Smart Airport Market worth $14.87Bn by 2021
The report, now available on ASDReports, "Smart Airports Market by Technology (Communication, Security, Cargo & Baggage Handling, Traffic Control, Endpoint Devices), Landside, Airside, Terminal Side, Application, Region - Global Forecast to 2021", The smart airports market is projected to grow from USD 11.31 Billion in 2016 to USD 14.87 Billion by 2021, at a CAGR of 5.64% during the forecast period. The base year considered for the study is 2015, and the forecast period is from 2016 to 2021.
Factors such as travelers’ growing needs for real-time information and airports moving towards customer centric approach are expected to drive the growth of the smart airports market.
Smart Airports Market - Global Forecast to 2021
Based on technology, the passenger, cargo & baggage ground handling control segment of the smart airports market accounted for the largest market share in 2016. The increase in the adoption of new systems such as automated collection of fees at the self-bag drop, self-scanning, and direct transfer to the final destination is driving this segment. Furthermore, increased concern for safety and improved customer service are also the driving the passenger, cargo & baggage ground handling control segment.
Based on application, the non-aeronautical segment of the smart airport is anticipated to witness higher growth during the forecast period. The constant drive to increase non-aeronautical revenue opportunities has been a priority for airport business models. Services such as food-and-beverages, advertising, retail outlet, smart parking, personalized services, Wi-Fi, and lounge access are key resources for generating overall airport profitability. This increasing demand for non-aeronautical operations and revenues are expected to propel the growth of non-aeronautical operations segment during the forecast period.
The smart airports market in Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period. The rise in passenger movement has led the airports to upgrade services and technologies such as security systems, communication systems, and baggage & cargo handling systems, among others for secure and hassle free operations. Moreover, airport authorities have approved the major development of greenfield airport which led to the increase in investments in countries such as India and China.
Key players in the smart airports market include Honeywell Corporation Inc (U.S.), Rockwell Collins (U.S.), SITA (Switzerland), Siemens AG (Germany), IBM Corporation (U.S.), and Amadeus IT Group SA (Spain) among others.
Source : ASDReports - Market Research - view original press release