Aviation Software Market Geography Trends and Segmental Analysis
Market Forecast:
Global Aviation Software Market is projected to register a CAGR of 9.15% during the forecast period from 2020 to 2030.
Technological advancements in aviation software, rising air passenger traffic, and increasing demand for digital aviation maintenance software are driving the growth of the market. Furthermore, rising demand from emerging economies such as India and China is also expected to drive the growth of the market. The increasing collaborations between prominent companies are also expected to drive Aviation Software market growth.
For example, in 2018, HCL Technologies signed a reseller agreement with SAP SE. Under the terms of this agreement, SAP SE will resell HCL Technologies’ MRO solutions under the brand SAP Enterprise Asset Management.
However, issues such as the limited budget for the adoption of the integrated MRO software suite and stringent aviation regulations might hamper the growth of the market. Moreover, the ongoing COVID-19 pandemic might also impact market growth. However, with the adoption of aviation software, airlines can improve business performance through the real-time insights gained from the software.
Increasing investments in connected aircraft are expected to drive the growth of the market.
Key Players:
SITA (Switzerland), Epicor Software Corporation (US), CAMP Systems, Inc. (US), SYSPRO (South Africa), HCL Technologies (India), IBM Corporation (US), Oracle Corporation (US), Ramco Systems (India), Rusada (Switzerland), Honeywell International, Inc. (US), GE Aviation (US)
Market Segmentation:
Airport Segment to Register the Higher Growth Rate: By application, the airport segment is expected to register the higher CAGR during the forecast period, 2020 to 2028. The rise in air passenger traffic and freight transit at airports globally is expected to drive the growth of the segment.
Management Software Segment Expected to Register the Highest CAGR: The management software segment is expected to exhibit the highest growth rate during the forecast period. The increasing demand for management software by airlines and airports to smoothen operations and offer enhanced traveling experience to passengers is expected to drive the growth of the segment. Furthermore, increasing product launches by prominent technology companies to strengthen their market positions is also expected to drive the growth of this segment.
Regional Overview:
Owing to the involvement of new technology and firms such as Honeywell International, Inc., and IBM Corporation, North America led the aviation applications industry in 2019.
The involvement of influential companies such as SAP SE and SITA in Europe is expected to fuel the region's business growth.
During the forecast era, the Asia-Pacific market is expected to record the highest CAGR. The growing aviation industry is projected to increase the region 's demand for aviation technology in countries such as India and China. The region is expected to see long-term growth in the aviation software industry because of the great opportunities provided by the world's most populated country.
The presence in the Middle East & Africa of prominent airlines such as the Emirates Group and Etihad Airways is anticipated to fuel business growth in the area.
Finally, in Latin America, the country's rising demand for aviation applications is expected to increase air passenger traffic and freight transport in countries like Brazil.
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