Pune, India, June 08, 2023 (GLOBE NEWSWIRE) -- The global digital aviation market size stood at USD 34.53 billion in 2021 and is slated to expand from USD 37.92 billion in 2022 to USD 65.11 billion by 2029, exhibiting a CAGR of 8.03% over the estimated period. The surge can be credited to the extensive range of applications in the aviation sector including aircraft data computers, aircraft maintenance, flight operations, and others.
This information is provided by Fortune Business Insights™ in its research report, titled “Digital Aviation Market, 2023-2029”.
COVID-19 Impact:
Market Growth Affected Due to Sudden Decline in Passenger Air Traffic
The coronavirus pandemic led to a deep impact on airlines and airports. There was a drastic reduction in maintenance requirements owing to aircraft grounding. This resulted in reduced demand for digital services and solutions. Additional effects of the pandemic include financial issues throughout the aviation value chain.
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List of Key Players Mentioned in the Digital Aviation Market Report:
- Collins Aerospace (U.S.)
- The Boeing Company (U.S.)
- GE Aviation (U.S.)
- Airbus SE (France)
- IBM Corporation (U.S.)
- SITA Aero (Switzerland)
- Oracle Corporation (U.S.)
- Ramco Systems Limited (India)
- Swiss Aviation Software (Switzerland)
- ATP Inc (U.S.)
Report Scope & Segmentation:
| Attributes | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 8.03% |
| 2029 Value Projection | USD 65.11 billion |
| Market Size in 2022 | USD 37.92 billion |
| Historical Data | 2018-2022 |
| No. of Pages | 243 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Digital Aviation Market Growth Drivers | Growing AI Technology and Software for Airline Management to Drive the Market Growth |
| Increasing Demand for Aircraft Health Monitoring Systems for Regular Maintenance Operations to Boost the Market |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/digital-aviation-market-107589
Segments:
Software Segment to Record Substantial Growth Owing to Rising Product Adoption
On the basis of solution, the market is subdivided into software and services. Of these, the software segment is expected to register considerable growth throughout the study period. The rise can be attributed to the growing adoption of digital logbook, digital maintenance manuals, and so on.
Aircraft Systems to Register Appreciable Demand Driven by Growing Software Requirement for Inventory Management
Based on application, the market is fragmented into aircraft systems, airport information systems, maintenance operations, air traffic management, aircraft health monitoring, passenger services, and others. The aircraft systems segment is set to record commendable expansion over the analysis period owing to surging demand for inventory and fleet management.
Satellite Connectivity Segment to Gain Traction Impelled by Soaring Adoption of Communication Systems
On the basis of connectivity, the market is subdivided into cloud connectivity and satellite connectivity. The satellite connectivity segment is set to exhibit a notable surge throughout the estimated period. The escalation is due to the increasing adoption of satellite-based aircraft navigation and communication systems.
Commercial & Civil Segment to Depict Lucrative Expansion Propelled by Increasing Air Passenger Traffic
On the basis of platform, the market for digital aviation is categorized into general aviation, commercial & civil, and military. The commercial & civil segment is expected to record substantial expansion during the analysis period. This is on account of the increasing air passenger traffic and the rising deployment of the low-cost subsidiary concept.
MRO Segment to Exhibit Notable Growth Due to Escalating MRO Services Demand
Based on end-user, the market is classified into MROs, airport operators, airline operators, and OEMs. The MROs segment held the largest share in 2021 and is set to register lucrative growth throughout the forecast period. The surge can be credited to the increasing trend of low-cost carriers.
On the basis of geography, the market for digital aviation has been analyzed across North America, Asia Pacific, the Middle East, Europe, and the rest of the world.
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Drivers and Restraints:
Market Share to Surge Owing to Increasing Deployment of AI for Airline Management
The digital aviation market growth is being impelled by the rising adoption of Artificial Intelligence (AI) for various tasks. Some of these include customer service, machine maintenance, streamlining analytics, and other internal processes.
However, the industry expansion could be hampered on account of the high cost of maintenance of digital aviation systems.
Regional Insights:
North America to Lead Owing to Maximum Number of MROs in the Region
The North America digital aviation market share is set to expand at an appreciable pace over the analysis period. The surge is due to the presence of maximum number of MROs and airlines in the region.
The Europe market is slated to rise at a moderate rate over the forecast period. This is on account of the presence of major OEMs and an escalation in passenger air traffic.
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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 and War Impact on Global Digital Aviation Market
- COVID-Impact 19 Impact on Global Digital Aviation Market
- Ongoing Russia & Ukraine War Impact on Global Digital Aviation Market
- Global Digital Aviation Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Solution
- Software
- Services
- Market Analysis, Insights and Forecast – By Application
- Aircraft Systems
- Airport Information System
- Maintenance Operations
- Air Traffic Management
- Aircraft Health Monitoring
- Passenger Services
- Others
- Market Analysis, Insights and Forecast – By Connectivity
- Satellite Connectivity
- Cloud Connectivity
- Market Analysis, Insights and Forecast – By Platform
- Commercial & Civil
- Military
- General Aviation
- Market Analysis, Insights and Forecast – By End-User
- Airline Operator
- MROs
- Airport Operators
- OEMs
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- The Middle East
- Rest of the World
TOC Continued…!
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Competitive Landscape:
Major Companies Enter into Partnership Agreements to Propel Business Expansion
Leading digital aviation companies are centered on the adoption of various initiatives for the consolidation of their industry presence. These include mergers, the formation of alliances, acquisitions, and others. Some of the additional steps comprise increasing participation in trade conferences and the development of new products.
Key Industry Development:
October 2021 – Collins Aerospace announced the rollout of Izon, a new technology platform. The solution streamlines and integrates a range of business aviation services such as fleet operations, weather, flight planning, and others.
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