Chicago, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The report "Artificial Intelligence in Aviation Market by Offering (Hardware, Software, Services), Technology (Machine Learning, Context Awareness Computing, Natural Language Processing, Computer Vision, Others) Application (Smart Maintenance, Training, Manufacturing, Flight Operations, Virtual Assistants, Dynamic Pricing, Surveillance, Others) – Global Forecast to 2028"; it is expected to grow at a CAGR of 44.50% from 2021 to 2028. Cost-effectiveness, system efficiency, and quicker management of services and systems in the aviation industry are some driving forces behind AI.
The development of artificial intelligence in the aviation industry is being stifled by issues like security worries, data accuracy issues, and system integrity problems. Another important factor that will slow the rise of artificial intelligence in the aviation industry is the automated performance improvement that machine learning offers. However, artificial intelligence is used in aviation services to minimize human interference while reducing the number of labor employees must perform. The main barriers to artificial intelligence in the aviation industry include a lack of qualified workers to analyze the vast volumes of data collected and the insights they yield, security issues, and system flaws.
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Artificial Intelligence in Aviation Market Overview:
The market for artificial intelligence in aviation is also being pushed by elements, including the expansion of capital expenditures by aviation businesses and the expanding use of cloud-based services and applications in the industry. Increasing process optimization needs will also significantly impact the development of artificial intelligence in the aviation industry. The automatic performance enhancement provided by machine learning is a key aspect that will moderate the growth rate of artificial intelligence in the aviation business.
The main drivers influencing the growth of Artificial Intelligence in the aviation market are the use of vast data in the aerospace sector, the large increase in capital investments made by aviation companies, and the expanding acceptance of cloud-based applications and services.
Scope Of The Report:
| Report Matrics | Details |
| Market size for available years | 2022-2028 |
| Base year considered | 2021 |
| Forecast period | 2022-2028 |
| Market Segmentation | By Offering
|
By Technology
| |
By Application
| |
| Regions covered | North America, Europe, APAC, MEA, and Latin America |
| Companies covered | Samsung Electronics, Intel, Xilinx, Thales, IBM, Amazon, Nvidia, Microsoft, Garmin and Lockheed Martin. |
Recent Developments
- In July 2022, Microsoft unveiled Project AirSim, a comprehensive platform for advancing autonomous flight. Project AirSim is a Microsoft Azure platform that uses high-fidelity simulation to create, train, and autonomously test aircraft. It creates enormous data for training A.I. models using the system's computational capability.
- In June 2022, IBM expanded its Robotic Process Automation (RPA) service to automate internal operations and boost employee productivity. The technology enhances people management for higher-value work and optimizes and monitors operations and procedures.
- In July 2021, Tata Power partnered with Autogrid to launch a residential demand response program to increase consumer acceptance of demand response.
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The service category in the artificial intelligence in aviation market is expected to be the fastest-growing segment during the forecast period
The service segment is projected to grow the fastest during the forecast period. The expansion is linked to the increased use of the services offered by professional technicians who can manage AI systems effectively. During the forecast period, the services segment in the worldwide AI in the aviation market is anticipated to increase faster due to the lack of technical expertise among airline staff members regarding AI technology.
Virtual assistance category of the artificial intelligence in the aviation market to record the highest CAGR from 2022 to 2027
Virtual assistance is expected to account for the highest CAGR of artificial intelligence in the aviation market from 2022 to 2027. By decreasing or eliminating repetitive chores like reading wind predictions, delivering on-demand position information, and changing radio channels, virtual assistants powered by AI technologies help improve pilots' efficiency and performance. As a result, there is a huge need for virtual assistants because they free up pilots from doing repetitive tasks. Additionally, it is anticipated that during the projection period, the increasing use of virtual assistants to enhance customer service and provide answers to straightforward inquiries about the services or goods and flight status would further fuel the expansion of this market.
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- Usage of exclusive tailor-made tools along with primary research, secondary research and our in-house data model helps us in extracting the exact market numbers
- The market research report includes all of the market's valuable elements, such as sales growth, product pricing & analysis, growth opportunities, and recommendations for addressing market challenges
- The report covers all the primary mergers & acquisitions, alliances, and collaborations that have generated additional opportunities for market players or in some cases, challenges
Top Leading Key Players of Artificial Intelligence in Aviation Market:
- Samsung Electronics
- Intel
- Xilinx
- Thales
- IBM
- Amazon
- Nvidia
- Microsoft
- Garmin
- Lockheed Martin
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Segmentation of Global Artificial Intelligence in Aviation Market
Global Artificial Intelligence in Aviation Market – By Offering
- Hardware
- Software
- Services
Global Artificial Intelligence in Aviation Market – By Technology
- Machine Learning
- Context Awareness Computing
- Natural Language Processing
- Computer Vision
- Others
Global Artificial Intelligence in Aviation Market – By Application
- Smart Maintenance
- Training
- Manufacturing
- Flight Operations
- Virtual Assistants
- Dynamic Pricing
- Surveillance
- Others
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Artificial Intelligence in Aviation Market Regional Analysis/Insights:
The Asia Pacific is anticipated to grow at a significant rate in Artificial Intelligence in Aviation market share from 2022 to 2027
The Asia Pacific is the fastest-growing region in the artificial intelligence in the aviation market. To increase tourism in the Asia Pacific region, countries including China, India, Thailand, South Korea, Australia, and New Zealand are investing significantly in developing cutting-edge airline infrastructure. One of the most popular travel regions worldwide is the Asia Pacific. The expanding tourism sector is supporting the development of cutting-edge air connectivity, which is predicted to greatly accelerate the growth of the Asia Pacific AI in the aviation market.
Table of Contents:
- Preface
- Market Segmentation
- Executive Summary
- Market Dynamics
- Global Artificial Intelligence in Aviation Market, By Offering
- Global Artificial Intelligence in Aviation Market, By Technology
- Global Artificial Intelligence in Aviation Market, By Application
- Global Artificial Intelligence in Aviation Market, By Region
- Global Artificial Intelligence in Aviation Market: Company Landscape
- SWOT Analyses
- Company Profile
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