CHICAGO, Jan. 4, 2023 /PRNewswire/ -- The smart airports market size is projected to grow from USD 7.0 Billion in 2022 to USD 8.3 Billion by 2027, at a CAGR of 3.5% from 2022 to 2027 according to a new report by MarketsandMarkets. The growing demand for advanced smart solution to cater the increased demand of air-passenger footfall to drive the market.
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Upgrades & Services is expected to account for the largest share in 2022
Based on End Market, Upgrades & Service segment is projected to lead the smart airports market during the forecast period. Existing systems and solutions are being upgraded with advanced technology and solutions to improve the passenger experience and operational efficiency. The market is being driven by the desire for enhanced maintenance and services to ensure their continued operation.
The Endpoint Devices is projected to dominate market share in the system segment during the forecast period
Based on System, the Endpoint Device segment is projected to dominate the market share during the forecast period. To expedite the screening process, airports use dependable endpoint devices like biometrics, RFID, beacons, and so forth. The customer experience and airport operations have both improved with the deployment of end point devices. Furthermore, improvements in endpoint devices have raised security standards and streamlined airport security checks.
The Airside is projected to dominate market share in the system segment during the forecast period
Based on application, the airside segment is projected to dominate the market share during the forecast period. Smart operations are frequently used at the airside to improve ground staff management and hasten aircraft turnaround. Thus, over the past few years, there has been a growth in demand for smart airside operations solutions, such as sophisticated aircraft parking solutions and cutting-edge maintenance and health monitoring systems.
The medium segment projected to lead smart airports market during the forecast period
Based on airport size, the medium segment is projected to lead the smart airports market during the forecast period. The market is further segmented into small, medium and large. This expansion is connected to the increasing need for the installation of advanced technologies in airports, as well as the increased demand for system modification throughout the world.
The non-aeronautical segment is projected to dominate market share in the operation segment during the forecast period
Based on operation, non-aeronutical segment is projected to dominate the market share during the forecast period. Airports are focusing on targeted digital advertising as well as other initiatives like inventory management and intelligent transport services in order to satisfy consumer expectations and assist the growth of the non-aeronautical segment.
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Asia Pacific is expected to account for the largest share in 2022
The smart airports market industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific accounted for the largest market share in 2022, and North America is projected to witness the highest CAGR during the forecast period. The market for smart airports in the aviation sector is expected to benefit from rising air travel demand. The regions the growth of international tourism, and low-cost flights to developing nations like India are the main factors fueling the increase in passenger traffic in the area. The demand for automated procedures such as baggage handling and self-check-in services will rise as the number of passengers rises. This will support the remarkable rise of smart airports in the Asia-Pacific region, which will support the markets overall expansion.
Major players operating in the smart airports market include SITA (Switzerland), THALES (France), Siemens AG (Germany), Amadeus IT Group SA (Spain), IBM Corporation (US), Cisco Systems Inc. (US), Indra Sistemas S.A. (Spain), Honeywell International Inc. (US), L3Harris Technologies Inc (US).are some of the market players.
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