Report finds Smart Airports market size is set to grow to $8.3 billion by 2027
A recent report by MarketsandMarkets has outlined a series of projections and predictions for the growth of Smart Airports. The report states that Smart Airports aim to:
“Improve efficiency, reduce operational costs, and provide ease to passengers. With increased competition, passenger satisfaction has become the main focus for airlines and airports.”
Smart Airports are “airports based on the use of the intelligent systems such as sensors and devices configured for specific purposes in different areas in order to control, manage, and plan their operations in a centralised digital environment.” The technology helps to improve airport efficiency and experience.
Growth
The MarketsandMarkets report predicts the Smart Airports market size will grow from $7 billion in 2022 to $8.3 billion by 2027 at a CAGR of 3.5 per-cent. Two of the key drivers of the market are identified as the growing need for real-time information and the increasing use of self-service technologies at airports. Highlighting real time information as key in improving passenger journey, the report also emphasises the opportunity it holds for process optimisation.
Challenges
Outlining one of the challenges, the report discusses the lack of accurate understanding of passenger preferences. Where Smart Airports endeavour to tailor their airport experience to the individual, the current level of cohesive understanding of passenger preferences hinders this objective. The report suggests large databases of passenger preferences must be collated into a cohesive unit to facilitate airports’ understanding of passengers and their preferences. This is turn will catalyse the provision of a personalised service to passengers.
Major players
MarketsandMarkets picked out the following as prominent companies in the Smart Airports market:
- SITA
- THALES
- Siemens AG
- Amadeus IT Group SA
- IBM Corporation
- Cisco Systems Inc.
- Indra Sistemas S.A.
- Honeywell International Inc.
- L3Haris Technologies Inc
Key region
The report identifies the Asia-Pacific region as leading the Smart Airports market. It points towards “the growing disposable income, expansion in international tourism, and affordable airfares in rising countries,” as contributors to the region’s prominence in the field.
As Smart Airports continue to grow it is useful to see a comprehensive overview of the predicted growth outlined in this report.
Article by Jess Brownlow
