North America Airport Asset Tracking Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Offering, and Asset Type

Hardware Segment to Dominate North America Airport Asset Tracking Market during 2019-2027

According to a new market research study on “North America Airport Asset Tracking Market to 2027 - COVID-19 Impact and Regional Analysis and Forecast by Offering and Asset Type” is expected to reach US$158.1 million by 2027 from US$73.0 million in 2019. The market is estimated to grow at a CAGR of 10.7% from 2020 to 2027. The report provides trends prevailing in the North America airport asset tracking market along with the drivers and restraints pertaining to the market growth. Acceptance of common platform by various asset tracking tasks is the major factor driving the growth of the North America airport asset tracking market. However, issues associated with developed countries witnessing low investments on airports hinders the growth of North America airport asset tracking market.

The North America airport asset tracking market is segmented into offering, asset type and country. Based on offering, the North America airport asset tracking is bifurcated into hardware and software. Hardware held the larger market share in 2019. On basis of the asset type the market is further segmented into fixed assets, portable assets and mobile assets. Mobile assets held a substantial market share throughout the forecast period.

Also the ongoing COVID-19 is having a very devastating impact over the North America region. Presently, the US is the worst-affected country due to the COVID-19 outbreak. North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, the presence of a high-tech companies, and high purchasing power, especially in developed countries such as the US and Canada. The US is the worst-hit country in North America, with thousands of infected individuals facing severe health conditions across the country. The continuous growth of infected individuals had led the government to impose lockdown across the nation’s borders in last few months. The airport closure for regular passengers has led the airports to experience deflation in revenue. The adoption rate of technological adoption among US airports is decent, and owing to the closure of airports, the demand has shrunken to a drastic level. This is showcasing a negative effect on the airport asset tracking market. However, the impact of COVID-19 is short-term and is likely to decrease by 2022.

Adveez; Asset Fusion Limited; Ctrack; Geotab Inc.; Radiant RFID, LLC; Steerpath Oy; Unilode Aviation Solutions are among the leading companies in the North America airport asset tracking market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Geotab announced a collaboration with Deloitte. As per the partnership, Deloitte would offer Geotab’s award-winning product portfolio as well as consultation and integration services to its current customer base across Canada and Latin America.

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