Dallas, TX -- (SBWire) -- 10/27/2014 --The report "Smart Airports Market by Application (Landside, Terminal-Side and airside application), Technology (Security System, Communication System, Air / Ground Traffic Control, Passenger, Baggage & Cargo System and Other Technologies) & by Geography (North America, Asia-Pacific, Europe, Latin America & Africa and the Middle East) - Forecasts & Analysis to 2014 - 2020". The global market for smart airports is estimated at $9,718.07 million in 2014 and it is expected to reach $13,481.17 million by 2020, registering a CAGR of 5.61%.
The growth of the smart airport systems market has been primarily triggered by the increase in the air and passenger traffic, in both developed and developing nations, need for real-time information sharing and collaboration, and the introduction of technologically advanced systems. However, factors such as resource outages, and high upgrade cost restrain growth in this market.
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Browse 100 market data tables with 79 figures spread through 220 pages and in-depth TOC on "Smart Airports Market "
Smart airports solutions and systems offer benefits to virtually every aspect of the airport process, which leads to smart and efficient operations. The three major applications of smart airports are landside, terminal side and airside installations.
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Air travel used to be an expensive affair, often used by high income earners, executive-class business professionals, and political leaders to travel to distant places. Only few players had been providing air transport facilities, as passenger traffic was comparatively lesser. Globalization is considered to be a major and the most important factor that has built and expanded the aviation industry as it stands today.
Smart airports concept is an outcome of the new aviation era, when the overall airport industry underwent a transformation phase. Growing air travel demand and increasing air passenger traffic is considered as a major factor leading to the transformation of airports. While airports had been considered as infrastructure providers, now they are considered as service providers with offering modern amenities.
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The Asia-Pacific and the Middle Eastern countries are emerging regions for the smart airports market. The report offers insights into regional trends for spending and also provides the market share analysis. It report also covers information about the leading competitors in the market, including their financial analysis, products and services, and key developments.
Primary interviews have been conducted with major industry experts to get insights about smart airports industry. Major industry players include Honeywell, IBM, Cisco System, Siemens AG, Amadeus IT Group SA, SITA, Indra, Selex ES, and QinetiQ.
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Increasing investments in R&D, coupled with an information flow for requirement analysis, is expected to help the smart airports market move at a steady pace. The report provides market analytics for the 13 countries mapped in the report. One of the key strategies adopted by key players in this market is the technology innovation. This strategy has helped them upgrade products for a competitive market share. The key growth countries include China, India, France, and France, of which China is the highest growing market.
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Smart Airports Market Worth $13,481.17 Million by 2020
[220 Pages Report] Smart Airports Market research report for Aerospace and Defense Industry categorizes global market by Technology (Passenger, Security System, Communication System, Air / Ground Traffic Control, Baggage & Cargo System and Other Technologies), Application (Landside, Terminal-Side and airside application) & by Geography (North America, Asia-Pacific, Europe, Latin America & Africa and the Middle East)