NEW YORK, Dec. 9, 2015 /PRNewswire/ -- Technavios market research analyst predicts the global airport IT spending market to grow steadily at a CAGR of more than 4% by 2020. The growing need to efficiently manage and handle a large number of passengers, cargos, and aircraft at airports is fueling IT spending in the aircraft industry. Also, factors like the expansion of international trade and commerce, growth in tourism, and employment generation are estimated to positively influence market growth during the forecast period.
The growing need to raise the overall airport security standards is the key driver for the growth of this market. Recently, it has been observed that airports across the globe are experiencing persistent threats of terrorism and criminal activity. This increase in security threats will lead to augmented spending on security technologies like access control, passenger security, and IT security. The increased spending on security technologies will result in market growth during the forecast period.
Segmentation by solution type and analysis of the airport IT spending market
Passenger processing systems
In this market study, analysts have estimated the operational systems segment to account for a market share of more than 47% during the forecast period. The ability of operational systems to enhance the airports productivity and efficiency by streamlining the flow of information is a critical factor that results in market growth during the predicted period.
Geographical segmentation and analysis of the airport IT spending market
Technavio market research analysts have estimated the Americas to dominate the global market for airport IT spending during the forecast period. The augmented spending on airport expansion and modernization programs will foster the prospects for growth in this market during the predicted period.
Competitive landscape and key vendors
The global airport IT spending market is extremely concentrated due to the presence of large vendors like Rockwell Collins and Amadeus IT Group. Since this market is highly concentrated, the vendors try to differentiate their products by offering various innovations through cost-effective solutions. The vendors in this market compete on the basis of integration expertise and technology maturation to gain maximum prominence during the predicted period.
The leading vendors in the market are -
Amadeus IT Group
Ultra Electronics Airport Systems
Other prominent vendors in the market include AirIT, Atos, Capgemini, Damarel, Ikusi, INFORM, Lockheed Martin, NEC, Northrop Grumman, Passur, RESA, Saab Sensis, Siemens, Travelsky, and UFIS Airport Solutions.
Key questions answered in the report include
What will the market size and the growth rate be in 2020
What are the key factors driving the global airport IT spending
What are the key market trends impacting the growth of the global airport IT spending market
What are the challenges to market growth
Who are the key vendors in this market space
What are the market opportunities and threats faced by the vendors in the global airport IT spending market
Trending factors influencing the market shares of the Americas, APAC, and EMEA
What are the key outcomes of the five forces analysis of the global airport IT spending market
Technavio also offers customization on reports based on specific client requirement.
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