Smart Airports Market Report Scope & Overview:

The Smart Airports Market Size was valued at USD 7.2 billion in 2022 and is expected to reach USD 9.34 billion by 2030 with a growing CAGR of 3.32% over the forecast period 2023-2030.

During the forecast period, the smart airport market is expected to grow at a significant CAGR. The fundamental purpose of developing the smart airport is to construct digitally equipped and organized systems and processes for process efficiency and connectivity. Various advanced technologies, such as the development of artificial intelligence technology and client identification via a unique heartbeat pattern with the assistance of biometric signatures, are being implemented across airports to aid in the management of massive airport databases.

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The creation and commercialization of advanced intelligent technologies create a digital ecosystem that includes flight booking management, baggage and document checkers, and machine-driven arrivals.

The global aviation industry stands to benefit greatly from the deployment of smart airport technologies. AI technologies such as machine learning, computer vision, and natural language processing have the potential to transform industries such as customer service, resource management, and airport security. Airbus S.A.S. and Boeing have both announced AI-based product launches and research initiatives in recent years. Furthermore, these companies have made significant investments in AI startup firms through their venture arms in order to develop cutting-edge AI-driven solutions.

MARKET DYNAMICS

KEY DRIVERS

• Increased demand for real-time data decreases the strain on airport infrastructure and personnel, which is projected to propel market expansion.

• Construction of new airports

RESTRAINTS

• One of the major factors limiting market growth is a lack of skilled labour.

• Management of AI and automated systems can be difficult at times and necessitates exceptional software engineering skills as well as significant experience addressing distributed and concurrent programming or debugging communication protocols.

OPPORTUNITIES

• The smart wheelchair system is a wheelchair that is guided by vision-based technology.

• Roboto, a prototype robotic chef who prepares Laksa for passengers, and advanced innovative smart robots for increasing workforce productivity.

CHALLENGES

• Development of environmentally friendly solutions for increasing baggage management, passenger traffic management, and providing cost-effective passenger services

• Frequent failures in the smart system and their repair necessitate a large amount of resources, time, money, and professionals, stifling market growth.

THE IMPACT OF COVID-19

The Covid-19 epidemic has had a profound effect on various sectors around the world. But the smart airport market is well influenced by its new technology. Investments in the integration of technological innovations such as tactile solutions, self-help cookies, and biometric key chains are increasing over the years. Because of the closure and the risk of transmitting the corona virus, people are getting off at airports, and it is easy to install and use new technologies at airports.

After the completion of the closure and reduction of corona cases, passengers resumed their flights to the airport during a major update that required the implementation of advanced technologies such as electricity, control systems, IT, robots, etc. at smart airports to be managed in a sustainable manner. costs. In addition, the growing demand for passenger information at airports encourages the growth of smart airports in the coming years. Customer performance may be enhanced by new technologies such as smart mirrors that help blind people and a biometric passenger identification system. COVID-19, therefore, provides key players with the opportunity to develop new technologies and boost the growth of an intelligent airport market.

The global smart airport market is divided into two types based on application: aeronautical operations and non-aeronautical operations. The non-aeronautical segment is expected to grow significantly because services such as advertising, smart parking, retail outlets, Wi-Fi, and so on are propelling the market's growth.

The airport industry is one of the world's most competitive and prominent industries. It generates significant income as well as employment. There are three types of airport locations: air-side, land-side, and terminal-side. the air-side application segment accounted for 62.7% of the global smart airports market. This application segment includes, among other things, air traffic management and aircraft turnaround management. The use of smart applications for air-side operations has grown in recent years. Airports have the potential to significantly reduce passenger wait times and address some of the most frequently encountered issues, such as lost bags, flight delays, and customer service issues, by effectively utilizing IoT, AI, and big data.

The industry is dynamic and is expected to grow significantly in the near future. Companies in the market are introducing new innovative products and technologies to keep up with airport modernization and effectively address the growing demand for real-time information. To increase their revenue share, key industry players are pursuing merger and acquisition strategies as well as forming alliances with other players across the value chain.

Companies all over the world are focusing on technological innovation to generate new revenue streams by transitioning to digital platforms and smart technologies that enable self-service processes. The key players account for a sizable market share.

KEY MARKET SEGMENTATION

By Type

• Airport 2.0

• Airport 3.0

• Airport 4.0 

By Application

• Aeronautical Operations

• Non-aeronautical Operations

By System

• Communication & Network Systems

• Endpoint Devices

• Data Storage

• Software & Solutions

By End User

• Implementation

• Upgrades & Services

By Location

• Land-side

• Air-side

• Terminal Side

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REGIONAL ANALYSIS

During the forecast period, North America is expected to be the largest market for smart airports. North America's smart airports market is led by the United States. The need to optimize airport operations is driving investments in smart applications. The use of IoT, AI, and AV VR has the potential to improve airport operations and increase transparency. North America has the most airports in the world, which drives the demand for IoT technology integration. The presence of major smart solution providers such as Collins Aerospace, IBM Corporation, and Honeywell International Inc, in addition to its various airports, is expected to drive the market in this region.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS

The Key Players are Cisco Systems Inc., Raytheon Technologies Corporation, SITA, Thales Group, Ascent Technology, Inc., Indra Sistemas, S.A., L3Harris Technologies Inc., Huawei Investment & Holding Co., Ltd., International Business Machine Corporation, Honeywell International Inc & Other Players.

Ascent Technology, Inc-Company Financial Analysis