Content

Tech could help small airport market grow to $55M by 2027

Photo: iStock

January 13, 2022

The smart airport market generated a revenue of more than $29.4 million across the globe in 2021 and it is projected to record a revenue of almost $55 million by the end of 2027. A major reason for this is small airports' use of advanced technology such as artificial intelligence and the internet of things, according to a report from Astute Analytica.

Smart airports also rely on cyber security, intelligent building management, GPS and sensor, and blockchain. In 2019, the U.S. Transportation Security Administration used AI to help target threats, at Los Angeles International Airport, John F. Kennedy, and Phoenix airports.

Growth of air-travel and the tourism industry attributes to the growth of the smart airport market across the globe, according to the report. Currently, some 4.5 billion passengers are carried by scheduled international airlines and this figure is projected to double before the end of 2029.

The advances in aircraft technology, enhancements in information and communications technology, and marketing strategies have improved the quality of air travel, which has doubled the number of tourist arrivals in the world.

North America had the largest market share, based on the report, of around 35.3% in the global smart airport market in 2021. A key factor in this is the implementation of IoT, AI and Big Data in airport operations, which can improve visibility and optimize business processes.

Asia-Pacific is estimated to grow at a fastest CAGR of 14% during the forecast period, with a market share of 25% in the global smart airport.