Albany, New York, March 26, 2019 (GLOBE NEWSWIRE) -- The global smart airport market is expected to witness high growth, as the key players in the market are investing heavily in research and development activities, observes Transparency Market Research. Key players are using innovative ways to strengthen their position in the market, which will increase competition among them. Entry of new players in the market is also projected to increase competition in this market. The players to stay abreast also use other growth strategies such as product development, innovation, and expansion. Moreover, players are innovating and implementing advanced technologies to address the growing demand for real-time information effectively. The report analysis some of the key players including Amadeus IT Group SA, Siemens AG, Thales Group, S.A.S., CISCO System, Inc., Lufthansa Systems GmbH & Co. KG. RESA, and IBM Corporation in the global smart airport market.
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According to the TMR’s report, the global smart airport market is projected to progress at 13.0% CAGR over the forecast period 2018 to 2026. Based on infrastructure, the security systems segment is likely to lead the market, as there is high demand for biometric devices in airport for checking and identification processes.
Geographically, North America is likely to hold maximum share in the global smart airport market due to the presence of large number of players in the region. Moreover, growing efforts in changing existing services and solutions has further augmented demand for smart airport in developed regions. Asia Pacific is also projected to contribute in the growth of this market owing to high demand for automated processes at airports in several emerging economies. Rising government support for the implementing advanced solutions at the airports to expand Asia Pacific smart airport market.
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Modernizing Old Airports to Expand Development of Smart Airports
The global smart airport market has gained huge traction in the last couple of years, as there is a huge demand for modernizing old airports. Moreover, rising development in commercial aviation, the establishment of new airports with advanced technologies, and increasing green initiatives are other crucial factors fuelling demand in the global smart airport market. Increasing adoption of technologically enabled devices such as smart luggage system has also gained huge attention. In addition, on-site application of the Internet of Things (IoT) to transform customer experiences will further accelerate demand in the global smart airport market.
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In smart airports, one can see the use of advanced technologies such as near-field communication (NFC), quick response (QR) codes, augmented reality (AR), and similar other services expanding the potential of smart airports. Employment of these technologies helps in automating various airport processes thus, providing advanced customer experience. Adding further, deployment of biometric devices in airports is creating new growth opportunities in the global smart airport market.
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Difficulty in Data Collection to Hamper Growth in Smart Airport Market
Despite the growing demand in the global smart airport market, few restraining factors might obstruct growth in this market. One of the major concerns is in understanding the different preference of a large number of people travels through flights. Moreover, increasing difficulty in data collection is another factor that can hinder the growth of smart airports. However, with the growing trend of personalized services will help in overcoming these challenges and will accelerate growth in the global smart airport market. Shifting focus towards a data-driven and customer-centric approach might also give a thrust to this market and will enhance the operational efficiency in the global smart airport market.
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The study presented here is based on a report by Transparency Market Research (TMR) titled “Smart Airport Market ( Infrastructure - Endpoint devices, communications systems, Passenger, Cargo and Baggage Ground Handling Control, Air/Ground Traffic Control, Security Systems; Solutions - Terminal Side, Airside, Landside; Application - Core Applications, Business Applications; Services - Smart Transport and Parking Services, Smart Retail, Hospitality, Entertainment Services, Smart Workplace Service, Smart Airport Processes and Smart Business-to-Business Services) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026”.
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