Aviation Analytics Market Share, Size, Type, Demand, Overview Analysis, Trends, Opportunities, Key Growth, Development and Forecasts 2016 to 2030.
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.
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.
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. Organizations can improve performance, raise revenue and profit, and save costs associated with product manufacturing. A computational technology called aviation analytics gives end users access to data, information, or statistics on current and historical airport operations, weather forecasts, and historical and real-time flight data. Better performance on chosen metrics is guaranteed by aviation analytics, which also offers advantages like reduced revenue leakage, effective and efficient financial procedures, and greater profitability.
In order to maintain their market share on the international stage, the corporations are implementing modern aviation analytics. With the help of analytical tools, aviation companies may guarantee operational profitability and strong sales. It gives businesses the ability to gather, organise, analyse, and retain pertinent data for future use by providing a targeted analysis on earnings, sales, forecasts, and market rivalry.
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Asset tracking, cost reduction, and downtime reduction may all be achieved with the right focus and data. Businesses may keep up with consumer trends and preferences to stay one step ahead of rivals. Competent professionals are essential for the successful operation of the aviation analytics business. In addition, analysts must spend a lot of time considering many aspects before reaching a judgement. Therefore, the growth of the aviation analytics market may be hindered by a lack of experts with analytical skills.
COVID-19'S EFFECT ON THE MARKET FOR AVIATION ANALYTICS
Governments and organisations involved in the aviation industry have been compelled by the COVID-19 pandemic to implement a number of strict controls to stop the virus's spread. In the second quarter of 2020, airports and air traffic virtually stopped, causing a drop in airport traffic and financial losses for the aviation industry worldwide. Even though a number of nations have started to progressively reopen significant portions of their economies, many others in various regions remain vulnerable to new waves of infections, leading their governments to once again impose partial or total lockdowns. The aviation industry's first goal is the health, safety, and well-being of passengers and employees, therefore airports and airlines
have joined with governments to get the world back online as soon as the epidemiological situation permits. If the global vaccination campaigns are effective, it is anticipated that by the second half of 2021, there will be a rise in the number of passengers flying outside of their home nations.
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
The functionality and Mobility segment has dominated the market growth over the forecast period. The advent of smart devices with the capability to integrate aviation analytics tools improves customer experience during air travel. With the help of statistical modelling techniques and historical data, aviation analytics provides insights associated with air travel preferences. Aircraft OEMs and airports utilize these insights to make air travel more convenient and improve customer experience.
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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