Advanced Airport Technologies Market - Growth, Trends, and Forecast (2020 - 2025)
The advanced airport technologies market is expected to register a CAGR of over 4% during the forecast period (2020-2025).
- Airports are now recognizing the need to move toward more efficient and less intrusive security to help them reduce the high cost of security implementation and to provide a hassle-free experience to travelers.
- The rise in the number of passengers has caused problems to the airports in dealing with the arising passenger problems. Service disruptions, long check-in lines, and baggage issues are the three main areas of passenger discomfort. To tackle these challenges and improve the experience of the customer, airports worldwide have adopted newer technologies, such as self-check-in kiosks and face recognition systems, that are helping the airports in revolutionizing the check-in process.
- Privatization of airports has helped the market, as airport operators are providing world-class facilities and systems to gain a competitive advantage over others.
Key Market Trends
The Digital Signage Systems Segment to Grow with the Highest CAGR During the Forecast Period
Currently, the passenger, baggage, and cargo handling control systems segment has the highest market share out of all the segments, as they are now used widely in terminal operations and airline departure control, like passenger check-in, customs, baggage handling, screening, etc. But the growth of the airport digital signage systems segment is anticipated to be more during the forecast period. As the airports and airlines modernize and adopt solutions to make the airports more automated, digital displays are now being adopted on a large scale in every sphere of the airport. Digital signage and touch-enabled kiosks are installed to help ease and enrich the passenger journey, boost passenger satisfaction, and ensure safety at airports. Advancements in the integration of smartphones with Bluetooth-enabled beacon technology are helping the development of digital signs, which can deliver highly relevant information to passengers passing by, alert them regarding the whereabouts of shops and restaurants, and simplify the airline lounge admission for members. Thus, the high adoption of these technologies is driving the growth of the segment.
Asia-Pacific Market to Grow Rapidly in the Future
As of 2019, North America has the highest share in the advanced airport technologies market, as the countries, like the United States and Canada, are adopting these technologies in their airports on a large scale. The United States has the largest number of airports in the world, and the development, expansion, and modernization plans for many of these airports drive the revenues for the advanced airport technologies market. However, during the forecast period, the market in the Asia-Pacific region, whose passenger traffic has the highest growth rate in the world, is expected to grow with the highest CAGR. Airports in the regions are undergoing many modernization programs, and unlike the North America region, where most of these technologies are already adopted, there is a lot of scope for the market growth in the Asia-Pacific region, where most of these technologies are relatively new.
Hitachi Ltd, Honeywell International Inc., Smiths Detection Group Ltd., Leidos Holdings Inc, and Thales Group are some of the prominent players in the market, currently. The market is fragmented, with many players providing airport infrastructure at different levels. With technologies, like IoT, and other cloud-based applications constantly improving, there is a lot of scope for development of new technologies and systems in the market. Players must make sure that their products are constantly evolving, to match the trends in the industry. This may help them gain a stronger foothold in the market by attracting new customers.
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