Aviation Analytics Market Size, Share, Trends, Industry CAGR By 2032
Aviation Analytics Market Overview:
Aviation Analytics Market Size was valued at USD 2.5 Billion in 2022. The Aviation Analytics market industry is projected to grow from USD 2.96 Billion in 2023 to USD 11.26 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.20% during the forecast period (2023 - 2032).
The rising need for energy and process optimization to maximize revenue and smoothen operations has significantly contributed to the expansion of the aviation analytics market size. High competition owing to the presence of several players in the market has led aviation analytics providers to focus on innovation. Furthermore, increasing investments by aircraft OEMs in the aviation analytics market size is expected to drive market growth. For example, in June 2019, Embraer launched IKON, a cloud-based system for analysing and storing aircraft data.
However, the issues associated with cybersecurity and data management might hamper the aviation analytics market CAGR.
Market USP
Growing demand for real-time analytics in the aviation industry
Key Players:
The Key Aviation analytics market size are Players Honeywell International Inc. (US), Aviation Analytics (UK), Airbus SAS (Netherlands), Ramco Systems (India), General Electric (US), IBM Corporation (US), Oracle (US), Boeing (US), SAS Institute Inc. (US), SAP (Germany), Booz Allen Hamilton Inc. (US), GrayMatter Software Services Inc. (US), Mercator Group (Chile), Mercator Group (Chile), Mu Sigma (India), Embraer (Brazil), IFS AB (Sweden), Microsoft (US), Rolls-Royce PLC (UK)
Market Segmentation:
Sales & marketing segment to register the highest growth rate: The sales & marketing segment is expected to exhibit the highest CAGR during the forecast period of 2019 to 2030. The rising demand for enhanced travel experience by passengers is expected to drive the growth of the segment. Airlines can base their sales and marketing strategies and revenue models on the data generated by aviation analytics solutions to increase profits, enhance customer experience, and gain a competitive edge.
Customer analytics segment is expected to be the fastest growing: The customer analytics segment is expected to register the highest CAGR during the forecast period of 2019 to 2030. Aviation analytics solutions enable airline operators to maximize revenue and offer customer-centric services by providing real-time insights about customer behaviour.
Airlines segment expected to register the higher CAGR: The airline's segment is expected to exhibit a higher growth rate during the forecast period. Increasing investments by airlines in the aviation analytics market size is expected to drive the growth of the segment. For example, in June 2019, Kenya Airways signed a contract with General Electric to procure an aviation analytics solution. The contract enabled the airline to streamline operations, offer enhanced services to customers, and optimize fuel management.
Regional Analysis:
The aviation analytics market data has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific is projected to exhibit the highest CAGR during the review period.
North America dominated the aviation analytics market size share in 2021. The United States has the largest fleet of aircraft, the greatest number of aircraft operators, and high demand for aviation sector innovation, which all contribute to the expansion.
Asia-Pacific had the fastest growth rate in 2021. The market for aviation analytics has benefited from the rising demand for greater functional efficiency and a successful supply chain. One of the main factors drawing aircraft OEMs and MRO solution providers to the Asia-Pacific region is the availability of start-ups offering analytics solutions, such as IBS Software Services, where specially crafted solutions can be purchased.
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