Smart Airports Market to Grow Exponentially due to Dramatic Increase in Airline Passengers
The rising demand for automated and self-service processes is currently the major factor bolstering the demand for smart airports globally. During the recent years, there has been high growth in the number of self-service solutions at the airports including bag recovery, check-in, and flight rebooking. The market’s growth is also gaining traction with an increased level of passenger traffic and growing level of IT spending across airports. Rising IT spending on airports can be construed as increasing investment by companies to lower their operating expenditure (OPEX) and to deploy modern technologies such as wireless connectivity, automated solutions, and check-in kiosks. However, the high initial investment required for high connectivity and robust infrastructure is among the key factors restraining the market’s growth during the forecast period.
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A new market report has been published by Transparency Market Research entitled “Smart Airports Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2024.” According to the report, the global smart airport solutions market was valued at US$7.56 bn in 2015 and is expected to expand at a CAGR of 10.8% from 2016 to 2024, reaching US$19.33 bn by the end of the forecast period (2016-2024).
The global smart airport infrastructure is classified into endpoint devices; communication systems; passenger, cargo, and baggage handling, air traffic control systems; security systems; and others. Endpoint devices are further segmented into sensors, tags, IP phones, and video conferencing. Communication systems for smart airports infrastructure are further categorized into wireless airports, smartphones and tablets, near field communication (NFC), and social media. The passenger, cargo, and baggage handling segment of smart airports infrastructure is classified into IoT-enabled beacons, robots for passenger and baggage movement, common-use self-service (CUSS) kiosks, RFID baggage reconciliation systems, and e-gates.
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The air traffic control systems segment is further segmented into smart systems & scalable air traffic management solutions (ATM), and automated passport controls. The security systems segment is further divided into biometrics, alerts and cyber security, and e-fence & ground surveillance radar and e-tag systems. The others segment for smart airports infrastructure includes navigational, landing aids, digital signage, and airport management software. In 2015, the global smart airports infrastructure revenue was majorly contributed by the security systems segment, which accounted for approximately 49% of the total revenue. On the other hand, the passenger, cargo, and baggage handling systems segment is projected to rise the fastest with a CAGR of 23.9% during the forecast period.