Smart airports are mushrooming in several large cities to enable effective the end-to-end exchange and communication of valuable information between passengers, aviation operators, airport authorities, and airports. The continuous rise in air traffic volume, the growth in IT investments on airport infrastructure, the increasing need to ease the burden on airport workforce and infrastructure, and the large-scale usage of smart devices such as smartphones and tablets have given rise to the growing preference for smart airports over traditional airports.
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The global market for smart airports is anticipated to gain momentum in the coming years, expanding at a healthy CAGR of 10.8% from 2016 to 2024. In 2015, the market opportunity for smart airports was pegged at US$7.5 bn, which is anticipated to rise to US$19.3 by the end of 2024.
Investors Recognizing the Role of Smart Airports in Economic Development
The 2016 edition of the Smart Airports and Regions Conference was held in June at British Columbia, Canada, emphasized on the role of airports, especially smart airports, in the development of the local, regional, and global economy. Delegates from across 20 nations gathered to discuss the transformation of airports from mere transportation centers to modern-day communities. The establishment of smart airports has increased operational flexibility, enabled community engagement, and helped accommodate the growth in demand for air services across the globe.
The annual Airports Council International conference on investing in airports is another example of effort taken by private and government bodies in attracting the attention of investors. The rising interest of investors in the smart airport market is key to the growth of the industry. Events such as these not only help realize the key points of interest for airport regulators, investors, airlines, airport operators, and the traveling public, but also bring to the fore the immense potential the smart airports market holds for players in the aviation industry.
Listed below are some of the major factors driving the global smart airports market:
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Some of the leading as well as emerging players in the smart airport market are Amadeus IT Group, Cisco, Raytheon, QinetiQ, IBM Corporation, and Siemens AG.