As per Inkwood Research, the Global Air Traffic Management Market is estimated to rise with a CAGR of 5.57% in terms of revenue during the forecasting period of 2023-2032.
“Browse 54 Market Data Tables and 82 Figures spread over 220 Pages, along with an in-depth TOC on the Global Air Traffic Management Market Forecast 2023-2032.”
Air traffic management is used to ensure the safe and disciplined flow of air traffic without errors. The primary objective of the system is to minimize the congestion problem at the airports and control the flow of traffic day in and day out.
Growing Passenger Traffic boosts Growth Opportunities
Air travel is a time-saving and efficient mode of transportation. Accordingly, air traffic is on the rise, necessitating the effective use of air traffic management to ensure secure and safe air travel. Also, airlines are expanding their fleet to accommodate more passengers. They are buying more aircraft and adding more routes. Similarly, airspace congestion highlights the need for air traffic management.
Further, the growing passenger traffic has led to the construction of new airports and the expansion of the existing ones, which has further raised the need for new air traffic management (ATM) infrastructure and increasing the capacity of the existing ATM systems. Besides, almost every country globally is engaged in airport construction or expansion activities encompassing significant investments. In this regard, Europe and Asia-Pacific witnessed increased funding. Such factors drive the global air traffic management market growth.
Air Traffic Flow Management is the Fastest-Growing Domain
Air traffic flow management (ATFM) was established to contribute to a safe, expeditious, and orderly flow of air traffic. It has existed as a subset of air traffic management (ATM). It is gaining relevance for tactical approaches needed for capacity-reducing and off-nominal instances and long-term & demand balancing. Besides, the demand for pre-tactical and tactical ATFM procedures is emerging, with optimal operation conditions becoming increasingly rare.
Asia-Pacific is the Largest Revenue-Generating Region
The rapidly-growing passenger traffic in Asia-Pacific is attracting investments alongside the airports increasing their passenger and flight handling capacities. Besides, the airlines in the region are expanding their fleet size to cater to more passengers. Additionally, the rising emphasis on modernizing the old ATM infrastructure offers growth opportunities.
Market rivalry is characterized by intense competition with vendors competing on factors like reliability and technological innovations while minimizing costs. Some of the eminent companies in the market include Indra Sistemas SA, L3Harris Technologies, Leonardo SpA, Honeywell, etc.Automated Parking Assistance to lead the Application Segment
Automated parking assistance applications monitor and manage the presence of parked vehicles in real time. As the number of vehicles in urban areas continues to increase, demand for technology-based automated parking assistance is expected to grow. The components of automated parking assistance applications include sensors, hardware that collects and transmits mobility data, an interconnection network to share the data over the cloud, and data analysis software.
Dominating Region – Asia-Pacific
Asia-Pacific is anticipated to dominate the global market in terms of revenue and CAGR during the forecast period. The increasing adoption of IoT drives the market of intelligent roadways transport management systems in Asia-Pacific, the need for efficient traffic control, rapid urbanization, and government initiatives for smart transportation systems. The Asia-Pacific region has the world’s largest population. The rising number of vehicles on the road in all countries, particularly China and India, is expected to create huge traffic problems. Implementing intelligent roadways transport management systems can effectively manage them.
The correlation between the threat of entry and barriers posed by the market is unfavorable for new entrants in the intelligent roadways transportation management system market. These vendors are subjected to stringent government compliances in logistics and transportation and, thus, require the capabilities of maintaining paperwork related to the customers. Further, major vendors are expected to command a strong client base and be less influenced by market competition. However, other vendors in the market are expected to compete intensely with each other to gain access to the market share.