Airport Asset tracking system helps to track the airport sites such as machine shops, workplaces, and storage space. Asset tracking system keeps the record of maintenance history, track location, and gives a clear view of airport operation. The asset tracking system is a software that collects the data based on performance of asset, to check whether the assets are working smoothly. The asset tracking software system works more efficiently as compared to work done by humans working in for the airport. For asset tracking, there are various technologies which can provide real-time tracking such as RFID (Radio-frequency identification), BLE (Bluetooth low energy), GPS (Global Positioning System), and IoT (Internet of Things). For instance, Radio-frequency identification is used in tracking assets. A tag is attached to the asset, and the reader scans the tag to retrieve all of the asset's information. It utilizes frequency-based technology.
The increasing number of airports worldwide owing to increasing air traffic is expected to increase the growth of airport asset tracking market.
According to the Airport Council International (ACI), the growth rate of air passengers is increasing globally. For instance, according to the International Air Transport Association (IATA), US$ 1.2-1.5 trillion is expected to be spent on global airport infrastructure development till 2030, and these investments are made to build new airports or expand existing infrastructure to accommodate the steadily increasing passenger count. Governments all over the world are working to make advancements in the aviation sector and related industries which provide software, hardware, logistic services to airport infrastructure. For instance, Unilode Aviation Solutions, a Switzerland-based company which provides Unit Load Devices (ULD) Management and Maintenance, Repair and Operations (MRO) Solutions and Galley Cart Repair Services for the aviation industry, manages one of the world's largest independent fleets of approximately 120,000 Unit Load Devices (ULDs), providing outsourced ULD management solutions to over 40 airline customers. Another market driving factor is the hardware segment which includes RFID readers, antennas, RFID tags, connectors, cables, and RFID cards used in asset tracking systems. All of these hardware devices provide valuable information for monitoring as well as data storage in the cloud for future asset tracking. As a result, airport managers can use the data to make more informed decisions about the assets.
Asia Pacific is the growing region owing to significant growth in investments towards new airport constructions due to increasing air traffic. China leads the airport asset tracking market in APAC, followed by India, and the ASEAN countries. Global air traffic is expected to double over the next two decades, that brings new challenges in the management of a diverse range of assets such as unit load devices, maintenance, repairs, and overhaul spare parts, and tractors. These assets are required at an airport at the time of every departure. The seamless tracking of the above mentioned assets would enable operators in avoiding delays and optimizing asset operations.
In terms of revenue, Europe holds the second position in global airport asset tracking system market. The presence of numerous software companies offering asset tracking solutions for airport applications has contributed to the growth of the airport asset tracking market in this region. For instance, European company TracLogik is a leading provider of asset and employee location products and services.
Global Airport Asset Tracking Market Taxonomy
On the basis of Offering, the global airport asset tracking market is segmented into:
On the basis of Asset type, the global airport asset tracking market is segmented into:
On the basis of Region, the global airport asset tracking market is segmented into:
Major companies operating in the global airport asset tracking market are Litum, Steerpath Ltd., TracLogik, Undagrid B.V, Targa Telematics S.p.A, GeotabInc, indoo.rs GmbH, Tri-Logical Technologies Ltd., Unilode Aviation Solutions, Radiant RFID and LLC.