Portland, OR, Oct. 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aviation blockchain market is estimated at $0.42 billion in 2020 and is expected to hit $1.15 billion by 2030, registering a CAGR of 11.1% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increase in number of airline passengers, rise in disposable income of individuals, and improved safety, tracking, and transparency for aviation logs fuel the growth of the global aviation blockchain market. On the other hand, high installation cost of the technology restrains the growth to some extent. However, several contracts and agreements with aviation industry players are expected to create lucrative opportunities in the industry.
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COVID-19 scenario-
- Commute restrictions and expected weak financial performance of the market players impacted the global aviation blockchain market negatively, especially during the initial phase.
- Nevertheless, the global situation is getting better and the market is anticipated to revive soon.
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The global aviation blockchain market is analyzed across application, end use, function, and region. Based on end use, the airports segment accounted for nearly two-fifths of the total market share in 2020, and is projected to rule the roost by the end of 2030. The airlines segment, on the other hand, would cite the fastest CAGR of 12.1% throughout the forecast period.
Based on functions, the transactions segment contributed to more than half of the total market revenue in 2020, and is expected to lead the trail by 2030. The record keeping segment, however, would grow at the fastest CAGR of 11.4% from 2021 to 2030.
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Based on geography, Asia-Pacific held the major share in 2020, garnering around one-third of the global aviation blockchain market. The same region would also exhibit the fastest CAGR of 12.6% by 2030. The other three provinces discussed in the report include North America, Europe, and LAMEA.
The list of companies profiled in the global aviation blockchain market report includes International Business Machine Corporation, Infosys Limited, Leewayhertz, Moog Inc., Safeflights Inc. (14bis Supply Tracking), Aeron Labs, Sweetbridge, Inc., Winding Tree, and Zamna Technologies Limited. These market players have incorporated different strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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