USD 22.4 billion
Report ID:
SQMIG20W2005 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|
Tables:
59 |
Figures:
75
Global Smart Airport Market size was valued at USD 22.4 billion in 2022 and is poised to grow from USD 24.84 billion in 2023 to USD 56.84 billion by 2031, growing at a CAGR of 10.9% in the forecast period (2024-2031).
The increased adoption of automated and connected airport processes, such as self-service check-ins, smart baggage drop, and smart luggage tracking, has played a significant role in the growth of the market. This growth can be attributed to the widespread implementation of these technologies, which have improved efficiency and convenience for passengers. Furthermore, there is a growing demand for technologically-advanced non-aeronautical systems, communication systems, and security systems like electronic bag tags. These advancements are expected to further drive the market growth in the foreseeable future. Airports are increasingly incorporating emerging technologies and devices, including smart access control systems, fingerprint readers, and smart card technology, to enhance the overall passenger experience. The introduction of smartphone-based airport applications has enabled passengers to access real-time information such as gate numbers, arrival times, directions to the airport, check-in lines, and flight bookings. Companies worldwide are making significant investments in IT and digital technology to streamline their business processes and offer value-added services to customers. Many airports are now prioritizing passenger self-service solutions and planning to implement new technologies like Bluetooth-enabled beacons to provide connected airport solutions. The current airport operation and business models have led to remarkable growth in the airline industry. Industry participants are increasingly concerned about heightened competition, which has prompted a shift towards a customer-centric and data-driven approach to enhance operational efficiency. Additionally, airports worldwide are embracing Airport 3.0, aiming to leverage the benefits of emerging technologies with advanced capabilities.
Global Market Size
USD 22.4 billion
Largest Segment
Security Systems
Fastest Growth
Security Systems
Growth Rate
10.9% CAGR
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The Global Smart Airport market is segmented by Technology, Application, and region. Based on Technology, the market can be segmented into security systems and communication systems. Based on Application, the market is segmented into airport processes and airside operations. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Smart Airport Market Analysis by Technology
By Technology, the market can be segmented into security systems and communication systems. Security systems, which include biometric authentication, facial recognition, and RFID technology, dominate the market due to the increasing importance of airport security and the need for efficient and effective security systems to ensure passenger safety. With the rise in global terrorism and security threats, the demand for advanced security systems in airports is on the rise, leading to increased investments in this segment.
Communication systems, which include Wi-Fi, Bluetooth, and other wireless technologies, are the fastest-growing segment due to the increasing demand for better connectivity and communication in airports. Passengers expect to be connected at all times and airports are investing in new technologies to offer a seamless communication experience. This includes the use of beacon technology for personalized communication, mobile apps for wayfinding and boarding information, and the integration of social media channels to keep passengers informed and engaged.
Global Smart Airport Market Analysis by Application
By Application, the market can be segmented into airport processes and airside operations. Airport processes, which include security, check-in, boarding, and baggage handling processes, dominate the market due to their crucial role in ensuring the smooth functioning of airports. As passenger traffic continues to increase, airports are investing heavily in new technologies to improve the efficiency and speed of these processes. This includes the use of biometric authentication and facial recognition systems for streamlined security, self-service check-in kiosks, and automated baggage handling systems.
Airside operations, which include aircraft parking, fueling, and maintenance, are the fastest-growing segment due to the increasing demand for efficient aircraft management and maintenance. With the rise in air travel, airports are investing in advanced technologies such as airport collaborative decision-making (A-CDM) systems, which allow for real-time information sharing between airlines and airport operators to optimize aircraft turnaround times. Additionally, the use of IoT-enabled devices and predictive maintenance systems for aircraft maintenance is on the rise, leading to increased demand for these technologies in the airside operations segment.
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North America is one of the leading regions in the smart airport market due to the presence of major players in the industry, including Honeywell International Inc., Cisco Systems Inc., and Siemens AG. The United States (US) dominates the North American smart airport market, with a significant number of airports in the country implementing smart airport technologies. Additionally, the US government has taken several initiatives to modernize airport infrastructure, which has further boosted the market growth.
The Asia-Pacific region is the fastest-growing market for smart airports. The region's growth can be attributed to the increasing number of air passengers, particularly in emerging economies such as China and India. China is leading the APAC smart airport market with the country's government investing heavily in smart airport infrastructure. Moreover, the Chinese market has several local players such as Huawei Technologies Co. Ltd., which are providing advanced solutions to airports.
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Global Smart Airport Market Drivers
Increasing demand for enhanced passenger experience and operational efficiency
Global Smart Airport Market Restraints
High implementation and infrastructure costs associated
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The global smart airport market is characterized by a diverse range of players offering innovative solutions and services. Several companies are actively involved in developing and providing smart airport technologies, including solution providers, system integrators, and software developers. These players compete based on factors such as product offerings, technological advancements, pricing strategies, and customer support. Additionally, partnerships, collaborations, and mergers and acquisitions are common strategies adopted by market players to expand their market presence and gain a competitive edge.
Top Player’s Company Profiles in Global Smart Airport Market
Global Smart Airport Market Recent Developments
Honeywell released an enhanced portfolio of products in May 2023, including the Honeywell NAVITASTM Smart Visual Docking system, to maximize airport efficiency and safety. By improving gate operations and airfield lighting, the solution seeks to assist airports in managing the issues of rising flight traffic and a scarcity of personnel.
In April 2023, SAS TaxiBots will be used at Delhi and Bengaluru airports, beginning with the A320 family of airplanes thanks to a partnership between Air India and KSU Aviation. Using semi-autonomous equipment, the airline may save 15k tonnes of fuel over three years, which would lower costs. In its subsidiaries and at other airports, Air India wants to expand its deployment.
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According to our global smart airport market analysis, the market is witnessing significant growth driven by various factors. Increased penetration of automated and connected airport processes, along with the rising demand for technologically-advanced non-aeronautical systems, communication systems, and security systems, contributes to market expansion. Airports are implementing emerging technologies and devices to enhance the passenger experience, while companies are investing heavily in IT and digital technology to streamline operations and offer value-added services. Additionally, the industry is transitioning towards a customer-centric and data-driven approach, with a focus on enhancing operational efficiency. However, challenges such as high implementation costs and concerns regarding data privacy and cybersecurity need to be addressed.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 22.4 billion |
Market size value in 2031 | USD 56.84 billion |
Growth Rate | 10.9% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Smart Airport Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Smart Airport Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Smart Airport Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Product ID: SQMIG20W2005