Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Aviation MRO Software Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
As air travel demand soars, this pivotal industry report underscores the expected escalation from a strong $6.63 billion in 2023 to an estimated $7 billion in 2024, marking a notable compound annual growth rate (CAGR) of 5.5%.
The document meticulously assesses fundamental market components, from technological advancements in user interface and data analytics to the increasing emphasis on regulatory compliance and inventory management automation. These elements coalesce to propel the industry forward amidst a bustling ecosystem of air passenger traffic growth and aircraft deliveries.
- Technological enhancements paving the path for IoT and cloud-based transformations
- Advancements in mobile applications and adoption of sophisticated data analytics methodologies driving future growth
- Key trends spotlighting ERP integration, AI-powered inventory management, and streamlined regulatory compliance tools
With an in-depth look at the surge in air passenger numbers—a 55.5% increase in total traffic reported by IATA in February 2023—the analysis highlights the crucial role of aviation MRO software in supporting industry scalability, maintenance process optimization, and passenger safety.
Forefront of Innovation: Emerging Technologies and Strategic Alliances
Indicative of the market's vibrant innovation landscape, the report accentuates remarkable technological breakthroughs materializing within the sector. Noteworthy developments include the launch of the iFlight MRO system by IBS Software and the revolutionary AI-powered EMX Vision by EmpowerMX, indicative of an industry leaning heavily into digitally-driven solutions.
In addition, the assessment illustrates the strategic moves shaping the market, exemplified by the acquisition of TRAXXALL by Jet Support Services Inc., merging product capabilities and expanding client benefits within the aviation ecosystem.
The comprehensive study covers a wealth of companies, including major players and emergent disruptors, that collectively contribute to the robust framework of this market. The significant presence of regions such as North America—lauded as the largest market in 2023—and the fastest-growing Asia-Pacific region is scrutinized to give stakeholders a broad perspective on regional market landscapes.
Applications and Functional Essence of MRO Software
Spanning the operational gambit from maintenance to business management, aviation MRO software has become indispensable in the industry's commercial and military sectors. This substantial document delves into its extensive applications in managing asset longevity, optimizing cost and time efficiencies, and upholding stringent regulatory standards.
The report prudently predicts continued expansion, forecasting growth up to $8.5 billion by 2028 at a CAGR of 5.0%, anchored by the burgeoning demand for advanced, integrated technologies, and burgeoning global traffic.
A selection of companies mentioned in this report includes
- International Business Machines Corporation (IBM)
- Flatirons Solutions Inc.
- Rusada Aviation Software
- Sopra Steria
- Aviation InterTec Services
- General Electric Company
- Bytzsoft Technologies Pvt. Ltd.
- Aerosoft Systems Inc.
- Lufthansa Technik AG
- Tracware Limited
- IFS AB
- Oracle Corporation
- Swiss Aviation Software
- The Boeing Company
- Ramco Systems
- HCL Technologies Limited
- AerData BV
- IBS Software Private Limited
- SAP SE
- Communications Software (Airline Systems) Limited
- ATP Inc.
- CAMP Systems International Inc.
- AMOS Group AG
- Infor Global Solutions
- Dassault Systèmes SE
- PTC Inc.
- Siemens AG
- Honeywell International Inc.
- Thales Group
- L3Harris Technologies
For more information about this report visit https://www.researchandmarkets.com/r/w1gbqw
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