Smart Airport Market to Reach $66.76Bn, Globally, by 2028 at 17.0% CAGR with Hardware Segment Driving Growth During 2022–2028 | The Insight Partners
The Insight Partners
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The Insight Partners
The smart airport market is expected to register an incremental growth value of USD 40.68 Billion from 2022 to 2028. Growing investments from airport authorities for deployment of smart connected systems and focus of vendors on customer-centric offerings are the factors driving the growth of smart airport industry
Pune, India, June 28, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Smart Airport Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Component, Application, and Geography”, the global smart airport market size is expected to grow from USD 26.07 Billion in 2022 to USD 66.76 Billion by 2028; it is expected to grow at a CAGR of 17.0% from 2022 to 2028. The enhanced passenger experience and increase in air passenger traffic across the globe. However, the lack of trained and experienced staff is expected hinder the growth of the market.
Smart Airport Market Report Scope, Segmentations, Regional & Country Scope:
Report Coverage
Details
Market Size Value in
USD 26.07 Billion in 2022
Market Size Value by
USD 66.76 Billion by 2028
Growth rate
CAGR of 17.0% from 2022 to 2028
Forecast Period
2022-2028
Base Year
2022
No. of Pages
146
No. of Tables
62
No. of Charts & Figures
65
Historical data available
Yes
Segments covered
Component, and Application
Regional scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Companies Covered
Honeywell International Inc, Cisco Systems Inc, Huawei Technologies Co. Ltd, Indra Sistemas SA, Amadeus IT Group SA, SITA, Collins Aerospace, Daifuku Co. Ltd., Thales Group, T-Systems International GmbH.
Smart Airport Market Analysis: Competitive Landscape and Key Developments The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
February 2023: The Aviation Security Service (AvSec) of New Zealand awarded a contract to Smiths Detection, a leader in threat detection and security inspection technologies, to provide cutting-edge checkpoint security technology for its five main international airports: Auckland, Christchurch, Dunedin, Queenstown, and Wellington.
June 2022: Fiumicino Airport in Italy announced the development of a virtuous baggage handling system that includes baggage sorting systems and Hold Baggage Systems (HBS) for X-ray control of 100% of the baggage on departure.
China has emerged as a leader in the smart airport market, distinct from its dominance in the broader Asia Pacific region. The country's significant market share and advancements in smart airport technologies have propelled its leadership position. China's dominance in the smart airport market can be attributed to several key factors. Firstly, the country's massive population and rapid urbanization have substantially increased air travel demand. Chinese airports have experienced significant growth in passenger volumes, necessitating the adoption of smart technologies to handle the rising influx of travelers efficiently.
Secondly, the Chinese government has strongly emphasized developing advanced infrastructure and promoting technological innovation in the aviation sector. Initiatives like the "Civil Aviation Development 13th Five-Year Plan" have encouraged airports to upgrade their facilities and integrate smart solutions. The government's support has provided a conducive environment for implementing smart airport technologies nationwide. China's technological prowess and innovation capabilities have been instrumental in its market leadership. The country boasts a vibrant tech industry and a highly skilled workforce, fostering the development and adoption of cutting-edge technologies. Chinese airports have been early adopters of smart airport solutions such as facial recognition for security screening, self-service check-in kiosks, and real-time passenger information systems.
In addition, China's commitment to creating smart cities and digital transformation has extended to its airports. Major airports in the country, such as Beijing Capital International Airport and Shanghai Pudong International Airport, have undergone extensive smart upgrades, including smart security systems, intelligent baggage handling, and personalized passenger services. These initiatives have significantly enhanced the overall passenger experience and operational efficiency. Furthermore, China's leadership in 5G technology and Internet of Things (IoT) infrastructure has been pivotal in driving smart airport advancements. The high-speed connectivity of 5G networks enables seamless integration and data exchange among various airport systems and devices. This facilitates real-time monitoring, predictive analytics, and enhanced communication, contributing to smarter and more efficient airport operations.
Smart Airport Market: Segmental Overview Based on component, the market is divided into hardware and software. The hardware segment held the largest share of the market in 2020, whereas the software segment is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the smart airport market is segmented into terminal side, airside, and land side. The terminal side segment held the largest share of the smart airport market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
Advanced Security Systems Provides Lucrative Opportunities for Smart Airport Market: Advanced security systems present a significant opportunity for the smart airport market. With the increasing need for enhanced security measures, smart solutions can revolutionize how airports approach security. Smart airports can leverage advanced technologies such as biometric identification, facial recognition systems, and video analytics to create a robust and efficient security infrastructure. These systems enable airports to identify passengers and detect potential threats, improving overall security levels accurately and quickly. Biometric identification technologies, such as fingerprint or iris scanning, provide a secure and convenient way to authenticate passengers' identities, reducing the reliance on traditional identification methods like passports or boarding passes. This enhances the passenger experience by simplifying the check-in and boarding processes and strengthens security by reducing the risk of identity fraud.
Facial recognition systems integrated into smart airports can automate verifying passenger identities at various checkpoints throughout the airport, including security screening and immigration. This technology can compare the passenger's face against stored data or watchlist databases, allowing real-time identification of individuals of interest or potential security risks. Video analytics play a crucial role in enhancing security surveillance within airports. By leveraging artificial intelligence and machine learning algorithms, smart cameras can analyze video feeds in real-time, automatically detecting and alerting security personnel to suspicious activities or unauthorized access attempts. This proactive approach improves the ability to promptly prevent and respond to security incidents. These advanced security systems not only enhance safety but also improve operational efficiency. By automating and streamlining security processes, smart airports can reduce passenger wait times, enhance the overall flow of travelers, and minimize congestion at security checkpoints. This, in turn, contributes to a positive passenger experience and increases overall airport capacity. The smart airport market has an opportunity to develop and deploy these advanced security systems, catering to the growing demand for secure and efficient air travel. By implementing cutting-edge technologies, airports can establish themselves as leaders in aviation security while ensuring a seamless and safe experience for passengers.
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