Pune, India, Feb. 08, 2022 (GLOBE NEWSWIRE) -- 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 Insights 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.
List of Key Players Operating in Aviation Analytics Market:
- Airbus (France)
- Boeing (U.S.)
- Collins Airspace (U.S.)
- General Electric (U.S.)
- Honeywell International Inc. (U.S.)
- IBM (U.S.)
- L3Harris Technologies Inc. (U.S.)
- Oracle (U.S.)
- SAP SE (U.S.)
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COVID-19 Impact-
The sudden coronavirus outbreak has severely hampered the growth of several markets and industries. The aviation industry suffered a drastic impact from the coronavirus pandemic. Several countries' cancellations of flights and air travel bans have affected the market growth. The high unemployment due to lay-offs has created havoc in the industry. The market is currently recovering with the introduction of vaccines and is likely to prosper in the coming years.
Market Segments:
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
On the basis of application, it is segmented into
- navigation service
- customer analytics
- flight risk management
- fuel management
On the basis of product bifurcated into
- solutions
- services.
On the basis of end-use, it is categorized into
- OEM
- aftermarket.
Geographically, it is studied across
- North America
- Middle East
- Europe
- Asia Pacific
- Rest of the World.
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https://www.fortunebusinessinsights.com/aviation-analytics-market-102101
Report Coverage-
- The report delivers detailed insights about key developments such as mergers, partnerships, and acquisitions by prominent players in the market.
- The report offers information on the latest technological advancements, drivers, and restraining factors of the industry.
- The report consists of the effects of COVID-19 on the market.
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.
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Regional Insights-
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.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Quantitative Insights-Impact of COVID-19 Pandemic on Global Aviation Analytics Market
- Impact of COVID-19 Pandemic on Global Aviation Analytics Market
- Steps Taken by Industry/Companies/Government to Overcome the Impact
- Key Development in the industry in Response to COVID-19 Pandemic
- Potential Opportunities due to COVID-19 Outbreak
- Global Aviation Analytics Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Function
- Function
- Operation
- Sales & Marketing
- Others
- Market Analysis, Insights and Forecast – By Application
- Fuel Management
- Flight risk management
- Customer Analytics
- Navigation Services
- Others
- Market Analysis, Insights and Forecast – By Product
- Service
- Solution
- Market Analysis, Insights and Forecast – By End-Use
- OEM
- Aftermarket
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Middle East
- Rest of the world
TOC Continued…!
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Competitive Landscape-
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.
Industry Development-
- October 2020: Hilton Software was awarded a contract worth USD 4 million by the Federal Aviation Administration (FAA) to offer continuous data and software excellence for the Flight Program Operations by FAA.
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