According to a recent report published by Allied Market Research, titled, “Smart airport Market by System, End User, and Location: global opportunity analysis and industry forecast, 2021–2030,” the global smart airport market was valued at $2.15 billion in 2020, and is projected to reach $6.46 billion by 2030, registering a CAGR of 12.5%.
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Asia-Pacific dominates the market, in terms of revenue, followed by North America, Europe, and LAMEA. U.S. dominated the global smart airport market in North America in 2020, owing to increase in R&D activities, technological developments by key players, and rapid adoption of innovative technologies in making smart airport operations fast and efficient. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in air passenger traffic across different nations in the region along with the deployment of customer centric smart systems at airports across the prominent countries such as China, India, and Japan.
By system, the smart airport market is segregated into communication and network systems, endpoint devices, data storage, and software and solutions. The communication and network systems segment accounted for the highest revenue in 2020, owing to rise in requirements to manage overcrowded airspace.
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On the basis of end user, the market is divided into implementation and upgrades and services. The upgrades and services segment garnered highest revenue in 2020, owing to technological upgrades across a wide array of systems in an airport.
By location, the smart airport market is segregated into landside, airside, and terminal side. The landside segment accounted for the highest revenue in 2020, owing to rise in demand for services, such as unmanned check-in, automated parking of cars, faster security checks, among others.
COVID-19 impact analysis
The COVID impact on the smart airport market is unpredictable and it is expected to remain in force till the second quarter of the 2021.
The COVID-19 outbreak forced the governments to impose strict lockdown measures that resulted in flight cancellations and ban on e-commerce services, which led to massive decline in commercial aviation and logistics activities across the world.
Moreover, the lockdowns disrupted the supply-chain as several manufacturing facilities across the globe had to partially or fully shut down their operations.
The adverse impacts of the COVID-19 pandemic resulted in huge supply-demand issues and resulted in long delays in the activities of smart airport operations globally.
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Key Findings Of The Study
By system, the data storage segment is expected to register a significant growth during the forecast period.
On the basis of end user, the implementation segment is anticipated to exhibit significant growth in future.
Depending on location, the landside segment is projected to lead the global smart airport market.
Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The key players operating in the global smart airport market include.
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