Pune, India, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The 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.
Aviation analytics is the process of collecting, analyzing, and interpreting data related to the aviation industry. The aviation industry generates vast amounts of data related to flights, passengers, crew, weather, and maintenance, among others. By using advanced analytics techniques, such as machine learning and predictive modeling, aviation organizations can gain insights that help them improve safety, efficiency, and profitability.
Predictive maintenance can reduce unexpected maintenance issues and delays by using data from sensors installed on aircraft. Route optimization can reduce costs and increase revenue by analyzing passenger demand and fuel costs. Crew management can optimize crew assignments and reduce flight delays by analyzing data on crew availability and flight schedules. Finally, analyzing data on passenger behavior and preferences can help airlines improve the customer experience and increase loyalty. In conclusion, aviation analytics is essential for the aviation industry to stay competitive and meet the ever-changing demands of passengers and markets.
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List of Key Market Players:
- 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.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 11.58% |
| 2028 Value Projection | USD 4.36 Billion |
| Base Year | 2020 |
| Aviation Analytics Market Size in 2021 | USD 2.02 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 200 |
| Segments Covered | By Function Analysis, By Application Analysis, By Product Analysis |
| Aviation Analytics Market Growth Drivers | Emphasis on Cost Reduction by Airlines to Increase Market Growth |
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.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/aviation-analytics-market-102101
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.
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.
Segmentation-
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.
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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
TOC Continued…!
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.
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