New York, USA, April 18, 2023 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global airline technology integration market is predicted to grow at a stable CAGR of 15.90%, thereby garnering a revenue of $89,130.4 million in the 2022-2031 timeframe. This holistic report provides an overarching overview of the nature of the airline technology integration market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2022-2031 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: Growing applications of airline technology integration in aviation sector is predicted to boost the airline technology integration market. Along with this, growing demand for global air travel is anticipated to help the market grow substantially in the forecast period.
Opportunities: Introduction of technological advancements like Internet of Things in aircraft sector is estimated to offer numerous growth opportunities to the market in the analysis timeframe. Moreover, the growing need to improve security and efficiency of aircraft operations is expected to augment the growth rate of the market.
Restraints: Increasing number of autopilot failures, however, might prove to be a hindrance in the growth trajectory of the airline technology integration market.
Impact of Covid-19 on the Market
The Covid-19 pandemic affected millions of lives, directly or indirectly. The lockdowns ordered by various countries to curb the spread of the disease affected numerous industries by hampering global supply chains. The airline technology integration market, too, experienced a decline during the pandemic period. Due to the lockdowns and travel restrictions, the aviation sector was badly affected which slowed down the integration of advanced technologies. This brought down the growth rate of the market during the pandemic.
Segments of the Market
The report has divided the airline technology integration market into certain segments based on technology, offering, deployment, and region.
Technology: Cybersecurity Sub-Segment to be the Most Profitable
The cybersecurity sub-segment is predicted to have the most dominant market share by 2031 on account of the increasing threat of cyberattacks on different technologies used by airports and airlines.
Offering: Software Sub-segment to be the Most Dominant
The software sub-segment is predicted to garner substantial revenue by 2031, thereby having the most dominant market share. Availability of a wide range of airline software for engine maintenance, technical records, human resource management, etc., is estimated to propel the growth of this sub-segment.
Deployment: On-premises Sub-Segment to Grow Immensely
The on-premises sub-segment is predicted to have a tremendous growth rate by 2031. Since end users choose internal software infrastructure and services to ensure high levels of data protection, airline technology solutions are primarily deployed on-premises which is expected to help the market grow in the forecast period.
Market in North America Region to be the Most Lucrative
The airline technology integration market in the North America region is poised to become the most dominant in the 2022-2031 timeframe. Presence of large corporations like Ametek, Amphenol Corporation, Astronicas Corporation, GE Aviation, Honellywell International Inc. is predicted to be the primary growth driver of the market in this region.
Prominent Market Players
Some prominent market players of the airline technology integration market are
- Airbus
- Honeywell International Inc.
- Boeing
- IBM
- Oracle
- Collins Aerospace
- L3Harris Technologies Inc.
- SAP SE
- Lufthansa Technik
- General Electric
These companies are coming up with various innovations using different scientific approaches to gain a prominent position in the market.
For instance, in May 2022, Microsoft and American Airlines announced a collaboration of sorts. Under this collaboration Microsoft, the leading information technology company, and American Airlines, a major aircraft carrier in the US, will together develop technological tools which will improve the safety and comfort quotient of the aircrafts owned by American Airlines. This collaboration is, thus, expected to help both the partners to expand their business in the next few years.
Finally, this report published by Research Dive, also summarizes many crucial aspects of the airline technology integration market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Airline Technology Integration Market:
- How Could the Introduction of Advanced Technologies in the Aviation Industry Bring Seamless Experience to Passengers Globally?
- Global Airline Technology Integration Market to Generate $89,130.4 Million by 2031, Owing to Increase in the Demand for Air Travel
