According to a new report published by Allied Market Research, titled, “Airport Operations Market Size, Share, Competitive Landscape and Trend Analysis Report, by Airport Class, by Operation, by Platform, by Airport Category: Global Opportunity Analysis and Industry Forecast, 2021-2031″. The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The airport operations market was valued at $7.7 billion in 2021, and is estimated to reach $13.8 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
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Rise in investments to support brown filed and green field airport operations, increase in passenger traffic, and surge in adoption of new technologies that support automation & self-services drive the growth of the global airport operations market. However, the threats of cyber-attacks and data breach restrain the market growth. On the other hand, the adoption of total airport management (TAM) systems to handle the air traffic creates new opportunities in the coming years.
The airport operations market holds a great potential over the coming years backed by the rise in inflight passenger demand and efforts by airline and airport operators to optimize their processes to increase efficiency and reduce cost. The rise in dependency on new technologies to streamline processes and trend toward self-service and automation are identified as major business accelerator within the forecast timeframe. The post pandemic situation where individuals across the globe are more inclined toward traveling and returning to their normal routine, aviation industry is experiencing a business surge. The total number of passenger across the globe surged by 65% between January to April 2022, as compared to 2021, followed by increase in airline seat capacity by 32%.
Integration of new technologies within the airport operations is anticipated to play a defining role within the forecast timeframe. Adoption of automated technologies in passenger as well a freight operations is allowing airport and operators to generate notable amount of useful data. Airport association across the globe are entering a collaborative approach to share these database to improve their operations. For instance, in March 2021, Chicago Rockford International airport and Cologne Bonn airport signed a co-operation agreement where both the airports are anticipated to share information related to logistics. The airports are expected to take initiatives that integrate new technologies for handling e-commerce cargo.
The airport operations market is segmented on the basis of airport class, operation, platform and airport category. By airport class, it is categorized into class A, class B, class C, and Class D airports. Depending on operation, the airport operations industry is fragmented into airside operation, landside operation, financial operation and information management. By platform, it is divided into hardware, software and service. The airport category segment is categorized into commercial service airports, cargo service airports, reliever airports, and general aviation airports. Region-wise, the airport operations industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Based on platform, the hardware segment contributed to the highest market share in 2021, contributing to more than two-fifths of the global airport operations market, and is expected to maintain its leadership status during the forecast period. This is due to rapid technological advancements and adoption of touchless and self-operating systems. However, the software segment is projected to witness the largest CAGR of 6.8% from 2022 to 2031, owing to the integration of technologies such as AI, ML, and cloud operations along with regular updates of the software.
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Based on operation, the landside operations segment held the highest market share in 2021, accounting for more than one-third of the global airport operations market, and is expected to maintain its lead position during the forecast period. Moreover, this segment is projected to manifest the fastest CAGR of 7.0% from 2022 to 2031. This is due to rise in demand to improve passenger experience and support automated operations. The research also analyzes the segments including airside operations, financial operation, and information management.
Based on region, Asia-Pacific contributed to the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global airport operations market, and is expected to maintain its dominance in terms of revenue by 2031. Moreover, this segment is projected to manifest the fastest CAGR of 6.8% during the forecast period. This is attributed to surge in spending, living standards, and domestic travel in this area. The research also analyzes regions including North America, Europe, and LAMEA.
The key players operating in the airport operations market are Cisco Systems, Inc., Honeywell International Inc., IBM, Indra, QinetiQ, Raytheon Technologies Corporation, Siemens, SITA, Teledyne Technologies Incorporated, Thales, Daifuku Co., Ltd., Damarel Systems International Ltd., Amadeus IT Group, Inform GmbH, Aena, Huawei Technologies Co., Ltd., and ES_Mobility
Key Benefits For Stakeholders:
➢ This study presents analytical depiction of the global airport operations market analysis along with current trends and future estimations to depict imminent investment pockets.
➢ The overall airport operations market opportunity is determined by understanding profitable trends to gain a stronger foothold.
➢ The report presents information related to key drivers, restraints, and opportunities of the global airport operations market with a detailed impact analysis.
➢ The current airport operations market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
➢ Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Frequently Asked Questions:
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