Market outlook: smart airport tech to surpass $13M
The smart airports market is predicted to reach $13,481.17 million, with a CAGR registering at 5.61% by 2020, according online market research library ReportsnReports.com.
The current market, estimated to be $9,718.07 million in 2014, is focusing more on passenger satisfaction by implementing self-service solutions. For example, two-thirds of airports have programs to deploy kiosks and Wi-Fi. Improving passenger satisfaction is the primary reason for airport IT expenditures, and these investments have increased IT revenue as investments increased to 5.43% in 2013, up from 4.19% in 2010, the report said.
The report also details the financial position, key products and developments, and selling points of smart market competitors, a press release said, with categorized research on topics such as airport application, technology, and forecasting revenue and trends.