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Key Companies Covered in the Market Research are Cisco Systems Inc., Siemens AG, Honeywell International Inc., IBM Corporation, Thales Group, Rockwell Collins Inc., Indra Siestma S.A., Amadeus IT Group SA, Sabre Corporation, QinetiQ Group Plc, NEC Corporation, and other 10 more comp , etc. and other key market players.
Global Smart Airport Industry is further estimated to grow at a CAGR of 7.12% from 2022 to reach USD 20.19 Billion by the year 2031 . Kenneth Research recently added a report on Smart Airports Market which provides a detailed insight into the market scenario on the basis of the market size, market volume annual growth rate of the market over the forecast period, i.e., 2022-2031.
In recent years, major aircraft manufacturers such as Airbus S.A.S and Boeing announced AI-based product launches and research initiatives. Moreover, these companies have made huge investments in AI startup firms through their venture arms to develop cutting-edge solutions driven by AI.
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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
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According to the statistics by the Aerospace Industries Association (AIA), the aerospace and defense industry, in the United States, during the year 2018, generated a revenue worth USD 374 billion in value-added products and services.
Global Smart Airport Industry was valued at USD 11.65 Billion in the year 2021. Global Smart Airport Industry is further estimated to grow at a CAGR of 7.12% from 2022 to reach USD 20.19 Billion by the year 2031. Asia-Pacific region holds the highest Industry share in 2017 and Asia-Pacific Industry is considered as the fastest growing Industry in the forecasted period. At a country level, China, Japan, India are projected to grow strongly in the coming years.
Major market players in Smart Airport Industry are Cisco Systems Inc., Siemens AG, Honeywell International Inc., IBM Corporation, Thales Group, Rockwell Collins Inc., Indra Siestma S.A., Amadeus IT Group SA, Sabre Corporation, QinetiQ Group Plc, NEC Corporation, and other 10 more companies' detailed information is provided in research report. Rising research and development expenses to cater changing demand of end users. Similarly, growth strategies such as acquisition, merger, and expansion of the distribution network were few techniques adopted by most of Tier 1 and Tier 2 manufacturers in recent years.
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SWOT Analysis of Smart Airport Industry:
Strength:
Demand in Real-Time Location
Weakness:
Higher Cost and maintenance
Opportunities:
Growth in Tourism Industry
Threats:
Government Regulations and norms.
The major shares of the Industry come from Landside, by platform in Global Smart Airport Industry. On the other hand, Communication systems, by technology for this Industry is expected to grow at highest CAGR during the year 2018-2025.
Smart Airport Industry Segmentation:
By Platform
*Landside
*Airside
*Terminal side
By Technology
*Air/Ground Traffic Control
*Communication Systems
*The passenger, Cargo, & Baggage Ground Handling Control
*Endpoint Devices
*Security Systems
*Others
By Application
*Non-Aeronautical Operations
*Aeronautical Operations
By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa
Africa
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About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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