Chicago, Oct. 12, 2022 (GLOBE NEWSWIRE) -- Aviation Analytics Market is projected to grow from USD 2.5 billion in 2022 to USD 4.7 billion by 2027, at a CAGR of 13.0% from 2022 to 2027, according to a new report by MarketsandMarkets™. Growing adoption of advanced aviation technologies is one of the major driving factor for the demand of Aviation Analytics market.
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By deployment, the on-premises segment is expected to lead the market during the forecast period
Aviation analytics solutions and services help enhance operational efficiency by minimizing costs and downtime through predictive and prescriptive analytics. The on-premises method is majorly used to deploy these solutions, as end users prefer in-house software infrastructure and services to ensure elevated data security. Thus, several large-capacity airports deploy aviation analytics solutions within their premises rather than opting for cloud-based solutions. However, the cost associated with on-premises aviation analytics solutions is on the higher side, which limits their adoption in small airports and airline businesses.
By business function, the finance segment has the highest share in the forecasted period
Aviation analytics enable organizations to plan several finance-related operations, such as fraud management, risk management, and management of stock options and investment portfolios. Aviation analytics help airlines by providing them with improved returns on investment in the financial services segment. Aviation analytics enable the digitization of business processes in the airline industry, thereby reducing operating costs and downtime and improving performance. They also ensure an enhanced experience for passengers through frequent on-time arrivals and departures.
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UK has the highest share in the forecasted period in Europe.
The UK is estimated to account for 25.4% of the aviation analytics market in Europe in 2020. The country is a favorable destination for air travel owing to the growing tourism industry. According to UK Aviation Industry Socio-Economic Report, the UK has the third-largest aviation network in the world. Such huge passenger footfall demands improved operational efficiency and comfort, subsequently driving the aviation analytics market in the UK.
Key players in the Aviation Analytics market include Oracle Corporation (US), General Electric (US), Lufthansa Technik (Germany), SAP (Germany), and IBM (US). Players also focused on entering new markets by launching technologically advanced and cost-effective products.
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