Growing Air Traffic to Drive Airport Management Market
The global airport management market is expected to exhibit a strong 10% CAGR over the forecast period from 2018 to 2025, according to the latest research report from Market Research Future (MRFR). The report profiles the airport management market’s historical stats to provide a studied look into the market’s future growth prospects. The major drivers and restraints affecting the global airport management market are profiled in detail in the report. Major players operating in the airport management market are also profiled in the report. The impact of the COVID-19 pandemic on the global airport management market is also studied in the report.
Airport management has become an important area for investment from airport authorities in the last few years due to the growing awareness about the importance of airport management. Airport management services refer to various aspects of the airport experience that enable an easier, smoother experience for airport passengers. The increasing use of software-controlled services in the field of airport management is likely to be a major driver for the global airport management market over the forecast period. Increasing entry of digital resources has made airport management easier and more versatile than ever before. This is likely to remain a major driver for the global airport management market over the forecast period.
The increasing demand for quick and easy security checks is likely to be a major driver for the airport management market over the forecast period. The security sector is a major part of the airport management market and is likely to grow at a stable growth rate over the forecast period. Enabling easy and quick security checks has become a priority for several airports, as conventional security checks take a long time and may involve multiple stages. Bypassing these and creating a one-stop security protocol has become a major aim for players in the airport management market, as this is being demanded en masse by air passengers.
The impact of COVID-19 on the airport management market has been considerable. This has acted as a major restraint on the global airport management market over the last few months.
Leading players in the global airport management market include Inform GmbH, Rockwell Collins Inc., Sita, Amadeus IT Group, Qinetiq, Raytheon Company, Honeywell International Inc., Siemens AG, Cisco Systems Inc., and IBM Corporation. Building a one-stop solution for all airport management needs has emerged as a major tactic for players in the global airport management market over the last few years. Companies such as IBM, Cisco, and Amadeus are utilizing their considerable IT expertise to construct simple one-stop solutions for airport management market players. This is likely to remain a key driver for the global airport management market over the forecast period.
The global airport management market is segmented on the basis of component, application, airport size, and region.
On the basis of component, the global airport management market has been segmented into software and services. The software segment has been sub-segmented into passenger systems and non-passenger systems. The software segment dominated the market in 2018. However, the services segment is expected to register a higher CAGR during the forecast period. The growing demand for enhanced services from passengers is driving the growth of the segment.
On the basis of airport size, the market is segmented into class A, class B, class C, and class D. The class B segment dominated the market in 2018 and is expected to exhibit the highest CAGR during the forecast period. Increasing air passenger traffic from smaller cities is propelling the need to upgrade and expand the capacity of airports. Hence, the segment is expected to register the highest CAGR.
Based on application, the market is segmented into security, content management, logistics, integration, collaboration, gate management, performance management, business applications, others. The security segment dominated the market in 2018 and is expected to grow at the highest CAGR during the forecast period from 2019 to 2025. Stringent government regulations regarding airport and passenger safety are driving the segment’s growth.
North America dominates the global airport management market. However, Asia Pacific is likely to exhibit the highest CAGR over the forecast period due to the growing air traffic in the region.
Global Airport Management Market Research Report: by Component (Software and Services), Airport Size (Class A, Class B, Class C, and Class D), Application (Security, Content Management, Logistics, Integration, Collaboration, Gate Management, Performance Management, Business Applications, Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)—Forecast till 2025 @ https://www.marketresearchfuture.com/reports/airport-management-market-4267