The aviation industry is in a transitional phase across the world. Smart airports are the latest trend in this industry. According to a report by Transparency Market Research (TMR), the global smart airports market is expected to increase from a value of US$7.5 bn in 2015 to US$19.3 bn by 2024, expanding at a CAGR of 10.80% during the period from 2016 to 2024.
The exponential surge in passenger traffic has boosted the need to improve the efficacy of airport operations, leading to the deployment of smart solutions at airports. The increasing investments in the modernization of airports are also propelling the smart airports market significantly.
What are the major drivers of the global smart airports market?
The commercial aviation sector is experiencing a massive overhaul in its financial conditions, thanks to the installation of smart solutions at airports. Self-service and automated processes have emerged as major trends among passengers travelling by planes, which has given rise to the deployment of advanced palm prints and fingerprints recognition technologies at airports. Growing concerns over security have been driving the need for e-gates and automated border controls. All these factors are leading to an impressive rise in the global market for smart airports.
The increasing focus on green initiatives is also encouraging the usage of smart solutions at airports for better management of water, energy, waste, and emissions, adding significantly to the growth of worldwide smart airports market.
Which segment is leading the smart airport solutions market and what are the driving forces behind its growth?
Based on solution, the smart airports market is segmented into terminal side solutions, airside solutions, and landside solution. The landside solutions segment led the global market in 2015 with a share of around 46% in terms of revenue. However, the terminal side solutions segment is likely to register the fastest growth at a CAGR of 14.80% from 2016 to 2020.
The increasing adoption of digital video surveillance and management (DVM) solutions in airports for the improvement in the security is likely to impel the terminal side solutions segment over the next few years.
What is the latest trend among leading market participants in the global smart airports market?
The introduction of innovative solutions is the key trend among leading players in the worldwide market for smart airports. Vision-box, a major smart airport solutions provider, has recently introduced an automated border control (ABC) system for airports, which has been a massive hit in this market. Curaçao International Airport, Curaçao, John F. Kennedy International Airport, U.S.A., Viracopos International Airport, Brazil, and Queen Beatrix International Airport, Aruba, are some of the major international airports that have deployed ABC systems.
Other prominent participants in this market are IBM, Siemens AG, CISCO System Inc., Honeywell International Inc., and QinetiQ Group Plc.