Global Aviation Blockchain Market Size to Reach USD 5,659.20 Million in 2032 | Emergen Research

Vancouver, Sept. 05, 2023 (GLOBE NEWSWIRE) -- In 2022, the global aviation blockchain market's size reached USD 770 million, and it is projected to demonstrate a remarkable Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period, as indicated by the latest analysis conducted by Emergen Research.

Several pivotal factors contribute to this substantial market revenue growth. Firstly, there has been a notable increase in aircraft trips and air traffic on a global scale, a trend that continues to drive market expansion. Additionally, the rise in disposable income among the global population has led to increased investments in aviation blockchain technology.

Furthermore, the aviation industry has witnessed significant improvements in the transparency and security of aviation logs, a development that has bolstered market growth. The enhanced traceability offered by blockchain systems has made them a preferred choice within the aviation sector.

Moreover, there has been a considerable surge in investments dedicated to research and development in blockchain technology for commercial aviation applications. These investments have played a pivotal role in advancing the market.

Lastly, the adoption of blockchain technology has streamlined international business operations, reducing both costs and complexities. This, in turn, has contributed to the market's impressive growth trajectory.

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Blockchain technology offers significant advantages within the aviation sector. It excels in tracking and providing predictive analysis for airline marketing and ticketing systems, leading to the enhancement of operational efficiency. Additionally, blockchain facilitates aircraft design analysis, reduces record-keeping and maintenance costs, and enhances digital systems for improved customer interfaces. It plays a crucial role in decentralizing processes within aviation operations, addressing various operational challenges, and improving overall performance. Furthermore, the industry's growth is being propelled by deals, partnerships, and agreements among various companies. For example, on April 11, 2022, Globant, a digital-native company specializing in innovative technological solutions, and TravelX, a pioneering technology firm in the travel industry, announced a collaborative agreement. Their aim is to revolutionize the airline industry by enabling airlines to implement TravelX's innovative NFTicket solution, enhancing customer comfort and accessibility.

However, the adoption of blockchain technology in the aviation industry faces certain challenges. Some companies within the industry exhibit reluctance to upgrade their existing systems to digital ones integrated with blockchain technology, primarily due to concerns about high installation costs. Additionally, negligence towards adhering to regulated norms, including standardization rules, presents significant barriers to the development of this nascent aviation blockchain technology.

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Scope of Research

Major Companies and Competitive Landscape

The global aviation blockchain market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective aviation blockchain solutions. Some major players included in the global aviation blockchain Market report are:

• Zamna Technologies Limited
• Aeron Labs 
• Moog Inc.
• LeewayHertz
• Winding Tree
• Volantio
• Enspan.io.
• Credits, Incorporated
• AVINOC
•  QuillHash Technologies Private Limited

Strategic Development

• On 11 April 2022, JALUX Inc. announced a financial investment in Block Aero Technologies Holdings Inc., a company that creates and distributes a blockchain platform for managing aviation assets such as airplanes and jet engines.

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Some Key Highlights From the Report

• The aircraft maintenance segment accounted for largest revenue share in 2022. The key benefits of aviation blockchain in aircraft maintenance are that they offer early repair notice, resulting in decreased delays and maintenance costs. The most significant advantages of blockchain technology include quicker operations, higher efficiency, improved security, and non-intrusive, more accurate, and transparent data systems which is the latest development and is increasing segment development. In addition, the supply chain management used in airplane maintenance operations is also improved by blockchain. As a result, large corporations are working with several groups and academic institutions to develop cutting-edge blockchain technologies for the maintenance of airplanes. For instance, on 15 November 2021, TrustFlight announced the launch of a new digital platform for servicing aircraft in collaboration with Boeing, RaceRocks Canada, and the University of British Columbia (UBC). The project profited from the university's expertise in blockchain. These are the major factors contributing to revenue growth of this segment.
• The record-keeping segment is expected to register a robust revenue CAGR during the forecast period. Various initiatives by different companies for the technological enhancement of their existing systems are driving revenue growth of this segment. For instance, on 5 August 2020, Honeywell announced the launch of an integrated system of digital blockchain system and its existing aircraft record system for better functionality and efficiency and an easy interface for the customers for search and scattered data retrieval processes. These are some of the factors that are driving revenue growth of this segment.
• The airports segment accounted for largest revenue share in the market in 2022. Different initiatives by different companies to upgrade their existing product portfolios are driving revenue growth of this segment. For instance, on 6 April 2022, Bangalore International Airport Limited (BIAL), the company that manages Kempegowda International Airport in Bengaluru (BLR Airport), announced the launch of a Joint Innovation Centre (JIC) with Amazon Web Services (AWS), a subsidiary of Amazon.com, to promote the creation and uptake of digital aviation solutions using a combination of technologies, including cloud computing, Blockchain, the Internet of Things (IoT), analytics, Machine Learning (ML), Artificial Intelligence (AI), robotics, and Augmented Reality and Virtual Reality (AR/ VR), that enabled the strengthening of BIAL's digital roadmap and develop tailored solutions for BLR Airport. These are some of the factors that are driving revenue growth of this segment.
• North America market accounted for a significantly large revenue share in 2022. This is attributed to the major company establishments in this region such as Moog Inc., Microsoft Corporation, Sweetbridge, IBM, and others, and the different drives launched by these major companies to develop better more efficient blockchain technologies for ease of usage and faster operations. For instance, on 16 November 2021, American Airlines (AAL.O) and Swiss travel platform Winding Tree announced a partnership that will allow business purchasers to access American Airlines' flight data directly, without the need for intermediaries. Global Distribution Systems (GDS) such as Amadeus and Sabre, which use real-time inventory technology, now provide data on flights and hotels to travel agencies and corporate travel bookers. These are some of the factors that are driving the market revenue growth in this region.

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Emergen Research has segmented the global aviation blockchain market on the basis of application, function, deployment, end-use, and region:

• Application Outlook (Revenue, USD Million; 2019-2032)
  • Cargo and Baggage Tracking
  • Flight and Crew Data Management
  • Passenger Identity Management
  • Supply Chain Management
  • Inventory Management
  • Frequent Flyer Programs
  • Travel Insurance
  • E-Ticketing and Ticket Tokenization
  • Leasing
  • Airline Revenue Sharing
  • Parts Tracking
  • Parts Health Monitoring
  • Aircraft Maintenance
  • Others

• Function Outlook (Revenue, USD Million; 2019-2032)
  • Record Keeping
  • Transactions

• Deployment Outlook (Revenue, USD Million; 2019-2032)
  • Public
  • Private
  • Hybrid

• End-Use Outlook (Revenue, USD Million; 2019-2032)
  • Airlines
  • Airports
  • MRO
  • Manufacturers
  • Others

• Regional Outlook (Revenue, USD Million; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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