Smart Airport Market Overview
According to Maximize Market Research, a renowned global business research and consultancy firm, the total global market for the "Smart Airport Market" was valued at US$ 5.39 Bn in 2022. The Smart Airport Market size is estimated to grow at a CAGR of 18.24 % over the forecast period. This growth is attributed to various factors such as technological advancements, increasing demand for the product/service, expanding market penetration, and favorable industry trends.
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Smart Airport Market Drivers and Restraints
Today's airports employ a range of digital technology, such as self-service kiosks, baggage tracking, and the sharing of flight information on social media platforms like Twitter. Airports are using cutting-edge technology more regularly to give customers better experiences. Many airports strive to boost the level of personalisation of their current services by providing a range of technology-based solutions to their patrons. This is due to the fact that many individuals use their smartphones to research alternative flights. Flight searching is an established and well-known mobile-based service. The bulk of travel-related concerns at airports are expected to be resolved, but it is also anticipated that information updates on luggage and customer service will play a key role. Kiosks and beacons are also projected to be vital in the future, providing a customised experience.
Smart Airport Market Regional Insights
The report presents a comprehensive Regional Analysis, covering the current status of the Smart Airport market in different countries. It includes a detailed examination of factors, market size, growth rate, and import-export dynamics within regions. The analysis is conducted at both local and country levels, encompassing North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa as the broad segments for the Smart Airport market.
Smart Airport Market Segmentation
According to Type, the market is dominated by the airport 2.0 Segment, which is expected to grow at the fastest rate. It is due to the enormous need for AI and IoT systems and technology, as well as the surge in demand for smart airports.
When it comes to Application, the Airside category is currently leading the market with the highest CAGR. In recent years, the usage of smart apps for activities at the airport has increased significantly. By effectively integrating IoT, AI, and big data, airports may drastically reduce passenger wait times and handle some of the most common concerns, such as lost bags, flight delays, and customer service issues.
In terms of airport size, the Large category is currently leading the industry with the strongest CAGR. Given the increase in air traffic, airports must modernise and implement intelligent systems to enable effective airport operations. The market is currently dominated by medium airports because there are so many of them in the world. These airports urgently need to add self-service check-in kiosks and baggage drop boxes to reduce delays and passenger wait times. The only clever solutions that can be implemented in small airports are self-service check-ins.
The non-aeronautical sector is currently leading the market in terms of operation and has the highest CAGR over the projection period. Here, non-aeronautical profits play an important role. Covid-19 caused a significant loss, but this industry is once again expanding.
Smart Airport Market Key Players
1. Ascent Technology, Inc.
2. Cisco Systems Inc.
3. Honeywell International Inc.
4. Huawei Investment Holding Co., Ltd.
5. Indra Sistemas, S.A.
6. L3Harris Technologies Inc.
7. Raytheon Technologies Corporation
9. Thales Group
10. Collins Aerospace
11. IBM Corporation
12. Sabre Corp.
13. Amadeus IT Group SA
14. Siemens AG
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Key questions answered in the Smart Airport Market are:
- What is Smart Airport ?
- What was the Smart Airport market size in 2022?
- What are the different segments of the Smart Airport Market?
- What growth strategies are the players considering to increase their presence in Smart Airport ?
- What are the upcoming industry applications and trends for the Smart Airport Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Smart Airport Market?
- Who are the key players in the Smart Airport market?
- What major challenges could the Smart Airport Market face in the future?
- What segments are covered in the Smart Airport Market?
- Who are the leading companies and what are their portfolios in Smart Airport Market?
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