The airport asset tracking market size is projected to reach US$ 1547.83 million by 2031 from US$ 558.25 million in 2023. The market is expected to register a CAGR of 13.6% in 2023–2031. The rise in air traffic and the launch of new airports are likely to remain key airport asset tracking market trends.
Airport operators frequently face difficulties with large-scale and complex operations. These difficulties can be overcome by putting in place a strong strategic asset management plan, ongoing asset health monitoring, and predictive maintenance programs. Asset management solutions support fleet management, airport facility upkeep, and total cost of ownership optimization, in addition to improving passenger satisfaction. Such benefits offred by the airport asset tracking solutions led to its demand by airports. The launch of new airports and the rise in air traffic generate the demand for solutions that further foster the airport asset tracking market.
A variety of airside and landside assets, including buildings, parking garages, aerobridges, refueling stations, runways, taxiways, airfields, baggage handling systems, and related mechanical and electrical infrastructure, are found at airports. These assets depend on effective aviation asset management tools to ensure their continuous upkeep. Airport asset management companies offer airport asset management planning solutions, asset tracking, maintenance solutions, real-time airport operations monitoring solutions, and intelligent airport management platforms.
Airports play a vital role in the economic development of the country. It promotes tourism and trade activities, contributing to increased airport operations. The infrastructure development of the airports leads to new job opportunities and business revenues which directly or indirectly leads to economic development of the country. Therefore, the governments of several countries are engaged in activities to boost their aviation sector, which leads to the development of new airports.
Thus, the launch of new airports demands software and solutions to simplify the operations of the airports. In addition, airport asset tracking solutions help airports increase profitability through optimized asset tracking.
Due to the rise in urbanization, there is a rise in disposable income of the people, which has led to increased spending by the people. They prefer a more convenient option while traveling, which has contributed to heightened inclination and preference towards air travel to save time. For instance, according to the International Air Transport Association (IATA), global air traffic ascended by 67.0% in January 2023 as compared to January 2022. In addition, according to Boeing, passenger traffic is also expected to grow by 3.8% during the 2022–2041 period. Such a rise in air traffic leads to an increased number of flight operations globally. Thus, growing air traffic will lead to the launch of new airports and require more flights, fuelling the demand for solutions for airport management. Asset tracking system allows airports to keep track of multiple assets, IT devices, equipment, and items from a single location. This software helps airports to easily monitor and update their aviation assets as they require maintenance or replacement. Thus, increased air traffic in the coming years generate the demand for airport asset tracking solutions.
Key segments that contributed to the derivation of the airport asset tracking market analysis are offering and asset type.
The geographic scope of the airport asset tracking market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, Asia Pacific accounted for the largest airport asset tracking market share in 2023. According to the International Air Transport Association (IATA), the aviation sector in Asia Pacific is contributing ~US$ 1 trillion to its GDP. Governments of Asia Pacific countries are focused on building new infrastructure, expansion projects, and introducing cost-effective solutions in the sector. The rise in the launch of new airports in the region fuels the demand for airport asset tracking solutions.
The regional trends and factors influencing the Airport Asset Tracking Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Airport Asset Tracking Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 558.25 Million |
| Market Size by 2031 | US$ 1547.83 Million |
| Global CAGR (2023 - 2031) | 13.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Airport Asset Tracking Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Airport Asset Tracking Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Airport Asset Tracking Marketis evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:
The “Airport Asset Tracking Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The global airport asset tracking market was estimated to be US$ 558.25 million in 2023 and is expected to grow at a CAGR of 13.6% during the forecast period 2023 - 2031.
The rise in air traffic and the launch of new airports are the major factors that propel the global airport asset tracking market.
The incorporation of new aircraft or airplanes is anticipated to play a significant role in the global airport asset tracking market in the coming years.
The key players holding majority shares in the global airport asset tracking market are Litum, TracLogik, Undagrid, Abeeway, and Adveez.
The global airport asset tracking market is expected to reach US$ 1547.83 million by 2031.
The incremental growth expected to be recorded for the global airport asset tracking market during the forecast period is US$ 989.58 million.