New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “AI In Aviation Market By Type, By Equipment, By Technology, By Application, By Region–Forecast to 2030”, the market is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 39.10% to attain a valuation of around USD 5.47 Billion by the end of 2030.
AI In Aviation Market Competitive Analysis
Eminent industry players profiled in the AI in aviation market report include
- Garmin Ltd.
- IBM Corporation
- Airbus SE
- Boeing
- General Electric
- Amazon
- Micro poration
- Micron Technology
- Intel Corporation
- Lockheed Martin Corporation
- NVIDIA Corporation
- Neurala Inc.
- Samsung Electronics
- Xilinx
- Thales S ovative Binaries
- Northrop Grumman Corporation
- Pilot AI Labs
- IRIS Automation
- Cognitive Code
- Searidge Technologies
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AI In Aviation Market Report Scope:
| Report Metrics | Details |
| AI In Aviation Market Size by 2030 | USD 5.47 Billion |
| Market CAGR during 2022-2030 | 39.10% |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Drivers | The majorly driving the growth of the global AI in aviation market. High demand for process optimization and automatic improvement of performance through machine learning are also fueling the expansion of the global AI in aviation market. |
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Drivers
Increasing Use of Big Data in Aerospace Industry to Boost Market Growth
Due to the increasing adoption of big data analytics within the aerospace industry, the global market for AI in aviation is anticipated to experience a substantial growth over the forecast period. The global AI in aviation market is expanding due to the aerospace industry's rapidly rising investments in the use of cloud-based technologies and services. In order to improve services and streamline operations, the aviation sector and airports are progressively implementing cutting-edge and innovative technology like artificial intelligence.
Opportunities
Rising Adoption of Customer Interaction Systems to offer Robust Opportunities
A significant factor boosting the growth of the aviation market is the increasing deployment of chat platforms and consumer engagement systems for personalized travel experiences. Airlines may increase pilot productivity & efficiency by using AI-powered chatbots to automate routine activities like changing radio stations, reading wind forecasts, and delivering positional information as needed.
Restraints and Challenges
Dearth of Skilled Labor to act as Market Restraint
The dearth of skilled labor, concerns about data privacy, and high investment cost may act as market restraints over the forecast period.
Market Segmentation
The global AI in aviation market is bifurcated based on application, technology, equipment, and type.
By type, software will lead the market over the forecast period.
By equipment, the market is segmented into profile projector, measuring microscope, autocollimator, and others.
By technology, machine learning will domineer the market over the forecast period.
By application, virtual assistance will spearhead the market over the forecast period.
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COVID-19 Analysis
The current COVID-19 pandemic has had a detrimental effect on the AI in aviation business, causing a severe output slowdown as manufacturing activities were temporarily suspended across key manufacturing centers. Since public gatherings and travel are more restricted, people are becoming notably more isolated. The COVID-19 outbreak is also having an impact on businesses dealing with artificial intelligence in the aviation industry because of stock market volatility, supply chain delays, and airline cancellations. It has possessed a direct impact on the supply and demand for artificial intelligence in aviation, disrupting the industry and supply chain. The usage of artificial intelligence in aircraft is suspended as a result of lockdown regulations, which has a negative effect on the AI in aviation market share.
Regional Analysis
North America to Head AI in Aviation Market
In 2021, North America domineered the international market for AI in aviation. The region has a developed air transportation infrastructure, and increasing expenditures are being made in implementing cutting-edge digital and new technologies, which has fueled the expansion of the North American AI in aviation market. Significant investments are anticipated to be made in the implementation of AI technology at airports and on aeroplanes as a result of the enormous demand for air travel and growing number of air travelers in the region. The increase in international flight travels in the US and Canada is a result of business globalization. One of the first regions in the aviation sector to use AI-based technologies is North America. The adoption of AI technology by airline firms to enhance customer service, streamline operations, and promote profitability is driving the market's expansion in North America. Because of the novel technological software that combines application program interfaces for speech, language, sensor data, and vision with machine learning algorithms to realize various applications in the aviation industry, the North American region is predicted to have the second-fastest market growth during the forecast period. Some important application areas within North America include manufacturing, surveillance, smart maintenance, and virtual help. Also, the US is amid the key nations in the world when it comes to embracing AI technologies across a wide range of application domains. The growth of flying travelers is encouraging airlines to welcome everyone.
APAC to Have Admirable Growth in AI in Aviation Market
During the projected period, Asia Pacific is the market with the highest opportunities. To increase tourism in the Asia Pacific region, countries including China, Thailand, Australia, India, South Korea, and New Zealand are making significant investments in the development of cutting-edge airline infrastructure. One of the highly popular travel regions worldwide is Asia Pacific. The development of cutting-edge air connectivity is being supported by the expanding tourism sector, and this is predicted to greatly accelerate the market growth. The market is expanding for the significant demand for AI technologies from nations like China and Japan to boost the effectiveness of their aviation sectors. The deployment of virtual assistants at various airports to aid travelers is a major focus of new technology implementation in developing nations. For instance, the Chinese company Alibaba Group has stated that it will provide AI-based solutions to reduce traffic at Beijing airport. These options would make it simpler for pilots to locate a parking space for their aircraft. The market in this area is also growing for the growing use of machine learning & NLP technologies for the virtual help and training applications in the aviation industry.
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Industry Updates
March 2023- A321 Neo aircraft, the first Airbus with CFM LEAP 1A engines will soon be delivered to Air India, the erstwhile national airline. This is the first A321 Neo type aeroplane that AI has introduced.
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