A new market report has been published by Transparency Market Research (www.transparencymarketresearch.com) entitled “Smart Airports (Infrastructure, Solutions, Applications, Services) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2024.” According to the report, the global smart airport solutions market was valued at US$7.56 bn in 2015 and is expected to expand at a CAGR of 10.8% from 2016 to 2024, reaching US$19.33 bn by the end of the forecast period.
Geographically, the global smart airports market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. In North America, high IT spending on smart airports is recognized as one of the key factors driving the market. This is mainly supported by the constant growth in capital investments in new infrastructure in order to enhance passenger experience, thereby reducing the burden on airport facilities caused due to high traffic. The market is also witnessing the rising implementation of different intelligent kiosks at most airports in North America. These kiosks allow passengers to download movies, TV shows, games, and travel guides on a rental basis.
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In Europe, demand is growing due to high demand for innovative utility and mobility services. Growing use of media and tablet kiosks at most European airports is also identified as one of the major trends in the region. Moreover, the growing number of terrorist attacks and several government initiatives are creating demand for security systems at airports. The increasing growth of smart airports market in Asia Pacific can be seen as a result of rising number of airport building projects in the region. The demand is also gaining traction with the growing accessibility to these services with various portable computing devices such as smartphones and tablets. Smart airport processes is expected to be the fastest-growing segment over the forecast period. Remote bag-drop capabilities and RFID baggage tracking are identified as key drivers for the market’s growth in the region during the forecast period.
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In MEA, the governments are looking to diversify GDP contributions from different industries, tourism has emerged as a fast-growing industry in the region. There has been surge in large-scale projects and investments to drive the regional tourism industry, which in turn is driving the smart airports market in MEA. Growing emphasis on various cutting-edge technologies, including virtual assistants, augmented baggage scanning machines, INFO zones, and silent airports, is identified as among the prominent trends in the region.
The demand for smart airport solutions and services in Latin America has soared due to growing traffic at the airports because of sporting events such as the FIFA World Cup 2014. Airports across the region are focused on adding value to their mobile offerings through the deployment of new services and keeping their passengers in control and better informed. Furthermore, the upcoming Rio 2016 Olympic Games is expected to drive the market’s demand in the region.
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