LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global smart airport construction market to grow to USD 956.28 billion by 2021, at a CAGR of close to 10% over the forecast period, according to their latest report.
The research study by Technavio on the global smart airport construction market for 2017-2021 provides a detailed industry analysis based on geography, including EMEA, APAC, and the Americas.
The global smart airport construction market comprises various smart technologies that are incorporated together to provide workable, smart solutions to challenges such as excess passenger traffic, long check-in lines, and baggage capacity constraint. Smart airports that use intelligent systems are integrated with smartphones to provide a better traveling experience for passengers.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global smart airport construction market:
- Demand for baggage solution
- Rising numbers of air passengers
- Growth in international tourism
Demand for baggage solution
“The growing number of air passengers is creating a critical need for more efficient and smart baggage solutions, which is likely to trigger the growth of the smart airport construction market worldwide,” says Gaurav Mohindru, a lead analyst at Technavio for construction research.
The smart baggage solution provides a biometric-enabled electronic tag that has a tracking device embedded within. Baggage solution enables the tracking system on luggage for frequent flyers. Lufthansa Airlines, the German airline market leader, is one of the primary adopters of the smart baggage solutions for its frequent flyers.
Rising numbers of air passengers
The economic development in emerging countries, such as India, China, and Indonesia, is the prime reason behind the increase in the number of air passengers. It is expected that China will establish itself as the largest aviation market in the world by 2025. India, another emerging country in APAC is also projected to hold one of the top three positions in the global aviation market. The increase in passenger volume is likely to be one of the main drivers for the growth of the global smart airport construction market since they can provide pre-solutions to any potential crisis and help to manage passenger volume in a streamlined and efficient manner.
Growth in international tourism
As per the World Travel and Tourism Council (WTTC), the number of international tourists has constantly been increasing over the past few years. The simplification of the tourist visa procedure has created an additional boost to the volume of international tourists, which will, in turn, contribute to the growth of smart airport construction.
“Smart airports are equipped to handle large passenger volume while providing ease of comfort to travelers. The robust growth of the tourism industry combined with the increasing number of air travelers are creating a strong demand for the global smart airport construction market,” says Gaurav.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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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