LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global airport digitization market is projected to grow to USD 7.34 billion by 2021, at a CAGR of more than 7% over the forecast period.
This research report titled ‘Global Airport Digitization Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The digitization of airports involves a network of sensors, physical devices, and machines integrated into everyday objects and connected to the Internet for effective data communications. The need for improved operational efficiency is currently driving the airport digitization trend.
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Based on the applications, the report categorizes the global airport digitization market into the following segments:
- Passenger screening and security
- Baggage services
- Passenger assistance and retail
Passenger screening and security
“The airport digitization market by passenger screening and security occupied a majority 45% of the market in 2016. The segment is expected to continue its dominance due to the introduction of non-invasive screening technologies,” says Avimanyu Basu, a lead analyst at Technavio for aerospace components research.
Passenger screening and security is a crucial operational function carried out at airports to reduce the risk of any security hazards before passengers board a flight. A few of the latest technological additions to airport screening and security include the use of facial recognition, retina recognition, biometric sensors, and self-service kiosks.
The baggage services segment of the airport digitization market is projected to be worth USD 2.49 billion by 2021. Currently, airports are widely adopting real-time baggage tracking systems to provide additional convenience to passengers regarding the state of their belongings.
The additional assistance enhances the impression of passengers and positively influences their future traveling options. The development of such baggage handling systems has generated an ecosystem of stakeholders that spans bag manufacturers, airlines, airport authorities, baggage handling service providers, IT solution providers, and system integrators.
Passenger assistance and retail
“The passenger assistance and retail segment of the market is expected to showcase a CAGR of over 8% through 2021, becoming the fastest-growing segment of the market. Airport authorities are working on adopting passenger assistance systems to increase their non-aviation revenue,” says Avimanyu.
Airports are adopting assistance/guidance systems to help passengers navigate to their destinations using mobile based applications. Retail in airports is a fast-paced segment, especially with the added appeal of duty-free products.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Cisco Systems
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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