“The increasing demand for self-services and automated process is the key factor driving the global smart airports market,” said a lead TMR analyst.

Albany, NY -- (SBWire) -- 11/07/2016 --The global smart airports market exhibits moderate competition. Companies such as IBM Corporation, Cisco, and Siemens AG, hold dominant positions in the market, while Amadeus IT Group, Raytheon, and QinetiQ are emerging players. Besides these companies, Transparency Market Research (TMR) in its report has identified SITA and Honeywell amongst the most promising players in the global smart airports market. In order to establish stronghold are focusing on innovations to gain better traction. Furthermore, as a part of the strategy, the companies are also entering into strategic partnerships and acquisitions to emerge dominant.

TMR forecasts, the global smart airports market to exhibit a robust 10.8% CAGR during the forecast period from 2016 to 2024. At this rate, the market is expected to reach US$19.33 bn by the end of 2024, from a valuation of US$7.56 bn in 2015.

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Demand for Automated Process to Augment Growth of Smart Airports Market

"The increasing demand for self-services and automated process is the key factor driving the global smart airports market," said a lead TMR analyst. In the last couple of years, a significant growth is witnessed in the number of self-service solutions such as check-in, flight rebooking, and bag recovery available across airports. The demand for these solutions has risen in response to the increased passenger traffic and the considerable rise in IT spending across airports. This development however can be construed as planned investment by enterprises to bring down their operating expenditure (OPEX). On the flip side, the high initial investment required to ensure better connectivity and robust infrastructure is among the primary factors restraining growth of the market.

Favorable Government Policies Boost Demand for Advanced Security Systems

For the purpose of the study, the global airport infrastructure market is classified into communication systems, passenger, baggage handling, and cargo, endpoint devices, security systems, air traffic control systems, and others. Of these, the security systems segment dominated the global market in 2015. Favorable government policies aimed at curbing the rising terrorist attacks have created demand for advanced security measures, thereby boosting the deployment of smart security systems across airport.

Increasing Investment in Smart Technologies to Seal Dominance of Core Applications

The landslide solutions, among the smart airport solutions held the largest share in the market in 2015. However, TMR projects the terminal side solutions segment to exhibit a faster CAGR owing to the increasing demand for video surveillance and management solutions. In terms of application, the core applications segment emerged dominant. The segment will gain from the increasing use of smartphones to check baggage information, flight updates, and other information.

Airline operators and airports are expected to invest considerably in core applications to be able to provide information through mobile notification services. This is expected to seal the dominance of the core application segment throughout the forecast period.

On the other hand, the smart airport services comprise smart retail, hospitality and entertainment, smart transport and parking, smart workplace, smart business-to-business services, and others. Of these, the smart business-to-business segment led the market in terms of revenue in 2015. The increasing demand for updating passengers with real-time travel services is expected to boost growth of this segment.