The airport asset tracking market in MEA is expected to grow from US$ 41.2 million in 2019 to US$ 102.3 million by 2027; it is estimated to grow at a CAGR of 12.7% from 2020 to 2027.
Airport asset tracking market players offer various types of solutions solely for tracking and managing airport assets in the aviation industry. The market includes telematics providers catering to other sectors. Recently, 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 to offer a 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. TCR Group, an airport ground support equipment rental company, partnered with Targa Telematics and Sensolus. The partnership was performed to enhance real-time monitoring of ground support equipment vehicles and motorized assets. Such partnerships among ecosystem players offer lucrative growth opportunities for the growth of the airport asset tracking market in MEA. MEA is witnessing high air traffic due to upcoming new airports, which drives the demand for airport asset tracking solutions, thereby bolstering the growth of the MEA airport asset tracking market.
Based on offering, the hardware segment led the MEA airport asset tracking market in 2019. With the use of asset tracking software, airports and carriers operate tracking process efficiently. The advanced asset tracking and wireless RF innovation make it affordable and straightforward for tracking paths, including vehicle armadas and on-ground hardware, such as streetcars, ground power units, loaders, and numerous other costly apparatuses. Through IoT following for hardware, organizations are reducing cost through keeping trackers longer with close checking of the ongoing area and better permeability for support issues. At an air terminal, the benefit of GPS beacons give directors a reasonable access to all the data they need from the working environment. RF innovation-based gadgets, sensors, and entryways are a practical path for catching, overseeing, and following all information accumulated by different moving resources. GPS beacons put on the organization’s resources, such as streetcars, farm haulers, belt loaders, forklifts, bed loaders, and other fundamental moving resources, empower continuous area and status imparting to a focal chief. Different kinds of equipment are utilized in resource global positioning frameworks such as RFID perusers, radio wires, RFID labels, connectors, links, RFID cards, and numerous others. Each gadget further gives essential data in the cloud for future advantages. Thus airport asset tracking market provides huge advantages to the aviation industry.
The ongoing COVID-19 pandemic is affecting the MEA economy. Iran, Saudi Arabia, Qatar, South Africa, and the UAE are among the countries with a high number of COVID-19 cases and related deaths. The economic and industrial growth of these countries has been negatively affected in the past few months. The region comprises many economies, such as the UAE, with a presence of diverse customer base and infrastructural developments to build smart cities. Thus, these economies are prospective markets for the asset-tracking solution providers. The aviation industry across the region has been disturbed by the COVID-19 outbreak. Continuously falling number of passengers at airports, owing to the restrictions announced by the governing authorities, led the airports to observe a downfall in the revenue generation. The region has a number of scheduled aircraft construction and expansion projects that are expected to be completed by the end of 2020 and in 2021. The temporary restrictions on construction activities are slowing the adoption rate of technologies. Hence, the pandemic is negatively impacting the airport asset tracking market; however, the growth of the airport asset tracking market is likely to regain by mid-2021.
The overall MEA 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 market. The process also serves the purpose of obtaining an overview and forecast for the MEA airport asset tracking market with respects 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 MEA airport asset tracking market. Asset Fusion Limited, Ctrack, Litum, Tri-Logical Technologies Limited, and Unilode Aviation Solutions Aviation Solutions are a few players operating in the MEA airport asset tracking market.