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(Transportation-News.com, October 17, 2022 ) The report provides an analysis of the aviation analytics market from 2018 to 2027. It discusses industry and technology trends currently prevailing in the market, along with drivers, restraints, challenges, and opportunities that influence the growth of the market. The 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. The aviation analytics market in the North America and Europe regions is expected to witness substantial growth during the forecast period due to the increasing demand for upgradation of the legacy management information systems (MIS) to advanced analytics solutions.
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The solutions segment is majorly driven by its higher capability, allowing a suitable product mix to be offered according to the customer-centric environment. These solutions are specifically catered to a particular end user.
Based on deployment, the cloud based aviation analytics solutions and services are projected to grow at the highest CAGR during forecast period. Growing adoption of cloud technology is one of the key driving factor for the growth of aviation analytics.
Based on application, Wealth management application is expected to hold major share during forecast period. It involves tracking financial information and reporting to manage portfolio offerings. It also helps in managing trading operations and accounting budgets. Aviation analytics helps in providing insights regarding financial planning by collecting and processing a wide array of data.
Based on end user, the airlines segment is projected to grow at the highest CAGR during forecast period. The growing preference for air travel and the implementation of new air travel routes are some of the significant factors driving the growth of the airlines segment. Passengers from emerging economies prefer air travel for business and leisure purposes. Various programs that focus on the modernization of aircraft are also fueling the demand for aviation analytics as customers prefer convenience and safety features. This, in turn, is projected to drive the airlines segment in the aviation analytics market.
The Asia Pacific aviation analytics market is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing aircraft deliveries in the region. In addition,
factors including emphasis on improving aircraft safety and optimization of aviation business functions through digital transformation are expected to drive the demand for aviation analytics in the region.
Key Market Players
Key players such as IBM Corporation (US), IFS (Sweden), Ramco Systems (India), Capgemini (France). SAP (Germany), Swiss AviationSoftware (Switzerland), Lufthansa Technik (Germany), General Electric (US), Oracle Corporation (US), and Honeywell (US) are supplying advanced solutions for aviation analytics.
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