Worldwide smart airport market is predicted to accumulate approximately US $31.10 billion by the year 2026, demonstrating a CAGR of 11.2 percent, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Increasing deployment of the self-service kiosks at airports, coupled with surging costs linked with high energy use, is slated to enhance the demand for smart airport solutions. According to the latest study, the market growth for smart airport across the globe is boosted by the high penetration of mobile & smart devices. The report adds that several government regulations centered on energy usage & emissions help support the upward trend of the global market.
The report unveils that the increasing adoption of Internet of Things, along with rising security concerns are the factors prominently promoting the implementation of smart airport solutions. New evolving markets, modernization of old airports, higher awareness of efficient energy and technological enhancements are contributing to global market share. Other significant factors, such as the surging need for various personalized services for travelers, rising need for simplification as well as enhancement of user experience, and the ascending demand for real time information are poised to offer enormous growth opportunities to the global market throughout the forecast period, cites the report.
Smart airport solutions extend the capabilities of advanced data processing and high-resolution imaging for facial recognition, in a bid to offer enhanced flow management and security processing. Travelers are also facilitated with personalized wayfinding to traverse across the terminals, with access to accurate timings at every level. In order to minimize queueing for security & immigration, the smart airport solutions employ predictive & real time passenger flow systems.
Security search involves on-the-move facial recognition, which is non-intrusive, and conducts bag scanning, risk-based analytics & identification of high-risk travelers. The real time data obtained from transport systems promote adaption of flight schedules, in addition to providing connected and automated travel options, that are fairly seamless and reliable.
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The global smart airport market research report provides a thorough analysis of smart airport market drivers, dynamics, and estimated future trends, besides deep scrutiny of numerous market restraints and opportunities that affect the commercialization scope of this industry over the projected timeline. The report also includes an in-depth industry analysis that potentially deals with Porter’s five forces including the bargaining power of supplier, bargaining power of buyer, degree of competition, threat of new entrant, and threat of substitute.
Speaking of the regional segmentation, North America held the largest market share in the worldwide smart airport market in the year 2018. The regional growth was highly propelled by increasing penetration of mobile devices, huge investment in research & development, established telecommunication industry and cloud infrastructure, and growing technological advancements. Other factors promoting market growth in the region include the enforcement of favorable government regulations concerning energy usage & emissions, besides the rising awareness about the deployment of energy efficient equipment. Market specialists further claim that rising concerns regarding increasing air traffic, safety, escalating adoption of connected devices & IoT, and modernization of old airports have led to augmented demand for smart airport solutions in the region.
Speaking of the competitive spectrum of this market, the key players profiled in the report are Thales Group, IBM Corporation, International Business Machines Corporation, Rockwell Collins Inc., Siemens AG, Cisco Systems Inc., Amadeus IT Group SA, T Systems International GmbH, Indra Siestma SA, and Honeywell International Inc. among others. These companies are currently focusing on launching new products as well as joining forces with other market leaders, with the intent to enhance market reach and cater to the growing needs of consumers.