The Smart Airport Market size is expected to grow from US$ 26,073. 62 million in 2022 to US$ 66,763. 46 million by 2028; it is expected to grow at a CAGR of 17. 0% from 2022 to 2028. The emerging need for cost-effective and efficient systems across airports is one of the major trends in the smart airport market.
New York, July 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Airport Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component and Application" - https://www.reportlinker.com/p06295701/?utm_source=GNW
According to International Air Transport Administration, the airport operational costs can be as high as US$ 9.95 per passenger aeronautical revenue, US$ 7.08 per passenger non-aeronautical revenues, or US$ 13.69 per passenger total cost. The systems deployed for performing airport operations are expensive and incur recurring costs to airports for servicing, upgrading, and maintenance.
The deployment of smart parking in smart airports is one of the major examples of cost-effective airport systems.These systems provide directions to passengers to find available parking spaces.
Mobile smart parking apps can also be integrated with e-ticketing for parking to provide a seamless passenger experience and improve operational efficiency and reliability of parking areas, resulting in greater revenue generation at a lower cost for airport administrations.
Impact of COVID-19 Pandemic on Smart Airport Market
Following a decade of a constant and substantial increase in global passenger traffic, the COVID-19 pandemic effectively discontinued activities at airports globally in the second quarter of 2020.As a result, the overall number of passengers in 2020 declined dramatically compared to 2019.
The Middle East will continue to be one of the most affected area in terms of relative decline in air passengers, as it registered a drop of 69.3% in 2021. This is owing to the region’s reliance on foreign travel and connectivity, which are rebounding at a considerably slower pace than domestic travel. South America, however, is predicted to recover faster than the other regions in 2021. While major challenges exist, the road to recovery is becoming clear. For instance, Dubai Airports has worked with Huawei to create a smart airport that provides what consumers want: short lines, simple online services, and on-time flights. The UAE intends to expand Dubai International Airport to handle 120 million people annually by 2023, up from the existing capacity of 90 million. Free Wi-Fi, Smart gates, data gathering and sharing, airport apps, requirement projections, asset management and maintenance, and aircraft punctuality rate monitoring have all been emphasized in these smart airports.
The UK accounted for the second-largest market in the European smart airport market. The country has two fully operational smart airports i.e., London Heathrow Airport and Edinburgh International Airport. The UK airports are one of the busiest airports across the region as it handles a large volume of passengers annually. These airports are also trying to implement new smart airport technologies to develop an intelligent operational infrastructure in airports. For instance, in 2021, Heathrow Airport (LHR) initiated a trial of touchless bag drop technology developed by Amadeus—a Spanish IT solution provider. Moreover, the airports across the UK are taking initiatives to recover the revenue loss incurred during the COVID-19 pandemic as many airports and airline operations were suspended from FY 2020 to 2021. However, in 2021, a Border IT failure across the country has caused electronic passport gates to fail across the UK airports. Such IT challenges are expected to hamper the adoption of smart technologies across the UK smart airport market.
Asia Pacific (APAC) is expected to be the fastest-growing smart airport market globally during the forecast period.The Asia Pacific smart airport market analysis is conducted on the basis of countries such as Australia, China, India, Japan, South Korea, and the Rest of APAC.
The second-largest smart airport market share in the APAC region is expected to be accounted for by the rest of APAC region in 2022.
The Rest of APAC comprises Singapore, Malaysia, Indonesia, and Thailand. The region is already having the presence of one of the largest smart airports worldwide, i.e. Singapore Changi Airport. Further, Kuala Lumpur International Airport and Indonesia International Airport are deploying smart and intelligent systems across their respective airports to enhance the customer experience by reducing the time consumed at different stages of the boarding process. The airports across the rest of APAC countries are taking several initiatives to deploy various smart airport systems across their respective airports. For instance, in December 2021, SITA installed 100 units of biometric-enabled self-service Smart Path kiosks – the TS6 and SITA Smart Path Bag Drop at Kuala Lumpur International Airport. Moreover, in 2020, the Thai government announced that it is collaborating with the Chinese telecommunications juggernaut to bring 5G networking and services as a part of the nation’s ’smart airport’ initiative, starting with Krabi airport as a pilot project. Such developments across the region are likely to boost the smart airport market growth in the coming years.
Honeywell International Inc.; Cisco Systems Inc.; Huawei Technologies Co., Ltd; Indra Sistemas SA; Amadeus IT Group SA; SITA; Collins Aerospace; Daifuku Co. Ltd.; Thales Group; and T-Systems International GmbH. are among the players operating in the global smart airport market and profiled in this market study.
The overall smart airport market size has been derived using both primary and secondary sources.To begin the smart airport market analysis research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the smart airport market.
The process also serves the purpose of obtaining an overview and market forecast of the smart airport market growth with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic.
Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the smart airport market.
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