January 27, 2021
According to the research report titled ‘Global Lost and Found Software Market Size study, by Subscription Type (Monthly Subscription, Annual Subscription) by End-User (Airlines, Hotels, Others) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global lost and found software market is anticipated to accumulate huge returns by the year 2027.
Increasing inception of airports and rising number of air passengers leading to rise in lost item cases is driving the global lost and found software market growth. Also, surging trend of travelling is increasing the crowd at tourist places and hotels, thereby creating requirement of lost and found software.
As per reliable estimates, on an average, every person loses 1.24 number of items every year, with average cost of a single item being USD 220.15.
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Burden and complexity of returning the lost items necessitates the adoption of lost and found software. Several advantages of the software such as improved customer experience & loyalty because of the help it provides to institutions and individuals in finding the lost belongings at tourist’s places, hotels, and local government buildings is positively impacting the global lost and found software market outlook. According to the Indira Gandhi International Airport in New Delhi, India, number of items reported to be lost was around 10,000 in 2017, with cellphones and liquor accounting for major share.
However, high cost of installation, and lack of awareness among individuals about availability of such software may hamper the global lost and found software industry growth during 2020-2027.
From a regional frame of reference, worldwide lost and found software industry is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market share is projected surge during the study period, mainly due to proliferation of technology in the region.
On the other hand, Asia-Pacific industry is reckoned to register the highest CAGR through 2027, on account of increasing disposable income, rising population, and rapid developments in air travel industry.
Major players operating in global lost and found software market sphere include Have It Back, FindMyLost S.r.L., 24/7 Software, MissingX, Lostings, Bee Factory LLC, Foundrop LLC, tracNcare (developed by IQware Inc.), and Crowdfind (formerly Crowdfynd).