The airport asset tracking market in APAC is expected to grow from US$ 125.1 million in 2019 to US$ 348.4 million by 2027; it is estimated to grow at a CAGR of 14.3% from 2020 to 2027.
Asset-tracking software is an easy-to-use web-based application that helps the airport facility track maintenance costs, increase asset life, minimize inventory investments, prevent and predict asset failures, reduce costly downtimes, improve labor productivity, and lower the total cost of maintenance. Over the last two decades, asset-tracking applications have gained immense traction in the IoT and machine-to-machine (M2M) applications. Most of the asset-tracking solutions were initially based on satellite or cellular technologies to gain remote visibility of asset location. However, the rising availability of innovative technologies, including Low-Power Wide-Area Networks (LPWANs), has increased the ubiquity, sophistication, and prevalence of asset-tracking operations. The use of such technologies enables operators to attain insights into asset position, and it also provides other essential asset specific information such as the status and speed of an asset. Therefore, the emergence of the LPWANs bolsters the growth of the airport asset tracking market in APAC. Also, the rising number of airports across APAC causes air traffic, supporting the use of airport asset tracking solutions. The growing use of asset-tracking solutions fuels its demand, which, in turn, propels the market growth in APAC.
The software segment anticipated to witness the highest growth during the forecast period in the airport asset tracking market. By using airport asset tracking software, airports and carriers efficiently perform tracking operations. Through analytics, data, and reports, airport authority can easily gather, analyze, and use equipment information to enhance productivity and efficiency. Tracking of assets, such as planes and several other mobile airport assets, is vital for airport’s functional performance. The software application offers crucial data and information that assists the aviation management make future plans, take effective decisions, and communicate alerts to the teams on the work orders. The software also helps the management identify and resolve potential problems. To keep a clean facility and efficient equipment operations, it is crucial to have a maintenance management solution in place. The airport asset tracking software enables the management to schedule cleaning and track overall maintenance costs to identify ways to make the operation more effective and efficient. The airport management can further utilize reports to recognize problem areas and determine the root cause of common issues. All these factors are boosting the airport asset tracking market in APAC.
Also, the ongoing COVID-19 pandemic is having a negative impact across APAC. The region has the presence of a large number of developing countries, positive economic outlook, high industrial presence, strategic government initiatives, huge population, and rising disposable income. All these factors make APAC a major region that drives the growth of various solutions and services markets, including asset-tracking systems and solutions. The outbreak of the COVID-19 had a negative impact on industries in APAC due to the restrictions on supply chain activities and uncertainty in user demand, also affecting airport asset tracking market. APAC comprises the largest count of the new airport construction and expansion projects. China leads the APAC market significantly in terms of passenger numbers and airport investments, followed by India. Both countries are experiencing disturbance due to the COVID-19 pandemic. The crisis has led to a sudden suspension of construction activities in the last few months, which, in turn, has negatively effected the supply chain of technologies. Additionally, the airport businesses across APAC have been adjourned temporarily, consequently leading to slow adoption rate of technologies among the airport authorities and airlines. The disruptions caused by the pandemic have affected the APAC airport asset tracking market. However, as the governments of several countries have granted the permission for reopening businesses and construction activities, the demand for airport assets and associated technology solutions is expected to gain momentum by the end of 2020, and the growth of the airport asset tracking market is likely to continue in 2021.
The overall APAC airport asset tracking market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the airport asset tracking market. The process also serves the purpose of obtaining an overview and forecast for the APAC airport asset tracking market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the APAC airport asset tracking market. Asset Fusion Limited, Ctrack, Geotab Inc., Steerpath Oy, and Unilode Aviation Solutions are a few players operating in the APAC airport asset tracking market.