ALBANY, New York, June 27, 2018 /PRNewswire/ --
The global airport information system market is largely consolidated with top five players holding nearly 86% of the overall market in 2015, reveals Transparency Market Research (TMR) in a new report. However, there exists several small players that provide software solutions at competitive prices, thereby intensifying competition in this market. Both large and small players are engaged in R&D to develop software solutions to serve domestic and international airports that meet functional and cost considerations. These efforts are likely to translate into notable growth of the market in the years ahead, notes the study.
Key companies having presence in the global airport information system market include SITA, Rockwell Collins Inc., Amadeus IT Group SA, and Siemens Postal, Parcel & Airport Logistics, Resa S.A.S., and Velatia S.L.
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According to the TMR report, the global airport information system market is predicted to attain a value of US$46,950.6 mn by 2024 end, rising at a CAGR of 7.2% between 2016 and 2024. By solution type, the segment of baggage processing currently leads the market and is likely to continue to remain at the fore. However, flight information and passenger processing segments are predicted to expand at a faster growth rate between 2016 and 2024. By geography, North America currently leads the airport information system market; the region held nearly 30% of the overall market in 2016. However, Asia Pacific is predicted to outdo in terms of growth rate between 2016 and 2024. The growth of this market is mainly because of a booming IT industry in India and China.
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Airport Construction and Airport Refurbishment Activities to Bolster Demand
Firstly, the rising volume of air traffic for business and leisure over the past few decades is the key growth driver of airport information system market. The need for efficient operations at airport, especially large ones, in terms of passenger movement, baggage handling, and flight information amidst high pressure of handling large volume of passengers and large number of flights every day is driving the airport information systems market. Both government agencies and private companies are undertaking airport construction and airport refurbishment projects thereby driving the demand for airport information systems. Advanced IT solutions are effective for display of crucial information related to change of flight arrival/departure gate, passenger announcements, flight delay, and baggage retrieval among others needed for efficient operations at airports.
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Need for Failsafe Peripherals Challenges Growth
On the downside, there are a few challenges impeding the growth of airport information system market. High cost of advanced airport information systems, along with high cost of running, maintenance of these systems is limiting their adoption for large airports that handle several thousand passengers every year.
Moreover, airport information systems need to be supported with continuous high speed connectivity, hi-tech electronic devices, digitally compliant airport infrastructure, and other supporting devices. The need to maintain security, reliability, and robustness of supporting devices adds up to the overhead cost of deploying airport information systems. This is posing as a challenge to the growth of airport information system market.
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The information presented is based on the findings of a TMR report, titled "Airport Information System Market (Operation - Airside and Terminal Side; Airport Category - Commercial Service Airport, Cargo Service Airport, and Reliever Airport; Solution - FIDS, Resource Management Solutions, P.A. System, Baggage Processing, Passenger Processing, Airport Operations, Airport Information, and AODB) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
The global airport information system market is segmented as follows;
Airport Information System Market, by Operation
- Terminal Side
Airport Information System Market, by Airport Category
- Commercial Service Airport
- Cargo Service Airport
- Reliever Airport
Airport Information System Market, by Solution
- Resource Management Solutions
- Baggage Processing
- Passenger Processing
- Airport Operations
- Airport Information
Airport Information System Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- United Arab Emirates (the UAE)
- Saudi Arabia
- Rest of MEA
- South America
- Rest of Latin America
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