Increase in investments for sporting the green field airport operations and increase in adoption of advanced technologies including self-services fuel the growth of the global airport operations market.
PORTLAND, Ore., July 14, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Airport Operations Market by Airport Class (Class A, Class B, Class C, Class D), by Operation (Airside Operations, Landside Operations, Financial Operation, Information Management), by Platform (Hardware, Software, Service), by Airport Category (Commercial Service Airports, Cargo Service Airports, Reliever Airports, General Aviation Airports): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global airport operations industry generated $7.7 billion in 2021, and is expected to reach $13.8 billion by 2031, witnessing a CAGR of 6.3% from 2022 to 2031.
Drivers and Opportunities
Rise in investments to support brown filed and green field airport operations, increase in passenger traffic, and surge in adoption of new technologies that support automation & self-services drive the growth of the global airport operations market. However, the threats of cyber-attacks and data breach restrain the market growth. On the other hand, the adoption of total airport management (TAM) systems to handle the air traffic creates new opportunities in the coming years.
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Covid-19 Scenario
- Owing to ban on domestic and international travel during the initial stages of the pandemic, many airport operations were halted and the overall revenue of the global market was impacted.
- The lockdown implementation and ban on air travel led to nearly 22.9% decline in the global air traffic during the initial period.
- The airport operations began slowly with beginning of vaccinations across the world. The operations at airport are expected to get back on track post-pandemic.
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The hardware segment to maintain its leadership status during the forecast period
Based on platform, the hardware segment contributed to the highest market share in 2021, contributing to more than two-fifths of the global airport operations market, and is expected to maintain its leadership status during the forecast period. This is due to rapid technological advancements and adoption of touchless and self-operating systems. However, the software segment is projected to witness the largest CAGR of 6.8% from 2022 to 2031, owing to the integration of technologies such as AI, ML, and cloud operations along with regular updates of the software.
The landside operations segment to maintain its lead position during the forecast period
Based on operation, the landside operations segment held the highest market share in 2021, accounting for more than one-third of the global airport operations market, and is expected to maintain its lead position during the forecast period. Moreover, this segment is projected to manifest the fastest CAGR of 7.0% from 2022 to 2031. This is due to rise in demand to improve passenger experience and support automated operations. The research also analyzes the segments including airside operations, financial operation, and information management.
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Asia-Pacific to maintain its dominance in terms of revenue by 2031
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global airport operations market, and is expected to maintain its dominance in terms of revenue by 2031. Moreover, this segment is projected to manifest the fastest CAGR of 6.8% during the forecast period. This is attributed to surge in spending, living standards, and domestic travel in this area. The research also analyzes regions including North America, Europe, and LAMEA.
Leading Market Players
- Cisco Systems, Inc.
- Honeywell International Inc.
- IBM
- Indra
- QinetiQ
- Raytheon Technologies Corporation
- Siemens
- SITA
- Teledyne Technologies Incorporated
- Thales
- Daifuku Co., Ltd.
- Damarel Systems International Ltd.
- Amadeus IT Group
- Inform GmbH
- Aena
- Huawei Technologies Co., Ltd.
- ES Mobility
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