This document navigates current airport challenges and presents advanced technology as the key to solutions. It offers profound insights into the future of global aviation, encompassing passenger management, sustainability, and technological integration.

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What’s inside

1. The not-so-smart airports of the present
2. The global travel shift: Current industry and market trends
3. The technological solutions making airports smarter
4. Solving for sustainability: A herculean task?
5. The global travel evolution: Upcoming industry and market trends
6. The global travel revolution: A futuristic rethinking, from first principles

The not-so-smart airports of the present

The not-so-smart airports of the present face numerous challenges. Operations suffer from capacity issues, flight delays, and inefficiencies. Passengers endure long queues, baggage mishaps, and limited amenities. Root causes include aging infrastructure, rising air travel demands, and heightened expectations. Solutions must address sustainability, accessibility, cargo flow, baggage handling, workforce shortages, and facility limitations.

The global travel shift: Current industry and market trends

The global travel shift: Current industry and market trends reveal airports’ adoption of new technology and operational strategies to tackle challenges. Emerging trends include enhanced passenger experiences, optimized capacity, safety measures, regulatory compliance, cargo logistics, and sustainability efforts. These initiatives reflect a trifecta of technological innovation, evolving customer expectations, and sustainability goals. Download Complete Research

The technological solutions making airports smarter

Cutting-edge technology is revolutionizing airport operations, addressing core challenges. From AI-based gate allocation to IoT-enabled passenger flow monitoring, these innovations enhance efficiency, sustainability, and safety. Adoption levels vary, but promise a smarter future for airports.

Solving for sustainability: A herculean task?

The aviation sector faces sustainability challenges despite significant growth projections. Airports employ millions but also contribute to emissions, noise pollution, and land use issues. Innovative solutions are crucial to mitigate environmental impacts. New technologies offer hope, with initiatives focusing on energy efficiency, waste management, water conservation, carbon emissions reduction, sustainable construction, stakeholder engagement, and sustainable transportation. Adopting a “smart airport” mindset and leveraging advanced technologies are essential for sustainable development. Download Complete Research

The global travel evolution: Upcoming industry and market trends

Smart airport innovations offer incremental improvements, enhancing every aspect of the customer journey. From baggage tracking to disruption management, each innovation contributes to a vastly improved airport experience. These subtle enhancements, when integrated into a comprehensive system, create truly evolved airports. While current developments may seem marginal, they lay the groundwork for future radical transformations. Foundational changes in data and cloud technologies, along with private networks and digital twins, are revolutionizing airport operations. Innovations in transportation, such as urban air mobility and self-driving passenger vehicles, aim to streamline end-to-end customer transportation. With a growing focus on sustainability and continuous innovation, airports are poised for significant advancements in the coming years.

The global travel revolution: A futuristic rethinking, from first principles

Future airports represent the culmination of incremental improvements, resulting in a transformative rethinking of airport design, operation, and customer experience. Redefining each step of the passenger journey from first principles can revolutionize airport travel. From travel to the airport to reaching the final destination, autonomous vehicles offer seamless transportation, reducing stress and travel time. Check-in and security procedures can be streamlined through biometrics and digital identity, eliminating the need for documents and minimizing delays. Optimized luggage handling and security checks ensure efficiency and convenience. Boarding processes can be expedited through automated sorting and biometric verification, enhancing overall travel experience. Additionally, autonomous vehicles can facilitate efficient flight transfers, reducing stress for passengers during layovers. With innovative technologies and redesign of airport processes, future airports promise a more seamless and enjoyable travel experience for passengers worldwide. Download Complete Research

Credits
Lead Authors@lab45: Ankit Pandey

The banking sector is experiencing significant changes primarily driven by the growing integration of technology into consumers’ daily lives, evolving customer expectations, increasing interest in digital money and the volatility of cryptocurrencies. The potential annual value of AI and analytics for the global banking industry is expected to be as high as $1 trillion.

What's inside

1. Key takeaways
2. Key drivers shaping trends in banking
3. Business trends driving innovation
4. Technology trends aiding the business

Key takeaways

• Changing IT spend- IT spending in banks is shifting from Capex to more.
• Opex, with significant shifts to Cloud.
• Future of banks- Neobanks can play a crucial role in addressing and responding to all the key drivers.
• Rise of fintechs-The emergence of fintechs is shaping business trends and expanding the range of choices available to customers. Studies indicate that from now until 2028, the growth rate of fintech companies is expected to be three times that of the banking industry as a whole.
• Impact of emerging technologies- New technologies like GenAI, Blockchain, IoT are likely to cause banks to change the way they work and will influence the majority of the business.
• Cybersecurity resilience- Cybersecurity is evolving from being solely a technological concern to becoming an important consideration for new business strategies.
• Sustainability increases in priority-While Sustainable finance enables banks in financing sustainable projects for other businesses, banks must also prioritize making their own operations sustainable. Download Complete Research

Key drivers shaping trends in banking

• Customers want personalized, convenient, and seamless banking experiences. Over 60% of banking executives report rising customer experience expectations, with 45% struggling to keep up.
• Fintechs are revolutionizing banking with mobile apps, online lending, and personalized experiences using AI. By 2030, they will be constituting 25% of all banking valuations.
• To address environmental risks and foster responsible economy, banks are focusing on sustainability. Banks representing 41% of the global banking assets have joined Net-Zero Banking Alliance.

Business trends driving innovation

• A lot of the trends are reflecting the move to extended value chains or ecosystems thinking.
• Technology platforms support a lot of this, and banks and financial service providers are seeing the benefits of these.
• BaaS allows third parties to connect with a bank’s API infrastructure to build and integrate products.
• With automation, banks can now reduce their lending processing time from weeks to a couple of days.
• Neobanks can operate on a low-cost model, which can be instrumental in improving the accessibility of banking services.
• With Open Banking, banks can now open online accounts in just three minutes, 100 times faster than before.
• These banking trends impact various stakeholders, including customers, regulators and government bodies, employees, technology providers and fintechs.

Technology trends aiding the business

• Banks can leverage AI to gain deep insights into their customers and the financial ecosystem, identifying new fraud patterns and money laundering strategies using synthetic data.
• Banks are migrating their analytics platforms to the cloud for complex banking analytics. Data marts are being used to store and perform analytics on sensitive bank data.
• Recent developments in cybersecurity in banks, like Zero Trust Architectures and Adversarial ML, help train ML models to be more resilient to attacks and increase cloud adoption.
• Blockchain technology in banking promotes secure digital transactions, cost reduction, decentralization, and anonymous financial activities while ensuring accountability.
• IoT implementation helps to monitor each customer touchpoint in realtime when they bank, enabling banks to offer more relevant services and identify fraudulent activities faster.

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Credits
Lead Authors@lab45: Deepika Maurya, Chandan Jha
Contributing Authors@lab45: Sujay Shivram, Hussain S Nayak

Manufacturing is becoming more smarter, efficient, precise, and sustainable by adopting IIoT, AI, Robots, Blockchain, and 5G for operations optimization. Manufacturing business trends are enabling flexible & transparent supply chains, customer-centric & agile production, ecosystem collaborations, and new business models.

What's inside

1. Key Takeaways
2. Key drivers shaping trends in manufacturing
3. Business Trends driving innovation
4. Technology Trends aiding the business

Key takeaways

The convergence of advanced technologies with labour, supply chain, and demand challenges is driving full automation. Nearly 84% of manufacturers have adopted or are considering smart manufacturing. Manufacturers are exploring tech-enabled ecosystem partnerships, reshoring, and factory-in-a-box model to address supply chain instability. AI, IIoT, Big Data & Analytics, Robotics, 5G & Edge Computing are enabling data collection, pattern identification, and prediction for process optimization and efficiency improvement. AI in manufacturing is expected to reach $115 billion in 2032 globally. Blockchain is ensuring supply chain and ecosystem security. Driven by regulations and environmental commitments, manufacturers are adopting technologies to reduce emissions. On-demand production, mass customization, and subscription-based products are enhancing customer experience. Download Complete Research

Key drivers shaping trends in Manufacturing

• Ensuring supply chain resilience and navigating market demand uncertainty are manufacturers’ main requirements amid natural disasters and geopolitical tensions. AI and Data Analytics are key to overcoming disruptions and predicting demand.
• Manufacturers are prioritizing automation to deal with skilled labour shortage, manage rising costs and enhance efficiency while maintaining quality.
• Sustainability is another priority for manufacturers, focusing on responsible materials sourcing, environment-friendly production, and safe waste disposal. Customer preference is changing, and they are seeking sustainable products and processes.

Business trends driving innovation

• Dark factories fully orchestrate processes using automated machines while operators remotely monitor activities, enhancing performance and resource efficiency.
• The product-as-a-service business model opens new revenue streams for manufacturers while lowering the upfront costs for customers.
• Global data exchanges & platforms allow data sharing between ecosystem partners while protecting proprietary data.
• Green manufacturing is getting propelled using digital technologies and adopting sustainability policies.
• Reshoring and micro-factories have gathered pace due to wage increases, supply chain disruptions, and the advent of digital technologies.
• Prescriptive maintenance identifies patterns, performs root-cause analysis, and recommends the best maintenance approach, lowering running costs and downtime.
• Customized product manufacturing is being enabled by additive manufacturing and flexible manufacturing approaches.
• Advanced environment-friendly materials are gaining traction resulting in enhanced performance, high wear resistance, and high thermal stability of products.
• These trends impact various stakeholders, including manufacturers, suppliers, workers, and customers.

Technology trends aiding the business

• AI is transforming manufacturing through real-time machine operation optimization, problem prediction, demand forecasting, cost modelling, product quality inspection, robot navigation, etc.
• IIoT is key for prescriptive maintenance, real-time production and machine monitoring. 5G provides high bandwidth for reliable connectivity between IIoT devices, offloading computation-heavy tasks to edge infrastructure.
• Robots & Cobots enable production line process handling, intelligent material handling, and warehouse automation.
• Digital Twin enables the convergence of information technology (IT), operational technology (OT), & engineering technology (ET) in manufacturing.
• Blockchain allows for tracking materials & goods through the supply chain, inventory management, & warranty management.
• Secure and dedicated private networks, Blockchain, and AI are increasingly used to safeguard critical manufacturing operations from cyberattacks.

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Credits
Lead Authors@lab45: Parag Arora
Contributing Authors@lab45: Hussain S Nayak