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 by 2030, growing at a CAGR of 11.72% over the forecast period 2022-2030 .
Most companies use aeronautical analytics because these solutions help them increase their operational efficiency, profitability and maintenance. Aviation analytics helps businesses create an analytical response to meet future demands, such as customer needs, which will also help businesses maximize their operating revenue. Applications such as fuel management, customer analytics, revenue management and risk management are just a few of the uses for which aviation analytics systems are used in the industry. ‘aviation. Aviation analytics solutions help companies measure, monitor and analyze their business objectives, risks and potential future growth. All of these are helping the aviation analytics market to integrate and grow rapidly.
“Global Aviation Analytics Market Review to 2028” is an in-depth study of the military and aerospace industry with a focus on global market trend analysis. With a focus on providing an in-depth market segmentation by type, category, distribution channel, and geography, the study aims to provide a broad overview of the Aviation Analytics industry. The report examines significant market trends and opportunities and offers vital insights into the market position of the major players in the Aviation Analytics market.
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What elements are limiting the Aviation Analytics Market growth?
The lack of available analytical talent is the biggest hurdle suppliers to the aviation analysis industry must overcome. Additionally, the aviation analytics business faces challenges with data collection due to more than two lakh planes operating on some days. Since there are more flights than the data can be collected quickly, aviation analytics will find it difficult to use the data in the future.
Impact of COVID-19
The airport segment of the aviation analytics market has suffered from the COVID-19 outbreak. The lack of commercial activity had a significant impact on airport revenue generation as several major airports completely suspended operations for at least one fiscal quarter. Government-mandated closures and restrictions on the movement of people have led to the cancellation and unexpected delay of several flights. The closure of international borders is having a negative impact on international air travel. IATA predicts that between 2020 and 21, the aviation sector will lose $63 billion.
Aviation Analytics Market – Key Market Trends
• High volume data generated in the aerospace industry
Each market has its growth determinants and challenges. One of the major factors fueling the growth of the market over the forecast period is the high volume of data generated in the aviation industry. The aeronautics industry also integrates a large amount of data that is difficult to manage and process. The players in the aviation analytics market are focusing on competitive intelligence and real-time analytics solutions to improve data storage capacity and profitability of their businesses. These factors have boosted the growth of the market over the forecast period.
Aviation Analytics Market – Market Segmental Analysis
The services segment led the market growth over the forecast period. This is due to the growing demand from airlines and airports for supply chain planning and inventory management services.
Based on end user
• Airlines companies
The airline segment led the market growth over the forecast period. Rising preference for air travel and implementation of new air transport routes are some of the significant factors that have driven the growth of the airline segment. Passengers from emerging economies prefer air travel for business and leisure purposes. Various programs focused on aircraft modernization are also fueling the demand for aeronautical scans as customers prefer convenience and safety features.
Based on business function
• Maintenance and repair
• Sales and Marketing
• Supply Chain
The finance segment led the market growth over the forecast period.
Based on demand
• Theft risk management
• Fuel management
• Functionality and mobility
• Fleet management
• Inventory management
• Wealth management
The functionality and mobility segment led market growth on ideas to make air travel more convenient and improve customer experience.
Aviation Analytics Market – Competitive Landscape
Some of the major companies operating in the market are Oracle Corporation (USA), General Electric (USA), Lufthansa Technik (Germany), SAP (Germany) and IBM Corporation (USA).
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