Airport Management – Importance:
Airport management is also popularly known as airline management. It is concerned with the management airport & airline spaces. Lately, due to the rising awareness amongst the general population, the global airport management market is gaining impetus.
The aviation industry has registered remarkable success over the last four decades. It has undergone a whole lot of positive changes. Due to that even the airport investors & airport related businesses have evolved. They are making the required changes to enhance the customer’s experience while at the airport.
Airport management is of great importance because airports are a potential market for the sellers. They are basically infrastructures where the vendors (sellers) can meet the users of their aviation related services. Hence, it is important for an airport to be in best condition at all times. They act as a crucial connecting link between the sellers & consumers.
An airport management service is inclusive of specialized services, these include all the safety & compliance needs of that facility. This service has gained a lot of recognition in the past years & will continue to do so in future as well.
Market Summary:
The global airport management market is poised for growth in the coming years. It is anticipated that this industry will earn up to USD 15.3 billion by the end of forecast period of 2018 - 2022. In terms of CAGR, the market is expected to grow at the rate of 9.8%.
The development of this market has been brought about by a number of growth factors collectively. One of the major drivers for this market is the increased in the usage of smart phone devices. Because of these, the travelers get to know about their journey time & other details through messages. Additionally, any updates regarding the delay of flight are also conveyed to them through messages.
High demand for refined services at the airport is acts as an added growth booster for the market. Due to this, many big players of the industry have started investing in this market.
Rising passenger traffic, demand for faster information sharing & requirement for risk management at airport systems can be termed as additional growth factors that further boost the growth of the market.
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Market Segmentation:
The global airport management market is divided into five equal parts. They include, services, software, airport sizes, applications & regions.
On account of services, the market is segmented into professional services & managed services.
On the basis of software, the market can be fragmented into non passenger systems & passenger systems.
When it comes to airport sizes, the market is split into class A, class B, Class C & Class D. Amongst these, the class B sub-division holds the largest market share. Class A is not far behind and expected to grow at a tremendous rate over the forecast period.
The applications segment comprises of content management, security, logistics, integration, business applications, gate management, performance management, collaboration & others.
Geographically, this market is spread across several regions like North America, Europe, Asia Pacific & Rest of the World.
Innovations:
One of the recent innovations witnessed by the airport management market is the introduction of camera drones for security. As drone cameras have become affordable now, many airports have started making the use of these to ensure optimal security in their airport facilities. These can be used effectively to single out any suspicious person or element in the vicinity of the airport.
Key Players & Strategies
Some of the key players of this industry can be listed as IBM corporation, Siemens AG, Raytheon, SITA, & Honeywell International Inc. The major strategies used by these brands are acquisitions & strategic partnerships.