According to the new research report published by The Insight Partners, titled “Smart Airport Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component and Application,” the market is expected to grow from US$ 26,073.62 million in 2022 to US$ 66,763.46 million by 2028; it is anticipated to grow at a CAGR of 17.0% from 2022 to 2028.
A smart airport comprises connected technologies and sensor-based systems enabled by global positioning systems (GPS), Internet of Things (IoT) devices, and other sensors-based components that assist airport operations. These technologies are also integrated with airport hospitality, smart parking and transportation, smart retail and entertainment, smart terminals, airport workplace, and other processes such as passenger verification and airport security. Smart airports are characterized by automated gates, facial recognition systems for passengers’ identification at various checkpoints and gates, health monitoring systems, smart cleaning, and automatic luggage scanning & weighing systems, etc. The implementation of AI-based biometrics at airports, rising awareness of low-cost airport operations, and supportive government initiatives for the development of smart airports while collaborating with leading smart airport pioneer companies are boosting the smart airport market growth. Increasing demand for artificial intelligence-based (AI-based) connected airport systems and rising demand for self-service and automated systems that aid in lowering operation time are supporting the market growth.
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According to the market research study, the rising number of airport projects across different countries is another major factor that is making Asia Pacific the fastest-growing region in the global smart airport market. For instance, China has planned to construct 215 new airports by 2035, including installing new and IoT-based technologies across those airports in the Chinese Airport Industry. Similarly, India has plans to build 200 new airports by the end of 2025, which will also boost the adoption of smart airport systems deployment across those airports. Moreover, in 2019, the Singapore Changi Airport had planned to build a new terminal 5 to increase the airport capacity, but the construction was suspended temporarily due to the COVID-19 pandemic. However, in May 2022, the transport minister of Singapore announced that Singapore would resume building a fifth terminal at its Changi Airport after a two-year halt. Such developments are expected to boost the smart airport market growth across Asia Pacific.
The smart airport market size is bifurcated into component and application. Based on component, the market is divided into hardware and software. The hardware segment is further segmented into security systems, communication and network systems, endpoint devices, and data storage. Based on application, the smart airport market is segmented into terminal side, airside, and land side.
Collins Aerospace, Amadeus IT Group SA, Honeywell International, SITA Aero, and Indra Sistemas S.A. are a few key smart airport market players profiled in the study. Several other major market players were studied and analyzed during this market research study to get a holistic view of the market and its ecosystem. The report provides detailed market insights, which helps the key smart airport market players strategize their growth.
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