New York, United States, Oct. 27, 2022 (GLOBE NEWSWIRE) -- The Global Aviation Analytics Market Size was valued at $1.70 billion in 2021 and is expected to reach at a CAGR of 11.40% from 2022 to 2030, According to a latest research study published by Spherical Insights & Consulting.
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Aviation analytics is a field of computer science that provides customers with statistical data and information on weather forecasts, flights, airport operations, and real-time flight data. This system offers a solution for analytics that lowers costs while increasing revenue and profit as well as performance. It is widely used in corporate sectors including finance, maintenance and repair, sales and marketing, among many others.
Over the upcoming years, the market is anticipated to be driven by an increase in air travel passengers as well as a growing focus on analytics solutions and competitive intelligence to boost the profitability of the aviation industry. Additionally, the market is anticipated to grow in the upcoming years as operational efficiency and cost cutting are given more attention. Additionally, it is estimated that the aviation industry's expanded data production and growing customer focus would drive the market throughout the projected time. Opportunities in the market include integrating AI-based analytics solutions for critical functions in the aviation industry and cloud-based real-time data collection and analytics. There are some limitations and difficulties that can impede market expansion.
The suppliers in the aviation analytics sector are currently focusing on intelligence and analytics solutions in order to boost their company's profitability. As a result, the market for aviation analytics is being stimulated. The increased attention being paid to managing jet fuel is another reason driving up demand in the aviation analytics sector. Real-time analytics are also in high demand in the aviation industry, which favorably affects the demand for aviation analytics. The growing centricity of the aviation sector is another key factor driving the growth of the market for aviation analytics.
The biggest challenge facing service providers in the aviation analytics industry is the scarcity of analytical skills. The fact that over two lakh aircraft operate on some days further complicates data collection for the aviation analytics industry. Aviation analytics will find it difficult to use the data in the future because there are more flights than can be promptly collected. Currently, multiple data kinds are used by both large and small-to-medium-sized enterprises, and they are kept in secure locations. In order to understand the aviation analytics market, the aviation industry uses a variety of media, including text, speech, videos, and images, and then analyses and extrapolates from them.
Covid 19 Impact on Global Aviation Analytics Market
During the COVID-19 period, the dynamics were impacted by aviation analytics market trends, which resulted in a decline in manufacturing and sales rates. The global supply chain and market rivalry have decreased as a result of the Covid-19's impact on the entire industry.
Revenue suffered a severe fall as a result of the corona pandemic, but it has now begun to increase as of 2021. The COVID-19 disrupted the supply chain and completely changed the financial element of the Aviation Analytics Market Trends. Businesses started improving their operations and strategies this year in an effort to thrive and surpass the competition. Thanks to the strategic efforts taken by important industry participants and governmental regulatory bodies, the Aviation Analytics Market Outlook sector is expanding and gaining new opportunities.
Browse key industry insights spread across 200 pages with 102 market data tables and figures & charts from the report “Global Aviation Analytics Market Size, Share and Global Demand Statistics, by Function (Finance, Operation, Sales & Marketing, Others), by Application (Fuel Management, Flight Risk Management, Customer Analytics, Navigation Services, Others), by Product (Services, Solutions), by End User (Aftermarket, OEM), by Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Market Size & Forecasting To 2030" in detail along with the table of contents
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Global Aviation Analytics Market, By Function
Based on function, the global aviation analytics market is segmented into Finance, Operation, Sales & Marketing, Others. The operation segment is anticipated to witness the fastest growth over the forecast period. The airport operations analytics segment covers certain areas like airport operation analytics, airport operations, air traffic movement, terminal activities, on time performance, aviation safety, resource utilization, and others. The segment also deals with passenger statistics, landing weights, cargo, and baggage handling.
Global Aviation Analytics Market, By Application
On the basis of application, the global aviation analytics market is segmented into Fuel Management, Flight Risk Management, Customer Analytics, Navigation Services, Others. The navigation services industry has the highest CAGR during the predicted period of all of these. The navigation programmer provides ground vehicle monitoring, post-flight tracking, cockpit optimization options, and monitor flight movement features that aid in improving operational services at the airport and in air traffic control. On the other hand, it is anticipated that the flight risk management market would expand moderately over the forecast period due to improved safety and a decrease in operational problems, which will boost demand for flight risk management software. A sizeable portion of the market is devoted to fuel management products, which aid airlines in effectively monitoring their fuel usage and managing operating expenses.
Global Aviation Analytics Market, By Product
On the basis of product, the global aviation analytics market is segmented into services and solutions. Due to the rising demand for supply chain planning and inventory management services from airports and airlines, the services segment is predicted to dominate the market. Additionally, the major market participants offer a range of services to airlines and aircraft operators, including maintenance consultation, light data management, and customer analytics.
Global Aviation Analytics Market, By End User
Based on end user, the global aviation analytics market is segmented into aftermarket and OEM. Due to the growing need for aviation software, a growth in air travellers, and an increase in the number of airports that require data analytics, the OEM segment is predicted to dominate the market.
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Global Aviation Analytics Market, By Region
On the basis of region, the global aviation analytics market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is predicted to dominate all other regions in the aviation analytics market during the forecast period because medium and big enterprises employ industrial aviation analytics extensively to improve their operational efficiency. The large presence of aircraft operators and significant aviation analytics manufacturers is also speeding up the integration of the same.
Some Recent Developments in Global Aviation Analytics Market
- July 2021: IBM Corporation purchased WDG Automation from Brazil. This strategic effort intends to improve IBM's services by incorporating WDG's cutting-edge AI capabilities in corporate automation.
- June 2020: Capgemini and Airbus have an agreement to develop and provide airline data services utilizing the Skywise platform.
List of Key Market Players
- Airbus (France) Boeing (U.S.)
- Collins Aerospace (U.S.)
- General Electric (U.S.)
- Honeywell International Inc. (U.S.)
- IBM (U.S.)
- L3Harris Technologies, Inc. (U.S.)
- Lufthansa Technik (Germany)
- Oracle (U.S.)
- SAP SE (Germany)
- Ramco Systems Limited,
- Accelya Group (Vista Equity Partners),
- OAG Aviation Worldwide Limited,
- IGT Solutions Pvt. Ltd. and
- Mu Sigma, Inc.
Segmentation
By Function
- Finance
- Operation
- Sales & Marketing
- Others.
By Application
- Fuel Management
- Flight Risk Management
- Customer Analytics
- Navigation Service
- Others
By Products
- Services
- Solutions
By End Use
- Aftermarket
- OEM
By Region:
North America
- North America, by Country
- U.S.
- Canada
- Mexico
- North America, by Function
- North America, by Application
- North America, by Product
- North America, by End User
Europe
- Europe, by Country
- Germany
- Russia
- U.K.
- France
- Italy
- Spain
- The Netherlands
- Rest of Europe
- Europe, by Function
- Europe, by Application
- Europe, by Product
- Europe, by End User
Asia Pacific
- Asia Pacific, by Country
- China
- India
- Japan
- South Korea
- Australia
- Indonesia
- Rest of Asia Pacific
- Asia Pacific, by Function
- Asia Pacific, by Application
- Asia Pacific, by Product
- Asia Pacific, by End User
Middle East & Africa
- Middle East & Africa, by Country
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
- Middle East & Africa, by Function
- Middle East & Africa, by Application
- Middle East & Africa, by Product
- Middle East & Africa, by End User
South America
- South America, by Country
- Brazil
- Argentina
- Colombia
- Rest of South America
- South America, by Function
- South America, by Application
- South America, by Product
- South America, by End User
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