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Published on : Thursday, December 10, 2015
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.