New York, April 04, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The smart airports market was valued at USD 15.9 billion in 2022 and is projected to reach USD 36.2 billion by 2032. It is anticipated to have the highest compound annual growth rate (CAGR) of 8.8% during the forecast period between 2023 and 2032. Smart airports use smart and intelligent systems such as sensors and devices for specific purposes in different areas to manage, plan, and control the administration.
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Key Takeaway:
- By Technology, in 2022, the body passenger-cargo baggage control segment has generated a revenue share of 34.6%.
- By Location, the air side segment has dominated the market, and it is growing at a CAGR of 44.3% over the forecast period 2023 to 2032.
- By Application, the non-aeronautical segment was dominant in the market, with the largest market share in 2022.
- In 2022, North America dominated the market with the highest revenue share of 35.9%.
- Asia-Pacific will grow at a significant CAGR from 2023-2032.
The airline sector is becoming more economical in emerging economies as airline options increase, causing an enormous increase in airline traffic. As this sector is becoming highly competitive, airports are becoming receptive and responsive to the requirements and demands of passengers. It is giving rise to the need for innovative research focusing on cost reduction accompanied by increased choices and value.
Factors affecting the growth of the smart airports market
Several factors can affect the growth of the smart airport's industry. Some of these factors include:
- Increasing technological advancements: Advancements like introducing the Internet of Things (IoT) in aircraft components and manufacturing processes are the main key factors in the smart airports market.
- Growing implementation of cloud-based platforms: Smart airports market companies have started worldwide adoption of cloud-based platforms to develop smart airports and designs.
- Increasing traveling habits: Individuals are nowadays more inclined towards traveling habits due to high disposable incomes.
- Changing consumer habits: Consumers are more inclined towards a luxury lifestyle due to urbanization and high income.
- Introduction to cloud computing: Cloud computing serves passengers with their new requirements, ensures passengers' safety, and provides a personalized experience.
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Top Trends in Global Smart Airports Market
There is the development of high-performance and affordable cloud computing infrastructure also significantly impacts the growth potential of the global smart airport market. The smart airport market is becoming increasingly globalized, with a greater focus on cross-border collaboration and the sharing of the best luxury services to consumers. The market is driven by the growth of travel & tourism around the world, as well as the increasing disposable income. The smart airports market also highlights the need for improved skilled professionals to handle smart airports and related technologies.
Market Growth
Technological advancements like introducing the Internet of Things (IoT) in aircraft components and manufacturing processes are key factors in the growth of the smart airports market. Companies worldwide are beginning to implement cloud-based platforms to develop new smart airport systems or component designs.
Regional Analysis
The smart airports market was dominated by North America, which acquired the most significant revenue share of 35.9% in 2022. The growth of smart airports in North America is supported by many factors, such as the introduction of tracking systems, the growing demand for real-time information, and immigration systems. Asia Pacific is predicted to grab the largest market share during the forecast period due to the higher acceptance rate of smart airports in emerging economies such as India and China. The Middle East & Africa (MEA) region is expected to experience substantial growth during the forecast period, mainly due to increased passenger traffic and the expansion of airport modernization programs. Smart airports in the UAE have started to adopt voice-based artificial intelligence tools and digital assistants to provide real-time information to passengers.
Competitive Landscape
Some of the major players include Amadeus IT Group SA, CISCO System Inc., Collins Aerospace, Daifuku Co. Ltd., Ascent Technologies, Honeywell International Inc., Huawei Technologies Co. Ltd., IBM Corporation, Indra Sistemas S.A., ITA, L3Harris Technologies Inc., Raytheon Company, RESA, Rockwell Collins Inc., Lufthansa Systems GmbH & Co. KG., Sabre Corporation, Siemens AG, SITA, Thales Group, T-Systems, Vision-Box, Wipro Limited, Zensors, Ascent Technology Inc., Adelte, Amadeus IT Group.
Recent Development of the Smart Airports Market
- In June 2022, Italy’s Fiumicino Airport announced the manufacturing of a superior baggage handling system, which includes a baggage sorting system and a baggage storage system.
- In May 2019, Hamad International Airport(HIA) launched the second phase of its smart airport program. This program is generally focused on digital transformation, facial recognition, and biometrics.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 15.9 Bn |
| Market Size (2032) | USD 36.2 Bn |
| CAGR (from 2023 to 2032) | 8.8% |
| North America Revenue Share | 35.9% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Companies in the smart airports market around the world are focusing on green initiatives to protect the environment. Some airlines are trying to become more sustainable. The growing green initiatives of the smart airports market are contributing to industry growth.
Market Restraints
Huge investments are necessary to construct smart airports, and it is not always possible to bring in such investments. Sometimes, it is also difficult to understand and practically follow client preferences. Apart from this, the lack of skilled workers is also a factor that is restraining the global smart airport market growth.
Market Opportunities
The introduction of devices with advanced options, such as client identification via a unique heartbeat pattern or with the help of biometric signatures, is creating growth opportunities in this market. In addition, the tourism sector has witnessed massive growth aided by increased air travel by tourists for a faster and more convenient option. Conventional airports must be upgraded to smart airports to cope with the increased traffic. This is a significant driver for the smart airports market as it is anticipated to create lucrative opportunities in the smart airports market.
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Report Segmentation of the Smart Airports Market
Technology Type Insight
Based on technology, the passenger-cargo baggage control segment dominated the smart airports market. Automatic baggage handling systems that correctly track and process baggage flows are necessary for well-organized handling. Baggage and cargo handling systems provide the easy handling and transport of passenger baggage and cargo shipments at airports.
Location Insight
On basis of location, the air side segment was dominant in the smart airports market with the largest market revenue and will remain dominant during the forecast period. Air side provides better management of traffic. As a result, the need for an airside segment will grow during the forecast period.
Application Insight
Based on application, the non-aeronautical segment was dominant in the global smart airports market, with the largest market share in 2022. As airports are spending on mostly non-aeronautical activities like parking facilities, lounges, gathering rooms, and lodging facilities.
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Market Segmentation
Based on Technology Type
- Security Systems
- Communication Systems
- Passenger Cargo Baggage Control
- Air/Ground Traffic control
- Others
Based on Solution
- Air Side
- Terminal side
- Land Side
Based Application
- Aeronautical
- Non-aeronautical
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Amadeus IT Group SA
- CISCO System Inc
- Collins Aerospace
- Daifuku Co. Ltd.
- Hitachi Ltd.
- Ascent Technologies
- Honeywell International Inc.
- Huawei Technologies Co. Ltd
- IBM Corporation
- Indra Sistemas S.A.
- ITA
- L3Harris Technologies Inc.
- Raytheon Company
- RESA, Rockwell Collins Inc.
- Lufthansa Systems GmbH & Co. KG.
- Sabre Corporation
- Siemens AG
- SITA
- Thales Group
- T-Systems
- Vision-Box
- Wipro Limited
- Ascent Technology Inc.
- Amadeus IT Group
- Huawei Investment & Holding Co. Ltd.
- Ascent technology, inc.
- Other Key Players
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