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Global Smart Airports Market to Reach $20.7 Billion by 2024SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Smart Airports - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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A smart airport is an airport, which can completely exploit capabilities of mature as well as emerging technologies that are built to create a digital grid. The concept revolves around the use of a converged, carrier-grade IP (internet protocol) network with high-speed broadband capabilities that connects various components of the ecosystem, namely airlines, airports, airport city, security agencies, logistics and others. Amid the COVID-19 crisis, the global market for Smart Airports is projected to reach US$20.7 Billion by 2024, registering a compounded annual growth rate (CAGR) of 10.5% over the analysis period. United States represents the largest regional market for Smart Airports, accounting for an estimated 23.0% share of the global total. The market is projected to reach US$5 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 13.1% over the analysis period. Smart airport development mandates integration of complex technologies, infrastructure, processes, people and businesses, which is anticipated to drive significant growth in the global market for smart airport technologies. Future airports will leverage the capabilities of novel technologies, such as behavioral analytics, gamification, mobile apps, processors and sensors. The smart airport technology is likely to eliminate the need for check-in or security. Genia Photonics for instance developed a laser scanner that can scan through organic materials and clothes for detecting explosives and drugs. Further, passengers will be given clearance based on their biometrical and biological data. Europe and North America represent the leading regional markets. European market for smart airports is expected to record growth driven by the anticipated rise in passengers flying on domestic and international routes, which will encourage adoption of improved technologies in the region's airports. Growth in the US is fostered by the increasing focus on modernization initiatives of airports in these nations. Expanding passenger volumes is a major driving factor for smart airports market in developing nations. Increased aviation activity in these markets in the form of increased air travel, as a result of years of strong economic development, has been generating strong demand. More MarketGlass™ Platform Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android About Global Industry Analysts, Inc. & StrategyR™ CONTACTS: LINKS Connect With Us on LinkedIn Follow Us on Twitter Journalists & Media
SOURCE Global Industry Analysts, Inc. 
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