Smart Airports Market to increase by USD 6.66 billion from 2023 to 2028 | Demand for smart security at airports to drive the growth – Technavio

NEW YORK, Dec. 18, 2023 /PRNewswire/ — The smart airports market size is expected to grow by USD 6.66 billion from 2023 to 2028. However, the growth momentum of the market will progress at a CAGR of  12.73% during forecast period. The market is segmented by End-user (Non-aeronautical and Aeronautical), Application (Large, Medium, and Small), and Geography (North America, Europe, APAC, South America, and Middle East and Africa).

Demand for smart security at airports is notably driving the market growth. The aviation industry is always striving to enhance safety and security measures while improving the passenger experience. Smart security at airports is a significant development in this regard. It incorporates advanced technologies and data-driven solutions to address evolving threats and streamline security processes. Smart airports employ cutting-edge screening equipment such as automated security lanes, body scanners, and explosives detection systems to enhance security while reducing wait times. To ensure the security network’s integrity, these systems rely on secure, encrypted data transmission to protect sensitive information.

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Key Highlights:

• The report recognizes the following as some of the key players in the smart airports market: Alvest SAS, Amadeus IT Group SA, Ascent Technology Inc., Cisco Systems Inc., Daifuku Co. Ltd., Deutsche Telekom AG, Honeywell International Inc., Huawei Technologies Co. Ltd., Indra Sistemas SA, Infax Inc., International Business Machines Corp., Kiewit Corp., L3Harris Technologies Inc., NEC Corp., Raytheon Technologies Corp., Sabre Corp., Siemens AG, SITA, Thales Group, and Wipro Ltd.
• The Smart Airports Market is fragmented in nature.
• Market to observe 12.25% YOY growth in 2024.

Market Dynamics:

Trend & Challenges

Increasing digital transformation of airports is an emerging trend shaping the market growth. Airports are experiencing digital transformations, implementing cutting-edge technologies like the Internet of Things (IoT), data analytics, and artificial intelligence (AI) to optimize operations and improve passenger services and experiences. Digital transformation at airports contains the integration of cutting-edge technologies and digital solutions to improve passenger experiences, optimize airport operations, and enhance overall efficiency.

The high initial investment in smart technologies is a significant challenge hindering market growth. Developing and integrating smart technologies at airports needs substantial capital investment. Smaller airports may struggle to ensure the necessary funding for such projects. Airports may have limited budgets to allocate to technology upgrades in an industry with tight profit margins and economic uncertainties. They must prioritize investments in safety, security, and infrastructure maintenance, which can sometimes take priority over such advanced smart technologies.

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Keg Segments:

• The non-aeronautical segment is estimated to witness significant growth during the forecast period. Non-aeronautical services and revenue sources play a critical role in the development of smart airports. Such services are important for generating income, enhancing passenger experiences, and optimizing airport operations. Smart airports include duty-free shops, retail boutiques, and convenience stores.

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The airport ground support equipment market is estimated to grow at a CAGR of 4.27% between 2022 and 2027. The size of the market is forecast to increase by USD 1630.63 million.

The defense information technology (IT) spending market size is estimated to grow at a CAGR of 4.49% between 2023 and 2028. The market size is forecast to increase by USD 23.53 billion.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user 

Market Segmentation by Application 

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio