The global aviation analytics market size will show promising growth backed by increasing adoption of analytics in aviation industry. According to the International Air Transport Association (IATA), the airlines industry is likely to witness a footfall of about 8.2 billion traveler by 2037. Fortune Business Insights, publish this information in its latest report, titled “Aviation Analytics Market Size, Share & Industry Analysis, By Component (Service, Software), By Application (Flight Risk Management, Inventory Management, Fuel Management, Revenue Management, Navigation Services), By Business Function (Sales & Marketing, Finance, Repair & Operations, Supply Chain Management), By End-User (Airlines, Airports, Others) Others and Regional Forecast, 2021-2028.”
Aviation analytics is a technology useful in the aviation sector that provides information and data statistics on operation activities, real-time flight data, and weather forecast data, among others. The analytics solution is efficient, easily accessible, and increases profit ratio of the airline companies by reducing physical operation cost. Increasing demand for artificial intelligence and real-time analytical solutions is anticipated to drive the growth of the market during the projected horizon.
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Fortune Business Insights™ lists out a few of the renowned companies present in the nickel aviation analytics market. They are as follows:
- General Electric (U.S.)
- IBM Corporation (U.S.)
- SAP SE (Germany)
- SAS Institute (U.S.)
- Ramco International (India)
- Mu-Sigma (U.S.)
- Mercator (U.S.)
- Aviation Analytics (U.K.)
- Airport Analytics (U.K.)
- Oracle Corporation (U.S.)
- Among others.
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The market report offers a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, it contains an exhaustive study of the landscape comprising of key players, strategies used by them, and recent product launches for the market growth between 2019 and 2026
Drivers and Restraints:
Rising Focus on Analytics Solutions to Favor Growth
In March 2020, Honeywell International Inc. launched Honeywell Forge, a data-driven analytics platform for the aviation industry. The software is a cost-effective solution for the aviation companies to manage real-time data that includes flight operational activities, navigation database, connectivity, and aircraft maintenance. According to the company, the software is user-friendly that provides dashboard to view instant alerts regarding issues for connectivity and flight schedule changes. Furthermore, it solves several flight related issues that helps to boost operations performance. Rising focus of the companies to provide analytics solutions is expected to contribute to the growth of the market during the projected horizon.
Increasing Adoption of Aviation Analytics to Surge Demand in North America
Among the regions, the market in North America is anticipated to hold the largest share for the market in the forthcoming years. This is ascribable to factors such as increasing adoption of analytics in aviation sector to enhance the operational activities. On the other hand, Asia-Pacific will witness substantial growth for the market during the projected horizon. Factors such as rise in the middle-class population and growing tourism sector in countries such as India and China will contribute to the growth of the market in Asia-Pacific. In Europe, the market is expected to boost owing to steps taken for the management of jet fuel in the forthcoming years. Latin America and the Middle East and Africa will register a promising growth for the market between 2019 and 2026.
- Flight Risk Management
- Inventory Management
- Fuel Management
- Revenue Management
- Navigation Services
By Business Function
- Sales & Marketing
- Repair & Operations
- Supply Chain Management
- North America (The U.S., Canada)
- Europe (The UK, Germany, France, Italy, and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, South Korea and Rest of Asia Pacific)
- Rest of the World (Brazil, Argentina, South Africa, and Rest of the World)
By component, the market segmented into service and software. Based on the application, the market segmented into flight risk management, inventory management, fuel management, revenue management, and navigation services. Based on business function, the market categorized into sales & marketing, finance, repair & operations, and supply chain management. Based on end-users, the market segmented into airlines, airports, and others. From a geographical standpoint, the market categorized into North America, Europe, Asia Pacific, and the Rest of the World.
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- Which region or sub-segment is expected to drive the market in the forecast period?
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Cirium Launching New Data Analytics Will Aid Growth
The companies operating in the market are adopting several strategies to maintain their market presence during the forecast period. The strategies adopted by them include product launches, merger and acquisition, and collaborations that is expected to drive the aviation analytics market revenue in the forthcoming years. For instance, Cirium, an expert in travel data and analytics, in March 2020, amid the ongoing pandemic, Coronavirus (COVID-19), announced its launch of new analysis service. The analysis offering by the company will provide verified data on the number of in-storage aircrafts on a daily basis. Furthermore, the latest analysis from the company reveals that the in-storage aircraft fleet has grown by 13.5%, with 6,639 aircrafts grounded globally owing to travel restrictions and sealing of borders. Below are a few industrial developments for the market:
Aviation Analytics Market Industry Developments:
- December 2019: L&T Technology Services Limited, a global technology solutions company, signs a contract with Airbus S.A.S., an Indian aviation company. Under this contract, L&T will manage avionics software that provides data validation & verification, and data analytics for the Airbus airlines
- September 2019: Airbus S.A.S, a leading airline company in India, signs a contract with TATA SIA Airlines Limited. This collaboration will enable Airbus to provide maintenance operations and data analytics for the Vistara airlines.
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