Airport Asset Tracking Market Trends and Top Players 2021-2031
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 Asset Tracking Market Analysis
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.
Airport Asset Tracking Market Overview
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.
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Airport Asset Tracking Market: Strategic Insights
Market Size Value in US$ 349.3 Million in 2019 Market Size Value by US$ 892.2 Million by 2027 Growth rate CAGR of 13.1% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Airport Asset Tracking Market: Strategic Insights
| Market Size Value in | US$ 349.3 Million in 2019 |
| Market Size Value by | US$ 892.2 Million by 2027 |
| Growth rate | CAGR of 13.1% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Airport Asset Tracking Market Drivers and Opportunities
Launch of New Airports to Favor Market
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.
- In March 2022, Mexico City’s new airport, Aeropuerto Internacional Felipe Ángeles (IATA code NLU), was unveiled on March 21, 2022.
- Denmark’s Copenhagen Airport project was launched in 2021 with a US$ 728.59 million investment to remodel its Terminal 3 to enhance the passenger experience; this project is expected to be completed by 2027.
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.
Soaring Air Traffic – An Opportunity in the Airport Asset Tracking Market
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.
Airport Asset Tracking Market Report Segmentation Analysis
Key segments that contributed to the derivation of the airport asset tracking market analysis are offering and asset type.
- Based on the offering, the market is segmented into hardware and software. The hardware segment held a larger market share in 2023.
- By asset type, the market is segmented into fixed assets, portable assets, and mobile assets. The mobile assets segment is expected to grow with the highest CAGR during the forecast period.
Airport Asset Tracking Market Share Analysis by Geography
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.
Airport Asset Tracking Market Report Scope
Airport Asset Tracking Market News and Recent Developments
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:
- In August 2022, AeroCloud announced the launch of Asset Management, an innovative new module. Asset Management allows airports to manage and track the status of all airport assets and consumables and offers transparency of outstanding repair work. This innovative module allows users to access an interactive map to pinpoint assets and consumable stored locations to exact coordinates. Users can deep dive into assets that have outstanding repairs, set custom stock level alerts, and keep on top of expenditures. (Source: AeroCloud, Press Release, 2022)
- In April 2021, Semtech Corporation, a leading supplier of high-performance analog and mixed-signal semiconductors and advanced algorithms, announced that DevApp Tech Solutions Pvt Ltd. (DevAppSol), a leading Internet of Things (IoT) and low power wide area network (LPWAN) solution provider, integrated the LoRaWAN protocol into its smart asset tracking solution for luggage trolleys at Hyderabad International Airport. DevAppSol’s application leverages on-premises private LoRaWAN networks to accurately manage and track trolleys as they move throughout the airport grounds. (Source: Semtech Corporation, Press Release, 2021)
Airport Asset Tracking Market Report Coverage and Deliverables
The “Airport Asset Tracking Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Offering , Asset Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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