Newark, May 28, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global aviation IoT market will grow from USD 8.43 Billion in 2023 to USD 62.59 Billion by 2033. Aviation IoT bolsters aircraft monitoring and maintenance by leveraging predictive analytics and condition-based maintenance (CBM). By constantly scrutinizing vital components like engines, airframes, and avionics systems for health indicators, airlines and operators can pre-empt breakdowns that lead to reduced uptime or higher upkeep expenses. This proactive strategy not only boosts operational efficacy but also elevates safety levels as it minimizes the likelihood of mechanical malfunctions resulting in airborne issues.
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Scope of Aviation IoT Market
| Report Coverage | Details |
| CAGR | 22.2% from 2024 to 2033 |
| Market Size in 2023 | USD 8.43 Billion |
| Market Size by 2033 | USD 62.59 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | by Component, Application, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Additionally, the Aviation Internet of Things (IoT) enables the execution of data-powered decision-making procedures throughout the aviation industry. Stakeholders such as airlines, airports, air traffic control agencies and aircraft manufacturers can improve their operations by leveraging a massive collection of data derived from interconnected devices to optimize resource distribution and enhance overall performance. One example is that airlines may determine optimal flight routes in response to real-time weather conditions or higher-than-average levels of air traffic congestion, resulting in reduced fuel consumption and lower environmental impact.
Key Insight of the Aviation IoT Market
Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia Pacific is expected to grow at the highest CAGR within the global aviation IoT market. The Asia Pacific region will significantly expand. The Asia Pacific region has experienced remarkable market growth, largely due to the flourishing aviation industry, economic advancement and technological innovation. The forefront of this development is led by countries such as China, India, Japan, and Singapore, resulting in a surge in investment opportunities for infrastructure improvement, which drives demand across all areas, including IoT solutions and services. Factors such as urbanization with growing disposable income levels and an increased need for air travel have prompted initiatives from governments focused on revamping aviation infrastructure whilst strengthening connectivity, contributing towards the rise of the Aviation IoT Market in Asia Pacific.
The Aviation IoT market in the Asia Pacific region is experiencing notable growth, with China emerging as a significant contributor. This aspect can be attributed to its prominent position as the world's largest aviation market and an expanding aerospace advancement and investment centre. Chinese airlines are adopting IoT technologies to transform their operations into digital platforms, maximize fleet performance efficiency, and enrich passenger interactions.
The software segment is expected to grow at the highest CAGR during the forecast period.
The type segment includes services, software and hardware. The software segment is expected to grow at the highest CAGR during the forecast period. The growing trend of data visualization in aviation is responsible for the segment's growth. Demand for Aviation IoT software has risen due to its ability to collect large amounts of data that aid decision-making concerning air traffic control, baggage tracking, maintenance and more. Furthermore, this sector is expected to expand as developers design programs compatible with various IoT hardware installed on airplanes and airports globally.
The passenger experience segment is expected to grow at the highest CAGR during the forecast period.
The application segment includes ground operations, passenger experience, aircraft operations and asset management. This segment's growth can be attributed to the increasing utilization of technology to improve flying experiences. Correspondingly, technologies such as NFC and Wi-Fi are utilized to heighten passenger involvement through network connectivity and object integration. Furthermore, access to diverse information sources and infotainment platforms could significantly enhance travel experiences while eradicating any confusion the passengers may experience.
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Recent Developments:
• In February 2023: Lufthansa Technik announced the installation of 500 networked sensors on its aircraft. The sensors will gather data on fuel usage, engine performance, and other parameters. This installation will allow Lufthansa to run its operations more safely and efficiently.
Market Dynamics
Driver: Increasing Demand for Data-driven Insights
The growing demand for data-driven insights and business intelligence drives adopting Aviation IoT analytics solutions. With information gathering being a feature, stakeholders require advanced analytical capabilities to extract actionable insights, identify trends and make informed decisions. By utilizing machine learning techniques, predictive modelling technology and innovative data visualization methods - aviation IoT analytics platforms can streamline raw data into easily understandable intelligence that allows stakeholders to optimize operations and enhance performance, leading them towards competitive advantage. This factor is boosting the market growth and development.
Restraint: Technological Limitations and Infrastructure Constraints
Both technological limitations and infrastructure constraints challenge the deployment and scalability of aviation IoT solutions. Although these technologies have great potential, IoT technologies face connectivity, bandwidth, and latency issues that must be overcome for effective aviation operations transformation. Airports operating in congested or remote areas often struggle with connectivity problems that impede real-time data transmission and communication between ground-based systems. Furthermore, applications reliant on high-bandwidth scenarios like streaming video or telemetry from multiple sensors can impact performance due to network latency, among other things, affecting their reliability. This factor is anticipated to hamper the market growth and development.
Opportunity: Emergence of Smart Airports and Smart Cities
The Aviation IoT market is experiencing growth, driven by the development of smart airports and cities that facilitate connected air travel. These intelligent airports use IoT technologies to enrich passenger experiences, streamline resource allocation and enhance overall operational efficiency across airport services and facilities. By utilizing biometric security screening systems, automated baggage handling processes, real-time passenger flow management, and personalized wayfinding solutions, these innovative functions propel smooth travelling experiences while concurrently attracting revenue opportunities for the establishments.
Some of the major players operating in the Aviation IoT Market are:
• Honeywell International, Inc.
• IBM Corp.
• Tata Communication
• Wind River Systems, Inc.
• Aeris Communication
• Huawei Technologies Co. Ltd.
• Microsoft Corp.
• SAP SE
• Tech Mahindra Ltd.
• Cisco Systems, Inc.
Key Segments Cover in the Market:
By Type:
• Hardware
• Software
• Services
By Applications:
• Ground Operations
• Passenger Experience
• Aircraft Operations
• Asset Management
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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