ALBANY, New York, November 16, 2018
ALBANY, New York, November 16, 2018 /PRNewswire/ --
The Transparency Market Research (TMR) states that the airport information system market is projected to show a remarkable growth in the coming years. This is due to the increase in air traffic for both business and leisure purposes. The market could witness a massive influx of both small and large players. The aviation industry is anticipated to rise in demand because of their reliable and effective and airport information systems. Prominent players are attracting more revenue into the market with the introduction of new in-flight facilities and better food and beverage facilities as compared to the others.
Some of the established players of the global market for airport information systems are Lufthansa Systems GmbH & Co. KG., Siemens Postal, Parcel & Airport Logistics GmbH, Lockheed Martin Corporation, Amadeus IT Group SA, and VELATIA S.L. Both National and International level companies are making sure to provide best of best services in order to draw more attention towards their brand services and thus, generate more revenue in the future years.
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As per the reports of TMR, the global airport information system market is anticipated to reach a valuation of US$46.9 by 2024. The forecast period is set from 2016 to 2024 and the market is estimated to grow at a notable CAGR of 7.2% by the end of this period. The market value as per 2015 records was worth US$25.1 bn and hence the degree of acceleration is expected to be almost twice in the coming years. As per segmentation by the type, the global market for airport information systems is seen to be dominated by baggage processing solutions segment. It is estimated that this segment will continue its dominance in the market.
As per the segmentation based on geography, the global airport information systems market is prognosticated to be dominated by the North American region with Europe following close enough. This is because of the substantial usage of airway for both national as well as international tours. Asia Pacific on the other hand is also likely to offer lucrative opportunities of growth during the forecast period because of the speedy rise in the number of air passengers in the zone.
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Market to Witness Growth with Rising Need for Airport Operations
With the rise in disposable income, and reduction in flight rates, more and more people are opting to travel through air for both business as well as leisure purposes. Airline industry is facing quick boost in terms of revenue generation with more number of passengers. The need for various airport operations like passenger information, baggage handling, flight information, and passenger movement as well. These need increases in terms of larger airports. Flight arrival, delay, baggage retrieval, and passenger announcements and other such instructions are given to travelers with the help of Information Technology. Uncountable number of flights carrying innumerable number of passengers on a daily basis is propelling the growth of the global airport information system market in the years to come.
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System Maintenance to Hamper Future Market Growth
Since the entire business is based on safe and quick travelling and information system is based on best of best connectivity and digitalization, the market may stand a huge risk if the system is not handled properly and maintained from time to time. System maintenance may restrict the adoption in terms of big airports as their smaller counterparts may find it difficult to handle thousands of passengers for each flight and the innumerable number of flights on a daily basis.
Apart from that, the fare of air ticket may vary from cheap to costly to extremely costly as per the date, time, and distance along with other details like whether it is a connecting flight or a direct flight. With the introduction of better services provided on-board, the price of tickets is also on the rise and this high cost of flight tickets may act as a hindrance to the overall growth of the market in the long run.
Nevertheless, new research and development activities for creating software solutions that serves both domestic as well as international airports is more likely to balance both the functional and cost considerations.
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The review presented above is based on a TMR report, titled, "Airport Information System Market (Operation - Airside and Terminal Side; Airport Category - Commercial Service Airport, Cargo Service Airport, and Reliever Airport; Solution - FIDS, Resource Management Solutions, P.A. System, Baggage Processing, Passenger Processing, Airport Operations, Airport Information, and AODB) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024".
Global Airport Information System Market is categorized into the following segments:
Global Airport Information System Market by Operation
Global Airport Information System Market by Airport Category
Global Airport Information System Market by Solution
Global Airport Information System Market by Geography
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