Increase in air passenger traffic across the globe, rise in utilization of artificial intelligence and tools for big data analysis, and increase in focus on security on airports drive the growth of the global smart airport market.
WILMINGTON, Del., Nov. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Airport Market by Application (Landside, Airside, and Terminal Side), Airport Size (Small, Medium, and Large), and Type (Airport 2.0, Airport 3.0, And Airport 4.0).): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global smart airport market size was valued at $7.10 billion in 2022, and is projected to reach $24.28 billion by 2032, registering a CAGR of 13%.
Prime determinants of growth
Factors such as increase in air passenger traffic across the globe, rise in utilization of artificial intelligence and tools for big data analysis, and increase in focus on security on airports boost the growth of the digital twins in automotive market. However, high initial investment costs and lack of trained and experienced staff are anticipated to hinder market growth. On the other hand, enhanced passenger experience and retail revenue and increased focus on sustainability and environmental concerns provide a remarkable growth opportunity for the market players operating in the market.
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Leading Players in Smart Airport Industry: -
- T-Systems International GmbH
- Siemens AG
- SITA
- Wipro Limited
- Honeywell International Inc.
- Cisco Systems Inc.
- Huawei Technologies Co., Ltd.
- Smart Airport Systems (SAS)
- Thales
- IBM Corporation
The report provides a detailed analysis of these key players in the global smart airport market. These players have adopted different strategies such as new product launches, collaborations, expansion, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, smart airport segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $7.10 billion |
Market Size in 2032 | $24.28 billion |
CAGR | 13 % |
No. of Pages in Report | 349 |
Segments Covered | Application, Airport Size, Type, and Region |
Drivers | Increase in air passenger traffic across the globe Rise in utilization of artificial intelligence and tools for big data analysis Increase in focus on security on airports |
Opportunities | Enhanced passenger experience and retail revenue Increased focus on sustainability and environmental concerns |
Restraints | High initial investment costs Lack of trained and experienced staff |
Covid-19 Scenario
- The COVID-19 pandemic had a significant impact on the smart airport market. The COVID-19 pandemic hit the smart airport market hard, as it caused a massive drop in air travel due to travel restrictions and health concerns.
- COVID-19 also made the aviation industry rethink the way passengers move through airports. Airports made sure there was enough space for social distancing, introduced mask mandates, and enhanced cleaning protocols.
- Smart airports played a key role in reorganizing terminals, seating arrangements, and security procedures to keep passengers safe. Technologies including IoT-based crowd monitoring and digital signs were used to enforce social distancing.
- Despite all the challenges, the pandemic also accelerated innovation in the smart airport market. Airports fast-tracked the adoption of advanced technologies such as improved security systems, AI-based passenger screening, and contactless services to regain passenger trust and ensure safer and more efficient operations.
The application is expected segment to maintain its leadership status throughout the forecast period
Based on application, the terminal side segment held the highest market share in 2022, accounting for more than` two-fifths of the global smart airport market revenue and is estimated to maintain its leadership status throughout the forecast period. This is owing to increased adoption of smart technologies in various applications such as baggage handling, security checkpoints and shopping which leads to growth of the segment. However, the airside segment is projected to attain the highest CAGR of 15.1% from 2023 to 2032, as automation and robotics are gaining prominence in airside operations, streamlining aircraft servicing, maintenance, and cargo handling on the apron, increasing efficiency and safety.
The small segment is expected to maintain its leadership status throughout the forecast period
Based on airport size, the small segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period, as small airports play a vital role in regional connectivity. Growth of these airports is driven by increase in regional travel, making them attractive hubs for both passengers and airlines. However, the large segment is projected to attain the highest CAGR of 15.1 % from 2023 to 2032, due to large airports are investing in advanced infrastructure, including automated baggage handling systems, self-check-in kiosks, and cutting-edge security measures to enhance operational efficiency and passenger experiences.
The Airport 3.0 segment is expected to maintain its lead position during the forecast period
Based on type, the airport 3.0 segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, as airport 3.0 technologies lead to increased efficiency and cost reduction, benefiting both airlines and airports. However, the airport 4.0 segment is expected to attain the largest CAGR of 15.8% from 2023 to 2032, as airport 4.0 is an evolving concept with the goal of achieving full end-to-end digitalization and personalization of the passenger journey.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to rise in investments by companies in the region, along with initiatives by governments to boost the use of technologies such as AI, ML, and cloud computing in the airline industry. However, Asia-Pacific is expected to attain the largest CAGR of 15.6% from 2023 to 2032, as the Asia-Pacific region is rapidly advancing smart airport technologies, with countries such as China, India, and Japan leading the way through significant investments in systems such as facial recognition, biometrics, and cloud-based solutions to improve operational efficiency and the passenger experience.
Similar Reports We Have on Airport Industry:
Smart Airport 2.0 Market Research Report 2023-2032
Smart Airport 3.0 Market Research Report 2023-2032
Smart Airport 4.0 Market Research Report 2023-2032
Green Airport Market Research Report 2023-2032
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