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Smart Baggage Handling Systems Marketat was estimated to be around USD 1.92 Bn in 2019. Market is expected to witness a CAGR of 16.8% during the forecast period (2020-2028).
Rapidly growing travel industry accompanied with increasing government investments in multimodal transport is anticipated to enhance the market growth. Emergence of smart cities along with a rapid surge in the freight forwarding market are one of the major factors expected to drive the market during the forecast period. Increased airport traffic and the growing adoption of advanced technologies are projected to support market growth for upcoming years. Rising airport construction and a surge in investments related to modernization of existing airports are some other factors anticipated to boost the demand. Airport traffic is rapidly increasing in Asia Pacific which is ultimately pushing the demand for advanced technology-enabled systems. Growth of global logistics market and high adoption of smart technology such as machine learning, artificial intelligence, internet of things, and others are projected to drive the market during forecast period.
The global smart baggage handling systems market is bifurcated on the basis of technology type and geography. In terms of store type, the global market is segmented into bar code and RFID. In terms of geography, the global market is segmented into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
By Technology Type, Radio Frequency Identification (RFID) Is Expected To Grow At a Significant Rate
By Technology Type, The Radio Frequency Identification (RFID) Is Expected To Witness The Highest Growth In The Smart Baggage Handling Systems Market Across The Globe. Smart Baggage Handling Systems Accounted For A Significant Share Of XX% In 2019.
This segment accounted for a share of more than 50% across the globe. The segment has its dominance due to its low operational cost and its feature of endways baggage tracking. The segment is growing at a faster pace due to the rapid increase in the modernization of airports, seaports, bus stations, and other transport communication stations. The rapidly growing logistics industry is expected to enhance the segment growth in years to come. On account of the aforementioned factors, the segment is anticipated to continue its dominance throughout the forecast period.
By End-Use, the Airport Segment Is Estimated To Witness High Sales in the Smart Baggage Handling Systems Market
The airport segment has its dominance in 2019 and accounted for over 65% of the global revenue share in the same year. The rapid growth of air traffic and rising investments for the installation of advanced technology-based handling systems is anticipated to enhance the segment growth during the forecast period. Growing government spending for advanced airports across the globe is another factor driving the segment growth. Increased cargo movement and to improve consumer experience at airports new technology-based baggage handling devices are being installed, which further supports the market growth throughout the forecast period. An increased number of airports in Asia Pacific is projected to drive the market in years to come. Therefore, the segment will continue its dominant position over the upcoming years.
Rising government investments for the development of new airports in developing nations (such as India, China, and others) and growing passenger and cargo traffic in the region is anticipated to drive the fastest growth of Asia Pacific.
The market is expected to register a CAGR of XX% during the forecast period.
In 2019, North America held a major share in the market and contributed to nearly 34% of the global market share in the same year. Rising government initiatives for modernization and construction of airports is the key reason driving the market in the region.
Alstef Automation S.A., SITA, Pteris Global Limited, Vanderlande Industries, Siemens AG, BEUMER Group GmbH & Co. KG, G&S Airport Conveyor, Daifuku Co. Ltd., Fives Group, Scarabee Systems & Technology B.V. are few of the key players in the global smart baggage handling systems market.
Segmentation of Global Smart Baggage Handling Systems Market:
Smart Baggage Handling Systems Market by Technology Type:
- Bar Code
- Radio Frequency Identification (RFID)
Smart Baggage Handling Systems Market by Functionality:
- Tracking and Tracing
Smart Baggage Handling Systems Market by End-use:
- Railway Station
- Sea Ports
- Others (Bus Stations, Commercial Complexes, etc.)
Smart Baggage Handling Systems Market by Region:
- North America
- Latin America
- Middle East & Africa