Albany, NY, Sept. 07, 2016 (GLOBE NEWSWIRE) -- Market Research Reports Search Engine (MRRSE) has added a new report to its vast database of research publications. The report is titled “Smart Airports Market (Infrastructure - Endpoint Devices, Communication Systems, Passenger, Cargo and Baggage Ground Handling Control, Air Traffic Control, Security Systems and Others; Solutions - Terminal Side, Airside, and Land Side; Applications - Core Application; Services - Smart Transport and Parking, Smart Retail, Hospitality, and Entertainment, Smart Workplace, Smart Airport Processes, and Smart Business-to-Business Services) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024” and offers a comprehensive outlook on the global as well as regional market for smart airports. 

The report, published by Transparency Market Research, states that the global smart airports market is anticipated to expand at a 10.8% CAGR during the forecast period. The value of the market is projected to rise from US$7.5 bn in 2015 to US$19.3 bn by 2024. The surging competition in the airline industry and the increasing focus on innovation and cost-reduction have contributed significantly to the growth of the smart airports market. The rising penetration of smartphones and tablets has also resulted in the increase in mobile check-in facilities, thereby fueling the smart airports market. In addition to this, the rising level of IT spending across airports and the surge in passenger traffic continues to drive the smart airports market.

On the down side, the high initial investment needed for large-scale infrastructure and high connectivity is a major challenge that players within the smart airports market are facing.

The smart airports market is segmented on the basis of infrastructure, solutions, application, services, and geography.

On the basis of infrastructure, the smart airports market comprises communication systems, air and ground traffic control, endpoint devices, passenger, baggage, and cargo ground handling control, security systems, and others. By solution, the smart airports market includes airside, terminal side, and landside. Based on application, the market is bifurcated into business and core applications. On the basis of service, the market is divided into retail, entertainment, and hospitality, processes, transport and parking, workplace services, and business-to-business services. The main regional segments of the global smart airports market are Europe, the Middle East and Africa, North America, Latin America, and Asia Pacific.

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The assessment of the competitive landscape of the global smart airports market makes for an interesting read, wherein the report focuses on the performance and contribution of the key players for the period 2016 to 2024. The companies profiled in the smart airports market report are Honeywell International, Inc., QinetiQ Group PLC, Vision-Box, SITA, Amadeus IT Group SA, Siemens AG, IBM, CISCO System, Inc., Thales Group, and Raytheon Company.

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These players have been studied based on market presence by geography and segment, company details such as employee strength, headquarters, and foundation year, strategy and historical roadmap, key developments, and revenue and operating profits.

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