation, upgrading of previous airports, the launch of new airports, and growth in the number of green initiatives by the airports.
Informational Source:
https://www.fortunebusinessinsights.com/industry-reports/smart-airport-market-101799
List of Key Players Present in the Report:
SITA (Switzerland)
Huawei Technologies Co., LTD. (China)
Smart Airport Systems (SAS) (France)
Infax, Inc. (U.S.)
IBM Corporation (U.S.)
Honeywell International Inc. (U.S.)
Thales Group (France)
Daifuku Co., LTD. (Japan)
Siemens AG (Germany)
Amadeus IT Group SA (Spain)
Segmentation:
Growing Demand for AI-based Systems to Impel Growth of Terminal Side Segment
On the basis of application, the market is segregated into data visualization, AI/ machine learning, cyber security, anomaly detection, asset/resource management, and others. The AI/machine learning segment is projected to dominate the market and grow with the highest CAGR during the projected period.
Rise in Demand for Advance Hardware Systems in Airports for Various Applications to Drive the Segment Growth
As per the platform, the smart airport market share is divided into hardware systems, data management, and software systems. The hardware segment is projected to hold the largest share during the projected period. The software systems segment will show subsequent growth during the forecast period.
Airport 3.0 Segment to Hold the Largest Share Due to the Increase in Adoption in North America Region`
According to the airport model, the market is divided into Airport 1.0, airport 2.0, airport 3.0, and Airport 4.0. Airport 3.0 is anticipated to drive market growth during the projected period, whereas Airport 4.0 is anticipated to grow with the highest CAGR during the projected period.
Report Coverage:
This report covers the synopsis of this market that provides the market analysis, knock of COVID-19, segmentation, drivers, regional insights, competitive landscape, new growth, and presence of achievers in the market. Changes in the market are subjected to demand changes in the forecast period.
Drivers & Restraints:
Increasing Air Passenger Travelling Developed Countries to Drive Growth
The growing preference for air travel globally is expected to drive the market's growth. In the next ten years, more than 44% of air passenger traffic is anticipated to come from India and China. Governments in their developed countries are looking forward to investing more in smart airports and green airports initiatives to reduce the adverse effects on the environment. Automated and advanced security systems make easy the process of boarding at airports. The security systems involve the high costs of developing and implementing digitalized systems, and design at the airports would restrain the market growth.
Regional insights:
North America to Hold the Largest Share in the Market Growth
North America is predicted to hold the largest share in the market growth and will continue to dominate during the projected period. Increasing investments in R&D and the growing number of companies will augment market growth.
Europe’s autonomous aircraft market share is anticipated to elevate significantly during the projected period owing to the rising demand from the military sector for combat operations and surveillance applications.
Asia Pacific will witness the fastest growth in the market owing to an increase in the expenditure on developing advanced next-generation products from emerging economies such as India, China, and others.
The Middle East & Africa, and Latin America show moderate growth due to the development of infrastructure for autonomous aircraft.
Competitive Landscape:
Increasing Collaborations of Key Companies and Government Agencies to Drive Growth
The key players in the market such as Honeywell International Inc., Thales Group, Raytheon Technologies Inc., Cisco Systems, Collins Aerospace, and others. These companies focus on developing and designing advanced autonomous eco-friendly solutions for airports. They are actively participating in collaborating with the government authorities to make smart airports in the respective countries. Furthermore, European agencies have been dynamically designing airports in a decade.