Albany, NY -- (SBWIRE) -- 01/14/2019 -- According to a recent report compiled by Transparency Market Research (TMR), the competitive landscape of the global airport information system market is foreseen to show notable growth owing to the surge in air traffic for both leisure as well as business purpose over the past few years. The construction of airport and other such projects like refurbishments is therefore accelerating the demand for airport information systems market worldwide in the future years.
Some of the major players of the global airport information system market are Amadeus IT Group SA, Parcel & Airport Logistics, Siemens Postal, Rockwell Collins, Inc., and Lufthansa Systems GmbH & Co. KG. and SITA. The market is distinguished by the presence of both small as well as large players which makes the environment very competitive.
As per the TMR report, the global airport information system market is presumed to earn US$46.9 bn by the end of 2024. The market is estimated to expand with a CAGR of 7.2% within the forecast period of 2016 to 2024. As per 2015 records, the market was worth US$25.1 bn. On the basis of solution types, the market is anticipated to be dominated by baggage processing solutions and is likely to remain so in the coming years.
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Asia Pacific to Witness Rapid Growth with Rising Number of Air Passengers
The market for airport information system is mainly dominated by the regions of Asia Pacific, Middle East and Africa, North America, South America, and Europe. North America is seen to be dominating the market at present followed by Europe. This is due to the extensive airway usage for both international as well as national tours. On the other hand, Asia Pacific is likely to outshine both the European as well as North American market due to the rapid increase in the number of air passengers in the region.
The rise in air traffic volume for both business and leisure purpose is among the main factors boosting growth of the overall market. There is the need for various operations in the airport in terms of passenger movement, baggage handling, passenger information and flight information. In terms of bigger airports, the need for the same increases. Information Technology is also being used for displaying important information regarding flight departure and arrival gate, flight delay, passenger announcements, and retrieving of baggage along with other such factors demand efficient need at the airport. Innumerable number of flights carrying uncountable number of passengers every day is fuelling the growth of the airport information system market in the future years.
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