VANCOUVER, B.C., Dec. 20, 2022 /PRNewswire/ — The aviation analytics market reached USD 2.95 Billion in 2021 and is expected to register a CAGR of 12.0% during the forecast period, according to latest analysis by Emergen Research. Increasing volumes of data generation is a key factor driving aviation analytics market revenue growth.
Drivers:
Increasing focus of aviation industry on competitive intelligence and analytical solutions
To increase the profitability of their companies, participants in the worldwide aviation industry are putting more and more emphasis on competitive intelligence and analytical solutions. As a result, aviation analytics solutions are becoming more and more well-liked, which is boosting the industry. Additionally, the number of data created is growing as a result of the rise in airline passenger traffic. This is pushing the market and urgent demand for analysis of the aviation sector. Vast data volume demand for these technologies is also being generated by the increased focus on aircraft fuel management.
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Aviation analytics solutions are being adopted by a growing number of enterprises globally as these systems help them lower costs, enhance maintenance and performance, and boost profitability and revenue. Applications for these systems in the aviation sector include risk management, inventory management, customer analytics, revenue management, and fuel management. Operations, finance, sales and marketing, and maintenance and repair are just a few of the business verticals where they are used.
Restraints:
Concerns regarding privacy and data security
Any failure in analytics could compromise client privacy because parent companies have access to information about their customers’ purchases, online transactions, ticket bookings, and other vital information. These beneficial client datasets may be traded between the businesses for mutual gain.
Growth Projections:
The aviation analytics market is expected to register a CAGR of 12.0% over the forecast period and revenue is projected to increase from USD 2.95 Billion in 2021 to USD 8.03 Billion in 2030.
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Current Trends and Innovations:
One of the key advantages of analytics is smart maintenance solutions, which allow people to travel freely and without bother as they won’t have to worry about their luggage as much. Radio-Frequency Identification prevents the luggage from being handled improperly. The prediction of fleet reliability is improved via predictive analysis. The threat to the aviation sector will ultimately result from the daily increase in airport traffic. However, with the aid of analytics and big data, variables like runway bandwidth, flight paths, aircraft kinds, etc. can be implied to both discover and compare the patterns. The industry is attempting to use airspace as efficiently as possible.
Strategic Initiatives:
Major companies included in the market report are IBM, General Electric, Accelya, IGT Solutions Pvt. Ltd., MU Sigma, Ramco Systems, Oracle, SAP SE, SAS Institute Inc., and OAG Aviation Limited.
- On July 21, 2022, Askdata, a firm with a focus on search-driven analytics, was bought by SAP SE, according to an announcement. By acquiring Askdata, SAP has improved its capacity to support businesses in making more informed decisions by utilizing AI-driven natural language searches. To maximize business insights, users are given the freedom to browse, communicate, and contribute to real-time data.
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Scope of Research
|
Report Details |
Outcome |
|
Market size in 2021 |
USD 2.95 Billion |
|
CAGR (2022-2030) |
12.0 % |
|
Revenue forecast to 2030 |
USD 8.03 Billion |
|
Base year for estimation |
2021 |
|
Historical data |
2019-2020 |
|
Forecast period |
2022-2030 |
|
Quantitative units |
Revenue in USD Billion and CAGR in % from 2022 to 2030 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Component, Application, End-use, and Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
|
Country scope |
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, U.A.E., South Africa, Turkey, and Rest of MEA |
|
Key companies profiled |
The International Business Machines Corporation (IBM), General Electric Company, Accelya, IGT Solutions Pvt. Ltd., MU Sigma, Ramco Systems, Oracle Corporation, SAP SE, SAS Institute Inc., and OAG Aviation Limited |
|
Customization scope |
10 hours of free customization and expert consultation |
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Emergen Research has segmented aviation analytics market on the basis of component, application, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2030)
- Services
- Software
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Fuel Management
- Customer Analytics
- Inventory Management
- Navigation Services
- Revenue Management
- End-Use Outlook (Revenue, USD Billion; 2019–2030)
- Airports
- Airlines
- Others
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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