The global smart baggage handling system market will experience high demand in the forthcoming years, according to a Transparency Market Research (TMR) report. The market is moderately concentrated at present. High level of rivalry exists between the market players, who are keen to gain momentum in the smart baggage handling system market. Market competition is likely to accentuate with the entry of new, small-sized players in the coming years.
Vendors in the smart baggage handling system market are leveraging innovative technologies with an aim to offer high quality products. Examples of these technologies include internet of things (IoT), cloud technology, machine-to-machine solutions, and others.
Prominent players in the global smart baggage handling system market are Pteris Global Limited, Vanderlande Industries, Daifuku Web Siemens Group, Fives Group, and SITA.
According to TMR’s projections, the global smart baggage handling system market was valued to be worth US$1,508.6 mn in 2016. The market is forecasted to rise at a stellar 19.4% CAGR over the forecast period from 2017 to 2025. Considering this figure, the smart baggage handling system market is estimated to reach US$7,210.8 mn by 2025.
In terms of segmentation based on the technology, radio-frequency identification (RFID) is anticipated to gain substantial market revenue over the forecast period. Geography-wise, the North America smart baggage handling system market is expected to emerge dominant. The region is expected to exhibit a robust 20.5% CAGR over the forecast period.
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Need for Customer Satisfaction Drives Market Growth
The smart baggage handling systems have enhanced customer satisfaction for stakeholders. The smart baggage handling systems provide in real time data and turn-over times for the support teams at the airport. This solution is based on the basic concept of minimizing damage, misplacement and baggage retardation. As a result, the market for the smart baggage handling system is growing.
A modernization of existing airports, growth in airports and air travelers and the increasing availability of people’s revenues lead to high demand on the handling of baggage and baggage tracking system are some of the key drivers of growth in the world smart baggage system market.