World Passenger Baggage Reconciliation System Market Report 2023-2031: Cloud-Based Systems to Promise Significant Opportunities - Large Airports Leading Revenues, while Small Airports Lead the Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Passenger Baggage Reconciliation System Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023 to 2031" report has been added to ResearchAndMarkets.com's offering.

The global passenger baggage reconciliation system market is expected to grow at a CAGR of 10% during the forecast period of 2023 to 2031.

This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.

The passenger baggage reconciliation system market is expected to grow in the coming years due to the rising focus on ensuring passenger safety and enhancing the airport experience.

The passenger baggage reconciliation system is a software-based solution used to track passenger baggage throughout the airport journey, from check-in to baggage claim. The system ensures that baggage is accurately matched to its respective passenger, reducing the risk of mishandled bags and improving passenger satisfaction.

The increasing number of air passengers and the need to manage and track their baggage efficiently are key factors driving the growth of the passenger baggage reconciliation system market. The International Air Transport Association (IATA) has set regulations for baggage tracking and handling, which has led to the adoption of passenger baggage reconciliation systems in airports worldwide.

Overall, the growing need for passenger safety, enhanced airport experience, and efficient baggage handling are expected to drive the growth of the passenger baggage reconciliation system market in the coming years.

Increasing passenger traffic and air travel

Passenger traffic has been increasing rapidly in the last few years. According to the International Air Transport Association (IATA), the number of passengers traveling by air is expected to double by 2037, reaching 8.2 billion.

This increasing demand for air travel has led to the need for more efficient and accurate baggage handling systems. The growing air travel demand is expected to drive the passenger baggage reconciliation system market growth in the forecast period.

Stringent government regulations

Government authorities across the world have implemented strict regulations regarding baggage handling and passenger safety. For instance, the International Civil Aviation Organization (ICAO) has set guidelines to ensure passenger and baggage safety.

These regulations have mandated the use of automated baggage reconciliation systems, which can verify and reconcile baggage data before loading onto the aircraft. The passenger baggage reconciliation system market is expected to grow in response to the increased demand for regulatory compliance and enhanced passenger safety.

Advancements in technology

The advancements in technology have led to the development of advanced passenger baggage reconciliation systems that can handle a large volume of baggage efficiently.

Additionally, the implementation of Artificial Intelligence (AI) and Machine Learning (ML) in passenger baggage reconciliation systems has improved the accuracy of baggage handling and reduced the risk of baggage mishandling. These technological advancements are expected to fuel the growth of the passenger baggage reconciliation system market in the forecast period.

Cloud-Based Systems to Promise Significant Opportunities during the Forecast Period

The type segment of the passenger baggage reconciliation system market is divided into cloud-based and local-based systems. The cloud-based segment is expected to grow at a higher CAGR during the forecast period of 2023 to 2031.

Cloud-based systems offer increased scalability, accessibility, and cost-effectiveness, which are driving their adoption in the industry. The global cloud-based baggage handling system market size is expected to grow at a CAGR of 12.5% during the forecast period of 2023 to 2031.

The local-based segment held the largest revenue share of the market in 2022. The local-based systems, on the other hand, have been widely used in the past and are still preferred in some cases due to data security concerns. The local-based systems allow the data to be stored locally, which can prevent the data from being accessed by unauthorized persons.

Large Airports Leading Revenues, while Small Airports Lead the Growth

The passenger baggage reconciliation system market can be segmented based on its application in large airports and small airports. Large airports have a higher volume of passenger traffic and luggage to handle, making it more complex and time-consuming to reconcile passenger and baggage data. Thus, large airports held a higher revenue share in the market in 2022.

According to a report by the International Air Transport Association (IATA), the total number of passengers traveling by air is expected to reach 8.2 billion by 2037, which will mainly be driven by emerging markets such as Asia-Pacific, the Middle East, and Africa. As a result, large airports in these regions are expected to experience significant growth in passenger traffic, leading to increased demand for passenger baggage reconciliation systems. The small airport segment, on the other hand, is expected to have a higher CAGR during the forecast period of 2023 to 2031.

Due to the increasing number of low-cost carriers and regional airlines. These airlines operate in smaller airports and are expected to adopt passenger baggage reconciliation systems to comply with regulations and enhance operational efficiency. Overall, the increasing demand for air travel and the need to comply with regulations are expected to drive the growth of the passenger baggage reconciliation system market in both large and small airports.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Passenger Baggage Reconciliation System market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2031.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Passenger Baggage Reconciliation System market?
• Which is the largest regional market for Passenger Baggage Reconciliation System market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Passenger Baggage Reconciliation System market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Passenger Baggage Reconciliation System market worldwide?

Companies Mentioned

• SITA
• Daifuku Co. Ltd.
• Siemens AG
• Honeywell International Inc.
• Scarabee Aviation Group BV

Market Segmentation

Type

• Cloud Based
• Local Based

Size Of The Airport

• Large Airport
• Small Airport

For more information about this report visit https://www.researchandmarkets.com/r/87fwxi

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