The Aviation Analytics Market is valued at USD 3.47 billion in 2022 and is projected to reach a value of USD 8.42 billion in 2030 expanding at a CAGR of 11.72% over the forecast period of 2022-2030.
The Global Aviation Analytics Market Software makers have improved the capabilities of their predictive, prescriptive, and descriptive analytics solutions for a number of business processes as a result of the aviation industry's growing need to purchase sophisticated analytical software. Some of the newest technologies seen in the aviation analytics sector are listed below.
Impact of COVID-19 On Aviation Analytics Market
The aviation analytics market's airport segment has suffered because of the COVID-19 outbreak. The absence of commercial activity has had a significant impact on airport income generation since several major airports totally suspended operations for at least one fiscal quarter. Government-imposed lockdowns and restrictions on people's movement resulted in the cancellation and unexpected delay of several flights. The closure of international borders has a negative impact on international air travel. IATA predicts that between 2020 and 21 the aviation sector will lose USD 63 billion.
Use of AI-based analytics for crucial tasks in the aviation industry is a potential opportunity.
Aviation analytics application in business models for the aviation industry necessitates qualified personnel and can be time-consuming. A group of technologies known as artificial intelligence (AI) are particularly good at sifting through vast amounts of data to find patterns and insights that can then be used to generate predictions. Due to the enhanced user interface provided by natural language processing, AI is therefore being utilised to automate the analytics process in order to make it more accessible and efficient. Numerous aviation analytics solutions based on AI platforms are provided by businesses like SAP SE and Oracle Corporation. Oracle Analytics and Oracle Cloud ERP are two applications that use AI. platforms for automation, content management programmes,
The demand for crucial analytics by enterprises is driving growth in the aviation analytics industry. It aids businesses in increasing their portion of global profits.
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Aviation Analytics Market- Key Market Trends
• High volume data generated in the aviation industry
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the high volume data that is generated in the aviation industry. The aviation industry also incorporates a large amount of data that is difficult to manage and process. The participants of the aviation analytics market focus on competitive intelligence and real-time analytical solutions to enhance the data storage capability and profitability of their businesses. These factors have driven the market growth during the forecast period.
Aviation Analytics Market- Segmental Analysis of the Market
Based on Component
• Service
• Software
The service segment has dominated the market growth over the forecast period. This is because of the increasing demand from airlines and airports for supply chain planning, and inventory management services.
Based on End User
• Airlines
• Airports
• MROs
• EOMs
• Others
The airlines segment has dominated the market growth over the forecast period. The rising preference for air travel and the implementation of new air travel routes are some of the significant factors that has been driving the growth of the airlines segment. Passengers from emerging economies prefer air travel for business and leisure purposes. Various programs that focus on the modernization of aircraft are also fuelling the demand for aviation analytics as customers prefer convenience and safety features.
Based on Business Function
• Finance
• Operations
• Maintenance & Repair
• Sales & Marketing
• Supply Chain
• Others
The finance segment has dominated the market growth over the forecast period.
Based on Application
• Flight Risk Management
• Fuel Management
• Functionality and Mobility
• Fleet Management
• Inventory Management
• Wealth Management
• Inspection
Aviation Analytics Market- Competitive Landscape
Some of the prominent companies operating in the market are Oracle Corporation (US), General Electric (US), Lufthansa Technik (Germany), SAP (Germany), and IBM Corporation (US).
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Major questions answered in this report:
- What is the growth rate projection of Aviation Analytics Market?
- What are the major growth determinants of Aviation Analytics Market?
- What are the major segments constituting the Aviation Analytics Market?
- Which is the fastest growing region in Aviation Analytics Market?
- Which are the top companies operating in the Aviation Analytics Market?
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