The Smart Airports Market is set for remarkable growth, with a projected expansion from USD 7.0 Billion in 2022 to USD 8.3 Billion by 2027, reflecting a robust CAGR of 3.5% over the forecast period. The market's ascent is driven by an escalating demand for advanced smart solutions, a response to the surging air-passenger footfall, showcasing a pivotal shift in the aviation industry.
Market Overview:
Strategic Growth Trajectory:
The Smart Airports Market is on a strategic trajectory, marked by a comprehensive forecast in the range of USD 7.0 Billion to USD 8.3 Billion by 2027, underlining a steady Compound Annual Growth Rate (CAGR) of 3.5% during 2022-2027. This trajectory is grounded in the increasing demand for sophisticated smart solutions, catering to the rising needs of air-passenger footfall on a global scale.
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Market Dynamics:
Dominance of Upgrades & Services:
The Upgrades & Service segment is anticipated to take the lead in the smart airports market during the forecast period. This surge is attributed to ongoing efforts to upgrade existing systems and solutions with advanced technologies, focusing on improving both passenger experience and operational efficiency. The market is propelled by a collective desire for enhanced maintenance and services to ensure the seamless operation of airport systems.
Endpoint Devices Steering the System Segment:
In the system segment, the Endpoint Devices category is projected to dominate market share during the forecast period. Airports worldwide are leveraging dependable endpoint devices, including biometrics, RFID, and beacons, to expedite the screening process. These advancements enhance customer experience and streamline airport operations, significantly raising security standards.
Airside Operations Taking the Lead:
Within the application segment, the airside category is slated to dominate market share during the forecast period. Smart operations at the airside, aimed at enhancing ground staff management and expediting aircraft turnaround, have witnessed substantial demand. This surge is evident in the adoption of advanced solutions such as sophisticated aircraft parking systems and cutting-edge maintenance and health monitoring.
Medium-Sized Airports Leading the Charge:
The medium-sized airport segment is positioned to lead the smart airports market during the forecast period. This leadership role is attributed to the increasing demand for the installation of advanced technologies in airports and the rising need for system modifications on a global scale.
Non-Aeronautical Operations at the Forefront:
In the operation segment, non-aeronautical operations are poised to dominate market share during the forecast period. Airports are strategically focusing on targeted digital advertising and other initiatives like inventory management and intelligent transport services to meet consumer expectations and drive the growth of the non-aeronautical segment.
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Geographical Insights:
Asia Pacific Spearheading Growth:
Asia Pacific is anticipated to account for the largest market share in 2022, with North America projected to witness the highest Compound Annual Growth Rate (CAGR) during the forecast period. The rise in air travel demand, growth in international tourism, and the advent of low-cost flights to developing nations like India are key factors fueling the surge in passenger traffic in the Asia-Pacific region. The increasing demand for automated procedures, including baggage handling and self-check-in services, is expected to support the significant expansion of smart airports in the Asia-Pacific region.
Key Market Players:
Major industry players driving the smart airports companies include SITA (Switzerland), THALES (France), Siemens AG (Germany), Amadeus IT Group SA (Spain), IBM Corporation (US), Cisco Systems Inc. (US), Indra Sistemas S.A. (Spain), Honeywell International Inc. (US), and L3Harris Technologies Inc (US). These players, with their cutting-edge solutions, play a pivotal role in shaping the market landscape and contributing to the industry's overall growth.
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