Smart Airport Market Growth Analysis | 2021-2026

Market Insights

The smart airport market was estimated at USD 2.2 billion in 2020 and is likely to grow at a CAGR of 12.5% during 2021-2026 to reach USD 4.4 billion in 2026.

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Market Dynamics

Introduction

The smart airport market refers to the use of advanced technologies and innovative solutions to enhance various aspects of airport operations, passenger experiences, security, and efficiency. Smart airports leverage technologies such as the Internet of Things (IoT), artificial intelligence (AI), biometrics, big data analytics, and automation to improve processes and provide seamless travel experiences.

COVID-19 IMPACT

The COVID-19 pandemic significantly impacted the aviation market between 2020 and 2021, leading to a decline in passenger traffic and income for airlines. The closure of global borders and increased international travel led to a decline in passenger numbers, forcing operators to find alternative income sources. As of March 2020, airlines were losing money due to reduced passenger numbers, aircraft hangars, maintenance, insurance, and operating expenses. Strict rules, border closures, and travel phobias have forced airlines to focus on cargo, causing significant financial losses.

Market Drivers

Surge in Air Passenger Travel in Developed Countries: The global commercial aviation market is expected to grow rapidly due to the expanding industry and increasing global air travel preferences. China and India are predicted to account for 44% of air passenger traffic in the next decade, with the fastest growth in the Asia Pacific region. Governments in industrialized nations are investing in green airports and smart airport initiatives to reduce environmental impact. Smart parking is also a developing concept in airports, which will fuel market growth over the study period.

Increasing Focus on Customer-Centric Approaches: Governments in developed countries are collaborating with key companies to design and develop smart airports, aiming to simplify passenger travel experiences and reduce waiting times. The growing demand for eco-friendly systems and airports is driving the demand for smart and green airports, thereby driving market growth.

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Key Players

Key players operating in the smart airport market are:

• Ascent Technology, Inc. (US)
• Cisco Systems (US)
• Honeywell International Inc. (US)
• Huawei Investment & Holding Co., Ltd. (China)
• International Business Machines Corporation (US)
• Indra Sistemas, S.A. (Spain)
• L3Harris Technologies Inc. (US)
• Raytheon Technologies Corporation (US)
• SITA (Switzerland)
• Thales Group (France)

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By System Trends

"Communication & network systems segment accounted for the largest market share in 2020."

Based on the system, the market has been segmented into communication & network systems, endpoint devices, data storage, and software & solutions. Among these, the communication & network systems segment accounted for the largest market share in 2020 and is expected to propel the market growth at a significant rate during the review period.

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Regional Insights

"The North American region accounted for the largest market share in 2020."

The market in the North America region accounted for the largest market share in 2020 and is expected to grow at a healthy CAGR during the review period. The regional market growth can be attributed to the widespread adoption of advanced technologies in the airports coupled with the presence of key market players such as Ascent Technology, Inc. (US) and Cisco Systems (US). The market growth in the Asia-Pacific region is likely to be driven by an increasing focus on the development of smart airports, particularly in developing countries including China and India.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s smart airport market realities and future market possibilities for the forecast period of 2021 to 2026. After a continuous interest in our smart airport market report from the industry stakeholders, we have tried to further accentuate our research scope to the smart airport market to provide the most crystal-clear picture of the market. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as in formulating the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The smart airport market is segmented into the following categories:

By System

• Communication & Network Systems
• Endpoint Devices
• Data Storage
• Software & Solutions

By Location

• Landside
• Airside
• Terminal Side

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.