1. Business

Aviation Analytics Market To Eyewitness Stunning Growth by 2028 | Business Impact and Development Strategies

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The global 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 InsightsTMhas 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.

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.

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.

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/aviation-analytics-market-102101

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.)

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.

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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