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Affordable Air Travel and Technological Advancements to Serve as Prominent Factors for Growth of Airport Information System Market between 2020 and 2030: TMR
ALBANY, N.Y. , Nov. 30, 2020 /PRNewswire/ -- Air travel is no longer limited only to the rich. Over the years, the introduction of affordable air travel has led to the formation of a large customer base. Thus, the rise in air travel passengers across the globe is directly proportional to the growth of the airport information system market.
Airport information systems improve the operational efficiency of the airports while reducing the operational costs of the airports. These systems enable hassle-free movement of the passengers as well as provide real-time data of the aircraft movements, luggage systems, airline and terminal operations, etc. Hence, the increasing air travel trend has led to the need for operational efficiency, thus inviting phenomenal growth for the airport information system market.
Based on all the factors, the researchers at Transparency Market Research (TMR) conclude that the global airport information system market will expand at a CAGR of ~7 percent from 2020 to 2030. The global airport information system market is valued at ~US$ 30 bn currently, in 2020, and expects to magnify around ~US$ 70 bn by the end of the forecast period.
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The analysts at Transparency Market Research state the growing need for offering a great passenger experience, providing accurate travel information, and the advent of new technologies as the prominent growth-influencing factors.
The analysts advise the players in the airport information system market to focus on rolling out innovative unified airport information system concepts to gain profits across the existing market landscape.
Airport information systems mainly cater to passenger systems but there are also non-passenger systems available for other purposes such as maintenance, finance, security, ground handling, security, and others. Thus, this aspect may attract additional growth prospects for the airport information system market.
Analyze global airport information system market growth in 30+ countries including US, Canada , Germany , United Kingdom , France , Italy , Russia , Poland , Benelux, Nordic, China , Japan , India , and South Korea . Request a sample of the study
High connectivity is of great importance to any airport information system. It is the prime need to enable smooth functioning. Airport information systems require robust, reliable, and secure IT infrastructure. The investment for creating such infrastructure is considerably high. Thus, this aspect may hinder the airport information system market to a certain extent.
The COVID-19 outbreak has brought immense losses and has led to a decreased demand for the airport information system market. However, as the restrictions are being relaxed, airports around the world have started functioning. This factor may help in reviving the lost growth.
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IT & Telecom Industry
Passenger Information System Market – The passenger information system market is projected to advance at a robust CAGR of ~13% during the assessment period. This is evident, as transport agencies are harnessing the advantages of data in the public transport sector. As such, the public transport industry is pervasively becoming more digitalized. However, there is a lack of open and shared resources for data that adhere to privacy laws and General Data Protection Regulation (GDPR) in the European Union.
Smart Airport Market – The smart airport market has risen in prominence with new innovative technologies that have helped personalize customer experiences. Rising IT spending on airports is anticipated to propel the market's expansion as these solutions ease the burden on airport infrastructure and workforce. Emerging countries are showing dramatic traffic growth, diversity, and choice of airlines. Moreover, the rising penetration of smartphones and tablets is playing a key role in changing the outlook of global smart airports.
Passenger Service System (PSS) Market – The passenger service system market is a dynamic one in which new platforms and new technologies are being leveraged to meet the increasing expectations of the customers. The growing penetration of the internet is also generating growth in the global passenger service system (PSS) market.A report by Transparency Market Research forecasts the global passenger service system (PSS) market to rise at a solid CAGR of 11.8% from 2016 to 2024 to become worth US$ 11.523 bn by 2024 from US$4.315 bn in 2015.
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyse information.
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