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According to the new research report, titled “Airport Asset TrackingMarket Forecast to 2027 - COVID-19 Impact and Global Analysis - by Offering (Hardware and Software), Asset Type (Fixed Assets, Portable Assets, and Mobile Assets), and Geography” published by The Insight Partners, the market is expected to reach US$ 892.2 million by 2027, registering a CAGR of 13.1% during 2020-2027.
Airport Asset Tracking Market in APACis expected to grow at highest CAGR
India, China, Japan, Australia, and South Korea are among the significant contributors to the ongoing technological innovations in APAC. Rapid developments in technologies, initiatives from governments, digitalization of economies, and rising disposable income of the middle-income class group are among the factors propelling the region's overall economic growth, driving it from a developing stage to a developed stage. APAC has become one of the largest aviation markets worldwide, with air passenger count in billions every year. The rising number of air passengers has led to increase in the number of aircraft flights every day; therefore, the airport operators in Asia have started evaluating the efficiency of their operations.
With a goal to bring advanced technologies in airport processes to enhance productivity, all the airport operators take the digitalization approach. For instance, in July 2020, Thailand's aviation agencies inked a 5G Smart Airport MoU to provide 5G networks and services at different airports in Thailand. The government bodies of Thailand are collaborating with Huawei to introduce 5G networking. Steps to introduce smart airports in the Asian economy would trigger the adoption of technologies such as asset tracking and asset management at these facilities. Further, in January 2018, Inseego received a contract from KLM Equipment Services to deploy their Ctrack Aviation asset tracking and management services at the Hong Kong International Airport. This system was installed at the Hong Kong Airport's Jardine Air Terminal Services to handle an array of non-motorized and motorized ground support equipment (GSE). The implementation of such advanced unique and end-to-end IoT solutions helps improve security, safety, and passenger experience by accelerating the operational efficiencies of the GSE. Further, the growth in the airport construction activities across the region is expected to propel the airport asset tracking market in the coming years. Thailand, Vietnam, China, India, and Hong Kong are a few of the countries witnessing new airports in their territories. Thus, the construction of new airports and integration of advanced technologies for asset management would propel the airport asset tracking market growth in Asia Pacific during the forecast period.
Key findings of the study:
The airport asset tracking market players are known to provide various types of offerings. They offer solutions solely for tracking and managing precise airport assets, solutions for a wide range of tasks in the aviation industry. The market also includes telematics providers catering to other sectors. In the recent past, several partnerships among these players have been witnessed. For instance, in November 2019, Sigfox, an IoT service provider, partnered with a travel firm named Amadeus. The partnership was aimed at offering tracking software for luggage and airplane equipment. In March 2019, Menzies, a ground services provider, partnered with Smarter Asset Management for its Gen3 telematics system. In April 2018, TCR Group, an airport ground support equipment rental company, partnered with Targa Telematics and Sensolus. The partnership was focused on enhancing real-time monitoring of ground support equipment vehicles and motorized assets.