Smart Baggage Handling Solutions Market Report Overview
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The global Smart Baggage Handling Solutions market size was USD 7515.3 million in 2021 and market is projected to touch USD 20864.6 million by 2032, exhibiting a CAGR of 9.6% during the forecast period.
The global COVID-19 pandemic has been unprecedented and staggering, with smart baggage handling solutions market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Smart baggage handling technologies manage monitoring baggage weight, scanning luggage for security and automatically reading bag data. The increasing incidence of terrorist attacks at airports and railway stations increased the importance on the installation of technically refined scanners, development of security and investigation industry and rising public spending has motivated the growth. An artificial intelligence (AI)-powered cloud software, to enhance operations and improve passenger flow in various processes such as baggage hall, security, immigration, and border control. The hurried growth of passenger traffic has increased the pressure on airport operators to enlarge their passenger handling capacity and integrate digital solutions to regulate passenger flow, cargo, and baggage handling capabilities at airports. Airports are installing automated baggage handling systems to ease the pressure on airport ground support personnel, helping airports, airlines, and ground handlers achieve passenger satisfaction. With the constant advancements in robotics and digital communications, airports are developing with innovative technologies for augmenting the passenger travel experience. To reduce passenger uneasiness and baggage mishandling, airlines and airport operators are focusing on innovative baggage handling technologies. Airlines are also focusing on decreasing lost luggage instances by investing in various technologies for tracking passenger baggage throughout the whole journey. Additionally, airlines are participating smart technology for cargo. Participants are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions. The planned investments in passenger and baggage handling systems are expected to propel the growth of this sector in the future.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
COVID-19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. COVID-19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Smart Baggage Handling Solutions Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Smart Baggage and Tracking Devices, Smart Baggage Screening Technologies.
Smart baggage and tracking devices capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into airports, station, others.
Smart baggage handling solutions market players cover segment as airports will dominate the market share during forecast period.
Driving Factors
"Increase in people travelling to boost the market growth"
The expansion of travel & tourism industry as well as increasing occurrences of luggage mishandling or mislaying will motivate the market growth. Increase in R&D processes as well as increase in number of people travelling by air day-to-day will drive the market growth. Increasing public safety procedures along with growing advantages or infrastructure development produce attractive advance prospects.
"Technological advancement and development to upsurge the market."
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the smart baggage handling solutions market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.
Restraining Factors
"High cost to hamper the market growth"
High cost is hampering development of smart baggage handling solutions market. With the growing focus on enhancing smart baggage handling solutions, airlines are investing in smart baggage tags and baggage tracking devices. These baggage solutions are extremely costly which restricts many airlines and airports from using them. The price of a smart tag are much more expensive. High cost, complex procedure and upkeep condition are involved in the restraining factors.
Smart Baggage Handling Solutions Market Regional Insights
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"Asia Pacific to dominate the region due to technological development"
Asia Pacific is further expected to witness growth in the smart baggage handling solutions market share. The region is dominating the market due to constant innovation of airport infrastructure and construction of new airports. Modernization of airport infrastructure with smart airport solutions is projected to fast-track market growth in this region. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage."
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Daifuku (U.S.)
- Siemens (Germany)
- Cisco Systems (U.S.)
- Honeywell Aerospace (U.S.)
- Precision Aerospace Components (U.S.)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 7515.3 Million in 2021 |
Market Size Value By |
US$ 20864.6 Million by 2032 |
Growth Rate |
CAGR of 9.6% from 2021 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the smart baggage handling solutions market expected to touch by 2032?
Smart baggage handling solutions market is expected to touch USD 20864.6 million by 2032.
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What CAGR is the smart baggage handling solutions market expected to exhibit during 2022-2032?
Smart baggage handling solutions market is expected to exhibit CAGR of 9.6% during 2022-2032.
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What are the driving factors of the smart baggage handling solutions market?
The expansion of travel & tourism industry as well as increasing occurrences of luggage mishandling or mislaying will motivate the smart baggage handling solutions market growth.
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Which are the key players or most dominating companies functioning in the smart baggage handling solutions market?
The dominating companies in the smart baggage handling solutions market are Daifuku, Siemens, Cisco Systems, Honeywell Aerospace and Precision Aerospace Components.