Aviation Analytics Market is set to Witness Huge Demand by 2030
The global aviation analytics market size is anticipated to hit USD 4.36 billion by 2028 and exhibit a CAGR of 11.58% during the forecast period. Airlines' growing adoption of aviation analytics for cost saving is anticipated to bolster market growth. Fortune Business InsightsTM has presented this information in its report titled “Aviation Analytics Market, 2021-2028”. According to the report, the market size stood at USD 1.93 billion in 2020 and USD 2.02 billion in 2021.
The Aviation Analytics market refers to the use of data analysis tools and techniques to improve various aspects of the aviation industry, such as flight operations, passenger experience, safety, and maintenance. This market is driven by the increasing need for efficient operations and cost optimization, as well as advancements in data analytics technologies.
Function, Application, Product, End-use, and Region are studied for the Market
On the basis of function, the market is fragmented into sales & marketing, operations, finance, and others. On the basis of application, it is segmented into navigation service, customer analytics, flight risk management, fuel management, and others. On the basis of product, it is bifurcated into solutions and services. On the basis of end-use, it is categorized into OEM and aftermarket. Geographically, it is studied across North America, Middle East, Europe, Asia Pacific, and the Rest of the World.
Browse In-depth Summary of This Research Insight:
Drivers & Restraints-
Emphasis on Cost Reduction by Airlines to Increase Market Growth
The product adoption has enabled airlines and airports to cut costs, including baggage loss and fuel. Airlines can accurately assess the flight route and carry the adequate amount of fuel required through aviation analytics. The IATA reported in 2020 that 22.1% of operating costs are spent on fuel by airlines. Hence, adopting such advanced solutions is anticipated to bolster market growth.
Additionally, the adoption of Big Data has increased in recent years. Airlines can better understand, plan, and deliver according to the dynamic market demands with Big Data analytics. This is likely to boost the aviation analytics market growth.
However, lack of skilled professionals for analytics may hinder the market growth.
List of Key Market Players:
Presence of Key Players to Boost Growth in North America
North America is anticipated to emerge dominant in the global aviation analytics market share. The key players present in the region, including Honeywell International Inc., Boeing, and Collins Aerospace is expected to be a major factor influencing the market growth.
Europe is projected to exhibit considerable growth in the coming years due to the increasing demand for technological advancements, the aviation sector’s modernization, and increasing travel and tourism.
Asia Pacific is slated to witness rapid growth in the global market due to the expanding aviation industry in the region. Additionally, increasing air travel in South Korea, India, China, and other countries is likely to boost market growth.
The rest of the world is expected to experience sluggish growth due to low aviation budgets. Due to new aircraft procurements and rising air travel, the Middle East will exhibit slight growth.
Key players Adopt Contracts and Partnerships to Acquire Growth
The market comprises several key players operating domestically and internationally. They focus on business expansion by adopting ingenious growth strategies including partnerships with OEMs and contracts. For instance, Sun Express and GE Aviation signed a digital agreement for Airbus A330 and Boeing 737 aircraft data safety analytics solutions in March 2020.