According to the latest study titled ‘Air Traffic Management Market Size By Component (Hardware {Communication, Navigation, Surveillance}, Software), By System (Air Traffic Control, Airspace Management, Air Traffic Flow Management, Aeronautical Information Management), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Poland, Russia, China, India, Japan, New Zealand, Singapore, Australia, Vietnam, Brazil, Mexico, Argentina, Chile, Costa Rica, Egypt, Rwanda, Kuwait, Tanzania, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report, the global air traffic management market is anticipated to amass US $10 billion by the year 2025.
 

The growth of global economy coupled with rising number of air passengers and subsequently surged air traffic is propelling the growth of air traffic management market. Incorporation of AI and other advanced technologies to digitalize the management of air traffic, in tandem with rising focus towards enhancing the safety and efficiency of air operations will further augment the industry outlook.
 

The report cites that rising emphasis of governments across emerging nations to establish regional connectivity will stimulate the growth of air traffic management market. Countries like India and China are developing tier 2 and tier 3 airports to promote trade and tourism. Australia, on the other hand, is concentrating on single sky concept by adopting advanced air traffic management systems, thereby aiding market expansion.
 

Speaking of components, hardware segment dominated the air traffic management market in 2018 and is presumed to follow the same trend in the upcoming years. The spike in the demand for highly advanced communication, surveillance, and navigation hardware has encouraged market partakers to upgrade their product portfolio which has in turn amplified the demand of technically forward hardware components.
 

Based on system, air traffic control segment will continue its dominance in air traffic management market during 2019-2025 as well, cites the report. Rising demand for advanced communication and navigation systems is the main growth stimulating factor. Air traffic control system analyzes all the information collected from various systems and sends it to different end-users.
 

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Considering the regional landscape, North America air traffic management market held 29% share in 2018 and will garner substantial gains in the forthcoming years, on account of the presence of several leading market players across the region and ongoing upgradation of existing airports.
 

Furthermore, Asia Pacific air traffic management industry is estimated to witness decent growth through the year 2025, owing to rising passenger traffic and substantial cargo movement. As per IATA (International Air & Transport Association) forecast, China and India will account for 45% of total air passengers in the next twenty years.
 

The prominent contenders of air traffic management market include Frequentis Group, Honeywell International, Inc., Harris Corporation, Thales Group, Raytheon, Indra Sistemas, and Saab AB among others.