The report says that domestic service type segment is anticipated to grow at the highest compound annual growth rate (CAGR) over the forecast period owing to the growing domestic consumer
The global airport services market is expected to reach USD 509.70 billion by 2032, according to a report by Dublin-based data analytic company Research and Markets. The report says that domestic service type segment is anticipated to grow at the highest compound annual growth rate (CAGR) over the forecast period owing to the growing domestic consumer.
In a press statement, the company says that global airport services have been driven by an increase in investment in the airport industry. Rise in passenger traffic across the globe and growing import and export activity in both developed and developing economies have pushed market growth during the forecast period.
While upgradation in artificial intelligence (AI) and internet of things (IoT) technologies have boosted the airport services market, the rising population and growing customer demand for luxurious services have enhanced the market growth, according to the study.
The integration of key performance indicator (KPI) management, total airport management time and an increase in the primary research activity by taking consumer stratification surveys on airports are projected to escalate the potential sales of the market in the coming years.
Greenfield infrastructure type segment accounted for the largest revenue share which is accelerated by the emerging trends of adopting greenfield services, says the statement. Adoption of automation, self-services, high investment in brownfield and greenfield airport services and a rise in air traffic across the world have enhanced the performance of the airport services market.
It goes on to say that several manufacturers have launched distinct online applications for customer ease. This factor is likely to boost the market for airport services during the forecast period.
The study says that the aeronautical application segment is expected to hold a significant market share over the forecast period due to the growing population coupled with a rise in disposable income among people. Europe is expected to grow rapidly over the projected period on account of the strong presence of top international airports & desirable airport services.
Global players include Indigo, Zurich Kloten International Airport, Switzerland (ZRH), Frankfurt Airport, Germany (FRA), and others are consistently adding value by offering luxurious and desirable airport services and others.
