Airports from around the world have always been the center of activities. As a result, they capture maximum attention of the crucial issues related to security and protection of the country. After various security breaching experiences of the past, the airport management systems are making maximum efforts to tighten the security systems around the world. Apart from security, speedy processing of regular airport activities like baggage claims is also attracting the attention of the industry players. The global smart airports market is expected to maintain a healthy growth rate in the next few years. Rise in air travel and demand from emerging economies are expected to drive the industry. Advancing technologies are also expected to play a crucial role in the overall growth of the market.
Major Market Drivers
According to the expert researchers, the global smart airports market is mainly driven by the rise in the number of passengers preferring to travel by planes. This preference is also expected to be influenced by the growing standard of living across the emerging markets. The global market is also expected to be driven by other factors like growing demand for security solutions and baggage management. Collaborative decision making is also expected to help the industry witness healthy growth in the years to come. Growth in the advanced technologies like 3G & 4G are also creating the growth opportunities Factors like genetic profiling and biometrics are projected create growth opportunities for the industry.
Smart Airports Systems Market Segmentation & Forecasts
For easy analysis of the growth trends and future opportunities, researchers segment the global smart airports market on the basis of the types of applications, technologies and demand across the geographic regions. The types of applications in the market are categorized into terminal-side, airside, and landside applications. Basic technologies in the market are sub-segmented into passenger baggage services, cargo services, security services, air ground traffic management, air ground traffic control, communication systems and other such systems. The basic geographic regions of the market include Asia Pacific, North America, Europe, Middle East and rest of the world.
As per the latest reports, the global smart airports market is expected to grow at a steady CAGR of over 5.61% from 2014 to 2020. At the estimated compound annual growth rate, the market is poised to become worth more than $13,481.17 million by the end of the year 2020. As of year 2014, the market is estimated to be worth $9,718.07 million. According to the expert researchers, regions like Asia Pacific and Middle East are expected to be the most emerging regions in the global market. Growth in industrialization and improved standard of living in these regions are expected to drive growth for the market in these parts of the world. Developed regions on the other hand are expected to dominate the market in terms of market share.
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