Dublin, May 22, 2023 (GLOBE NEWSWIRE) -- The "Global Digital MRO Market by Technology (AR/VR, Cloud Computing, 3D Printing, Robotics, AI and Big Data Analytics, Digital Twin and Simulation, Blockchain, IoT), End User (MROs, Airlines, OEMs), Application, Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The digital MRO market is projected to grow from USD 0.85 billion in 2023 to USD 2.0 billion by 2030, at a CAGR of 13.0% from 2023 to 2030.
The market for digital MRO is driven by various factors such as increasing adoption of software-as-a-service (SaaS) and rising need for replacing legacy aviation management information systems.
However, high cost of acquisition of integrated MRO software suite and lack of a common data standard are limiting the overall growth of the market.
Inventory Management: The second largest share in application segment in the digital MRO market in 2023
The inventory management segment is projected to grow at second highest CAGR during the forecast period and has the second largest share of the market in 2023.
The growth of this segment can be attributed to increasing demand to lower inventory expenses with better purchasing selections. The need for real-time inventory level monitoring, tracking of parts used and predictive maintenance planning is driving the inventory management segment of digital MRO market.
Airlines: The second largest share in end user segment in the digital MRO market in 2023
The Airlines segment is projected to have the second largest share in 2023. The increased use of sophisticated software to undertake core operations and the increased digitalization activities by sharing real-time data with OEMs and third-party MROs are expected to drive the market.
The use of digital technologies to foresee equipment breakdowns and maintenance in advanced by utilizing modern analytics and machine learning algorithms thereby improving operational effectiveness is driving the airlines to use digital MRO solutions.
The European region is estimated to have the second highest CAGR in the digital MRO market in the forecasted period
Europe is estimated to account for the second largest CAGR in the digital MRO in the forecasted year. The European region for this study comprises of France, UK, Germany, Russia, Sweden, Spain, Netherlands and Rest of Europe. The increased focus to drive the digital MRO market and presence of major OEMs such as Airbus is projected to drive the growth of the digital MRO market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 215 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $0.85 billion |
| Forecasted Market Value (USD) by 2030 | $2 billion |
| Compound Annual Growth Rate | 13.0% |
| Regions Covered | Global |
Market Dynamics
Drivers
- Increasing Demand for Predictive, Prescriptive, and Condition-Based Maintenance Through Data Shared by Connected Aircraft
- Growing Adoption of Software-As-A-Service (SaaS)
- Rising Need for Replacing Legacy Aviation Management Information Systems
Restraints
- High Acquisition Cost of Integrated Mro Software Suite
- Lack of Common Data Standard
Opportunities
- Increasing Adoption of IoT, AI, Blockchain, AR, and Big Data Analytics by Mro
- Growing Demand for 3D-Printed Parts and Robotic Inspection
Challenges
- Compliance with Stringent Aviation Regulations
- Increasing Cybersecurity Concerns
Case Study Analysis
- Aircraft Manufacturer Atr Adopted Digital MRO
- GE Aviation Procured Digital Twin for Maintenance
Companies Mentioned
- Aerostrat
- Aiir Innovations
- Airbus
- Ansys, Inc.
- Capgemini
- Empowermx
- Eon Reality
- Fountx
- Future Visual
- General Electric (Ge)
- Hexaware Technologies Limited
- Honeywell International Inc.
- Ibm
- Ifs
- Jasoren
- Jet Support Services, Inc. (Jssi)
- Lufthansa Technik
- Magic Leap
- Ramco Systems
- Rusada
- Sap
- Sita
- Swiss Aviationsoftware Ltd.
- The Boeing Company
- Winair
For more information about this report visit https://www.researchandmarkets.com/r/gg2dqn
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