Rising Urbanization and Growing Number of Investments Has Increased the Demand for Smart Airports Market

Globally, the smart airport market is expected to grow with a CAGR of 11.50% during the forecast period from 2023 to 2030 and had registered a market value of US$ 14.71 Bn by 2021. The smart, airport gathers various technologies with the help of Internet of Things (IoT), with an objective of tactically differentiating an airport, while offering improved traveler experience, and providing various benefits with efficiencies and new revenue streams.

The rising urbanization and development of infrastructure across the globe are one of the major factors driving the growth of the market. Increasing number of modernized airports, growing adoption of IoT, and artificial intelligence in the airport management and security departments are driving the growth of smart airports market. Additionally, the government across the globe is investing heavily in the development of smart airports to increase security and to offer services with ease to passengers. 

Smart Airports with Check-in Systems in its Terminal Side Segment Continue Dominating the Market

In 2020, the Check-in Systems segment led the overall smart airports market contributing to more than 35.0% of the total market revenue and is expected to grow with a significant CAGR during the forecast period. Being one of the most prominent aspects of airport functioning, the segment is set to retain its dominance over the forecast period. This segment is gaining more popularity due to the increasing number of air travelers and a decrease in the airfares which has increased the number of check-ins.

North America Dominates the Market by Region

The global smart airport market was led by North America with a market share of more than 30.0% in the year 2020. The region is one of the earliest adopters of the technology and increasing investments made by the government and private enterprises in the market for security concerns, ease of management, reducing manual work and others is one of the factors, which is driving the market growth in the region. The US accounts for the largest market share in the region due to the development of new technology and the increasing utilization of various IoT devices in airports for communication purposes.

Some of the prominent players operating in the smart airports are Honeywell International Inc., Cisco Systems Inc., Amadeus IT Group, Siemens AG, T-Systems International GmbH, Thales SA, SITA, Collins Aerospace, NATS Limited, Sabre Corp., IBM Corporation, and L-3 Security & Detection Systems Inc.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Smart Airports market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Smart Airports market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Smart Airports market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Smart Airports market?
• Which is the largest regional market for Smart Airports market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Smart Airports market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Smart Airports market worldwide?