Airport Operations Market To Reach US$13,753.0 Million In 2031, Software Segment To Grow 6.8% CAGR; Reliever airports are expected to achieve 7.8% CAGR, says AMR.
PORTLAND, ORAGON, UNITED STATES, Sept. 21, 2022 /EINPresswire.com/ — Allied Market Research released a report titled “Airport Operations Market by Airport Class (Class A, Class B, Class C, Class D), by Operation (Airside Operations, Landside Operations, Financial Operation, Information Management), by Platform (Hardware, Software, Service), by Airport Category (Commercial Service Airports, Cargo Service Airports, Reliever Airports, General Aviation Airports): Global Opportunity Analysis and Industry Forecast, 2021– 2031.” According to the report, the global airport operations industry generated US$7.7 billion in 2021 and is expected to reach US$13.8 billion by 2031, growing at a CAGR of 6.3% from 2022 to 2031.
drivers and opportunities
Increasing investment to support brown-field and green-field airport operations, growth in passenger traffic, and leaps in adoption of new technologies that support automation and self-services are driving the growth of the global airport operations market. However, the threats of cyber attacks and data breaches are restraining the market growth. On the other hand, the introduction of Total Airport Management (TAM) systems for handling air traffic will create new opportunities in the coming years.
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Due to the ban on domestic and international travel in the early stages of the pandemic, many airport operations have been suspended and the overall revenues of the global market have been affected.
The implementation of the lockdown and air travel ban led to a nearly 22.9% drop in global air traffic in the initial phase.
Airport operations slowly began as vaccinations began around the world. Operations at the airport are expected to resume after the pandemic.
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The hardware segment is projected to maintain its leadership status during the forecast period
Based on platform, the hardware segment contributed the highest market share in 2021, contributing more than two-fifths of the global airport operations market and is expected to maintain its leading position during the forecast period. This is due to rapid technological advances and the introduction of non-contact and self-operating systems. However, the software segment is expected to register the largest CAGR of 6.8% from 2022 to 2031, which will be attributed to the integration of technologies such as AI, ML and cloud operations as well as regular updates of the software.
The shoreside operation segment is projected to maintain its leading position during the forecast period
Based on operations, the landside operations segment held the highest market share and accounted for more than a third of the global airport operations market in 2021 and is expected to maintain its leading position during the forecast period. Additionally, this segment is projected to show the fastest CAGR of 7.0% from 2022 to 2031. This is due to the increasing demand to improve the passenger experience and support automated operations. The study also analyzes the segments including flight operations, financial operations and information management.
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Asia-Pacific to maintain sales dominance through 2031
Based on region, Asia-Pacific contributed the highest market share in terms of revenue in 2021, accounting for approximately two-fifths of the global airport operations market and is expected to maintain its dominance in terms of revenue through 2031 becomes. Furthermore, this segment is expected to register the fastest CAGR of 6.8% over the forecast period. This is attributed to an increase in spending, living standards and domestic traffic in the area. The research also analyzes regions such as North America, Europe and LAMEA.
Leading Market Players
Cisco Systems, Inc.
Honeywell International Inc.
Raytheon Technologies Corporation
Teledyne Technologies Incorporated
Damarel Systems International Ltd.
Amadeus IT Group
Huawei Technologies Co.,Ltd.
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Pawan Kumar, the CEO of Allied Market Research, leads the organization to provide quality data and insights. We are in professional business relationships with various companies and this helps us to unearth market data which help us create accurate research data tables and confirm the highest accuracy of our market forecasts. All data presented in the reports we publish are extracted through primary interviews with top officials from leading companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable professionals and analysts in the industry.
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