Global Smart Airports Market Foresees Bright Future in the Years to Come

Thanks to the ongoing developments in technology and explosive growth of the airline industry, various aspects of airline travel have improved dramatically over the past few years. Growing air passenger traffic as well as the increased focus on enhancing customers’ needs and experience has also led to the transformation of airports across the globe.

The global smart airports market which was estimated to be valued at USD 11.31 Billion in 2016 is projected to reach a value of USD 14.87 Billion by 2021, growing at a CAGR of 5.64% during the forecast period from 2016 to 2021.

On the basis of technology, the passenger, cargo & baggage ground handling control segment took up the largest market share in 2016, owing to the increased adoption of new systems like automated fee collection at self-bag drop, self-scanning, and direct transfer to the final destination. Moreover, increased safety concerns and enhanced customer service are also driving this segment. However, the communication systems segment is expected to witness the highest CAGR over the forecast period. Growing need for real-time information and rising adoption of smart technologies to maintain smooth communication between various other systems and end-users are the main reasons behind the growth of this segment.

Among applications, the non-aeronautical operations segment is predicted to witness the highest growth in the coming years. This growth can be attributed to the constant need of airport business models to increase the non-aeronautical revenues and the enhanced quality of services such as retail outlets, smart parking, Wi-Fi, lounge access, and personalized services, among others.

How is the smart airports market progressing, globally?

Among regions, the smart airports market in Asia-Pacific is expected to register the highest growth during the forecast period. Increasing demand for air travel across the globe has been encouraging the airports to upgrade their services and technologies such as security systems, communication systems, and baggage & cargo handling systems, among others, for safe and hassle-free operations. In addition, expansion of existing airports and approval of the development of Greenfield airport by the airport authorities have led to an increase in investments in countries such as India and China.

What is driving and restraining the market growth?

The growth of the worldwide market for smart airports is being primarily influenced by the following factors:

  • Increased number of passengers for air travel
  • Rising number of smartphone users across the globe
  • Growing need for real-time information
  • Increasing usage of self-service technologies at airports
  • Rising focus on enhancing customer service
  • Need for upgradation of check-in and other services

The increasing trend of personalized services is expected to create an array of opportunities for the growth of this market.

On the flip side, difficulties arising in collaboration of data and stringent governmental regulations may hamper the growth of this market. Moreover, understanding customer preferences remains a major challenge for the market players involved in this market.

Request Sample Pages @ http://www.marketsandmarkets.com/requestsample.asp?id=544

Key players and strategies implemented for sustenance

The global market for smart airports includes major players such as 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. These players are adopting growth strategies like contracts, new product launches, partnerships & agreements, and acquisitions in order to cater to the needs of the market as well expand their global presence.