North America Smart Airport Market - Leading Growth Drivers, Emerging Audience, Segments, Sales, Trends and Analysis
North America Smart Airport Market - Leading Growth Drivers, Emerging Audience, Segments, Sales, Trends and Analysis
Blog Article
The North America Smart Airport Market is expected to grow from US$ 5,176.52 million in 2022 to US$ 11,633.15 million by 2028; it is estimated to grow at a CAGR of 14.4% from 2022 to 2028.
According to the International Air Transport Administration (IATA), airport operational costs can reach up to US9.95 per passenger in aeronautical revenue, US9.95 per passenger in aeronautical revenue, US7.08 per passenger in non-aeronautical revenue, and US$13.69 per passenger in total costs. The systems required for airport operations are not only expensive to deploy but also involve ongoing expenses for servicing, upgrades, and maintenance. Furthermore, the Airports Council International (ACI) reports that two-thirds of airports handling fewer than 1 million passengers annually faced financial losses during 2020-2021. In response, the airport industry is increasingly turning to advanced, connected technologies to deliver superior services, ensure a consistent customer experience, and create profitable opportunities for stakeholders.
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Innovations in information technology, communication systems, IoT, data analytics, enhanced security, and other areas are enabling airports to optimize every aspect of their operations. A prime example of cost-effective solutions is the implementation of smart parking systems in smart airports. These systems guide passengers to available parking spaces, allowing airport operators to better monitor current capacity and plan for future expansion. Additionally, mobile smart parking apps can be integrated with e-ticketing systems, offering passengers a seamless experience while improving the efficiency and reliability of parking operations. This not only enhances passenger satisfaction but also generates greater revenue at a lower cost for airport administrations.
The growing demand for cost-effective airport systems is expected to fuel the growth of the North America smart airport market in the coming years. By introducing innovative features and technologies, vendors in this market can attract new customers and expand their presence in emerging markets. This trend is anticipated to drive the market’s growth at a strong compound annual growth rate (CAGR) during the forecast period.
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Author’s Bio:
Suryakant Gadekar
Senior Market Research Expert at Business Market Insights