Smart Airport Market is Anticipated to Grow at a CAGR of 11.1% During the Forecast Period 2018-2025, Says Esticast Research and Consulting
As per the report "Smart Airport Market By Technology ( Security systems, Communication systems, Passenger, cargo & baggage ground handling control, Air/Ground traffic control ), By Location ( Terminal side, Land side, Airside ), By Application ( Aeronautics, Non-aeronautics ), By Service Type ( Smart Airport Processes, Smart Transport and Parking Services, Smart Retail, Hospitality and Entertainment Services, Smart Workplace Services ), Industry Trends, Estimation & Forecast, 2017-2025" In 2017, the Passenger, cargo & baggage ground handling control segment generated the highest revenue share in the global smart airport market. Among major regions, North America was the highest revenue generating market, holding nearly 35% of the market share, in 2017.
“Smart airports are not just intelligent infrastructures, rather they are the amalgamation of airport operators, airlines, ground handlers, passengers, authorities and regulators, who can connect and collaborate by removing the barriers to information flow. However, the real challenge that arises during the implementation of smart airport concept is to provide a hassle free seamless experience while shifting from one channel to another, rather than just providing multiple channels.”
Evolution of airports is revolutionizing the aviation industry by enhancing operations, value and experience
The surging growth of the aviation industry has dramatically evolved the business models and operations carried out at the airports. Airports are no longer just a venue of waiting and passing through to board the flights. They provide passengers the feel of being in the city with areas reserved for entertainment, gathering, and information portals. The evolving family of airports is witnessing a business drift from B2B to B2C, by exploiting the power of emerging and maturing technologies at its full extent.
Smart airports are creating new revenue streams by transforming their business models
The declining airline economics has propelled airport authorities to divert their focus from aeronautical operations to non-aeronautical operations. The income generated from the non-aeronautical operations such as advertising, Wi-Fi, real estate, lounges, duty-free shops, food & beverage providers, and retail shops among few others is high as compared to the income generated by the aeronautical operations. The airport authorities are fusing creativity and digital technology with their business sense, in order to create huge revenue pockets. This is propelling the growth of non-aeronautical application segment in the global smart airport market.
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Asia-Pacific to witness an impressive growth rate of 13.8% during the forecast period, owing to surging air passenger volume
Asia-Pacific market is expected to witness high growth rate during the upcoming years, due to the surging number of air passengers travelling to-and from the region. According to IATA, Asia-Pacific is expected to emerge out as the biggest hub for the surging passenger growth. The region is anticipated to host more than half of the new passengers during the upcoming years. China is expected to become a leader in the global aviation market, by displacing U.S., whereas India is expected to replace UK for the third place in the aviation market. Airports in the region are expanding their size and becoming smarter, in order to cater to the growing air passenger volumes. In India, Bangalore International Airport Limited (BIAL), is ready to move forward on its way to become a smart airport.
SMART AIRPORT MARKET SHARE BY APPLICATION, 2015-2025
• The market would attain a size of around $25 billion by 2025.
• In 2017, North America led the global smart airport market in terms of revenue, holding nearly 35% of the total share.
• The APAC region would emerge as the largest market by the year 2023.
• The airside segment is expected to witness an impressive growth rate of 14.6% during the forecast period.
ASIA-PACIFIC SMART AIRPORT MARKET SHARE BY LOCATION, 2015-2025
Some key market players are Amadeus IT Group SA, Cisco Systems Inc., Honeywell International Inc., International Business Machines Corporation (IBM), QinetiQ Group Plc, Sabre Corporation, Siemens AG, Rockwell Collins Inc., Thales Group, T Systems International GmbH, and SITA.
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