ID: MRFR/A&D/2914-HCR | February 2021 | Region: Global | 100 pages
Airport management market has been segmented based on the airport size, market application, Component, and geographical regions and is projected to grow from USD USD 1,941 million by the end of the forecast period in 2027. During the historic forecast period that had ended in 2019, the market was valued at a global sum of USD 593 million. During the period, the market is expected to grow at a CAGR of 21.9%.
The global market functions are home to advancements in wireless network technologies that promise increased efficiency and connectivity. Also, an improved passenger experience followed by the ability to cater to the varied needs of different customers is one of the major factors driving the growth of the global market for the ongoing forecast period ending in 2027.
The sudden outbreak of the medical emergence of the COVID-19 pandemic has severely affected the airport management industry's trade and operations. Although the movement of airline passengers in domestic and international destinations has begun again as the travel relaxations have stopped and people have recovered since the third quarter of 2020, the recovery from the arrival has been difficult. People have been prone to many issues and are the period for recovery is very slow. According to the report results of one of the many surveys that have been conducted, the domestic market is showing signs that are pushing the business chiefs and investors to expect that the market is likely to recover faster than its international equivalent. Also, the introduction of global government policies and regulations that are related to commercial air transport is expected to have a direct impact on passenger volumes.
The airport management industry trends suggest that the airport stakeholders and airline operators need to comply with the safety standards, and go for adopting high-level contact solutions to help the passengers enter the airports. The deployment of IoT and other related devices is expected to intensify at a reliable rate as most airport operators use contactless interactive technologies. The advent and employment of IoT are understood to have a good potential to transform today’s facilities into smart infrastructure. The employment of IoT is also helpful for improving the overall business processes. The employment of IoT solutions for airport management systems suggests that real-time temperature monitoring and infection detection has also, become an essential part of the passenger journey.
The employment followed by the prominence of the Internet of Things (IoT) in the airport industry is a new concept. It is being backed by the developments the reduction in cancellation and waiting time which is a lucrative opportunity and is likely to drive the global market towards growth by the end of the ongoing forecast period in 2027.
However, the airport management market trends have been highlighting the birth of market factors that might restrain the market from growing during the forecast period of 2021-2027. The global management market is witnessing a lack of disposable income possessed by the target audience which is followed by qualitative factors like lack of skill and professionalism that are posing challenges for the market.
The Airport management systems market are intended to ensure the employment of technologically advanced, cost-effective, and efficient airport operations measures that have a major role in the development of the global market based on the predictions for the ongoing forecast period that will be ending in 2027. The concept that relates to the market helps to assemble a large volume of electronic information within the airport.
The airport management market analysis suggests that the global market has been divided based on various market segments that will help in meeting the rising needs of the target audience followed by the rising ability of the global market to reach the global market revenue amongst the rising competition for the market that has been predicted for the global market by the business chiefs for the forecast period that will be ending in 2027. The global airport management market analysis shows that the market segments are as follows:
By the Airport size:
Based on the market applications:
The global airport management market has been segmented based on the global regions and includes the following:
The market functioning in the pre-COVID estimations had depicted that the Asian Pacific region is likely to become the largest aviation market geographically in terms of passenger traffic by the end of 2022, with prominent regions like China and India will be dominating the regional airport management market share. Though the introduction of the pandemic has slowed down the growth rate of the aviation sector in the APAC region, certain sophisticated systems are being added to the existing aviation infrastructure to promote seamless movement of passenger traffic followed by better management of the airport operations.
Nevertheless, the massive expansion or modernization of several airports in the APAC region is currently underway. For instance, the presence of prominent APAC regions like China plans to construct 216 new airports by 2035, and the Indian government plans to develop 100 additional airports by the end of 2024. This signifies the development of a huge market opportunity for airport information system integrators, as the adoption of smart airport concepts is likely to foster the demand for sophisticated airport information systems during the forecast period ending in 2027.
The airlines management market opportunity report has been curated in a way that helps to draw a global market competition amongst the participating companies that have been dwelling because of the recent developments that have been undertaken by the following market players during the forecast period that will be ending in 2027:
Airports are moving towards the development of a centralized architecture to meet the need for information sharing to different parties efficiently. Scanners and monitors, as a part of the infrastructure, are connected to airport systems, and hackers can easily gain access to internal systems through these physical assets. Data present at the airport is collected, stored, and distributed daily based on requirements that are vital for the airport to operate effectively.
According to the information contained in the study of the European Aviation Security Agency (EASA), there is an average of 1,000 airport cyberattacks per month. The exploitation of such security vulnerabilities amongst the consumers may limit the scope of integration of airport information systems during the forecast period.
The Tampa airport took to the global developments and announced in December 2019 that it was increasing the contract awarded to Audio Visual Innovations Inc. by a market revenue of USD 4.2 million for new technology upgrades. The previous contract was worth USD 3.75 million for inclusive items at airports like LCD flat screens, cameras, and SMART interactive boards. The newer and extended contract covers seven new projects, including event space video wall upgrade, and other factors like shuttle lobby information displays, meet-and-greet sign replacement, ticket counter modernization, temporary Suite B conference rooms, followed by replacing displays on baggage belt tips with improved real-time data display, and consolidating display support will be helpful.
The airport management market report has been prepared to portray an in-depth market analysis followed by the divisions of the global market functioning of the players and aims at discussing the prominent developmental factors that will help the market propel at a reliable CAGR rate and the excellent revenue by the end of the period in 2027. The global market report plays an important role in the discussion of the emergence of airport management market factors and trends that will either benefit the market followed by the factors that have the potential to hamper the global growth of the market during the period. The global market report comes forward and discusses the impact of the pandemic on the market operations followed by the market segmentation that gives rise to market competition in the global market developments. The report helps in understanding the key market competencies followed by the rising competition in both the regional and international markets.
Frequently Asked Questions (FAQ) :
The North American region market will be deciding the course of development in the forecast period.
An influential income level is predicted to motivate the market.
A 10% CAGR is estimated to spur the global market in the impending period.
Sita (Switzerland), Rockwell Collins, Inc. (US), Amadeus IT Group (Spain), and Inform GmbH (Germany) are anticipated to add greatly to the market.
The need for sophisticated management at airports due to surging air passenger volumes will decide the market's development.