The global market for smart airport is at a developing stage and is estimated to grow at a healthy growth rate in the next few years. Thanks to this, the market is expecting an entry of a few players, which is likely to result in a high competition among the key players in the next few years, states a new market research report by Transparency Market Research. Some of the major players operating in the smart airport market across the globe are Amadeus IT Group SA, Thales Group, CISCO System, Inc., IBM Corporation, Lufthansa Systems GmbH & Co. KG. RESA, S.A.S., Siemens AG, Honeywell International, Inc., Vision-Box, and SITA. The increasing focus on innovations and research and development activities is likely to accelerate the overall growth of the market in the next few years.
According to the market study by Transparency Market Research, the global market for smart airport is expected to register a promising 13.0% CAGR between 2018 and 2026.
North America to Dominate Global Smart Airport Market in Near Future
The global smart airport market has been classified on the basis of geography into the Middle East and Africa, Latin America, Europe, North America, and Asia Pacific. As per the research study, North America is projected to account for a large share of the overall market in the next few years. The high growth of this region can be attributed to the increasing number of improvements in the current services and solutions. In addition to this, the presence of a large number of players is another key factor that is likely to accelerate the growth of this region in the near future. Furthermore, Asia Pacific is projected to register a fast growth rate in the coming years, thanks to the favorable government initiatives for the implementation of the advanced solutions at the airports. The growing demand for automated processes at airports in several emerging economies is predicted to enhance the growth of the smart airport market in the near future.
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The global market for smart airport market has been further segmented on the basis of infrastructure into communication systems, cargo and baggage handling, endpoint devices, air traffic control systems, passengers, and security systems. Among these, the security systems segment is expected to lead the market with a major share of the global smart airport market. The increasing demand for biometric devices by airports for the purpose of checking and identification processes is considered as one of the key factors estimated to enhance the growth of this segment in the near future.
Increasing Trend of Personalized Services to Accelerate Market Growth
The rising number of smartphone users across the globe is one of the major factors that is expected to encourage the growth of the global smart airport market in the next few years. The rising needs for the real-time information is another key factor that is estimated to accelerate the growth of the market in the near future. In addition to this, the growing focus of the key players on the customer-centric approach and the growing use of self-service technologies at the airports are further projected to enhance the growth of the smart airport market in the coming few years. On the flip side, the rising number of difficulties in data collection and understanding the preferences of consumers are expected to restrict the growth of the market in the near future. Nonetheless, the rising trend of personalized services is estimated to offer potential growth opportunities for the market players, thus supporting the growth of the market in the near future.