Smart Airports Market worth $13,481.17 M by 2020
- According to a New Study on ASDReports
The report, now available on ASDReports, "Smart Airports Market by Application (Landside, Terminal-Side and airside application), Technology (Security System, Communication System, Air / Ground Traffic Control, Passenger, Baggage & Cargo System and Other Technologies) & by Geography (North America, Asia-Pacific, Europe, Latin America & Africa and the Middle East) - Forecasts & Analysis to 2014 - 2020". The global market for smart airports is estimated at $9,718.07 million in 2014 and it is expected to reach $13,481.17 million by 2020, registering a CAGR of 5.61%.
Air travel used to be an expensive affair, often used by high income earners, executive-class business professionals, and political leaders to travel to distant places. Only few players had been providing air transport facilities, as passenger traffic was comparatively lesser. Globalization is considered to be a major and the most important factor that has built and expanded the aviation industry as it stands today.
Smart Airports Market - Forecasts & Analysis to 2014 - 2020
Smart airports concept is an outcome of the new aviation era, when the overall airport industry underwent a transformation phase. Growing air travel demand and increasing air passenger traffic is considered as a major factor leading to the transformation of airports. While airports had been considered as infrastructure providers, now they are considered as service providers with offering modern amenities.
A smart airports concept is intended to facilitate end-to-end information exchange between all stakeholders including airports, aircraft operators, airport authorities, and passengers. This concept is developed to provide a platform for collaborative decision making. It includes various systems integrated at airports such as advance security systems, information systems, communication systems that provide real-time data to monitor airport operations including landside, terminal-side, and airside.
This concept is expected to have a significant impact on the overall aviation sector. The global market for smart airports is estimated at $9,718.07 million in 2014 and it is expected to reach $13,481.17 million by 2020, registering a CAGR of 5.61%.
The global market for smart airports has been bifurcated on the basis of application technology and geography including major countries. Terminal-side application segment accounts for a larger market share when compared to other application segments in global market for smart airports. Asia-Pacific is expected to register higher CAGR, as the market for smart airports in the region is projected to increase from $2,367.32 million in 2014 to $3,571.16 million by 2020, at CAGR of 7.09%.
Source : ASDReports - Market Research - view original press release