Portland, OR, June 15, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aerospace artificial intelligence market garnered $373.6 million in 2020, and is expected to generate $5.82 billion by 2028, registering a CAGR of 43.4% from 2021 to 2028. The report offers a detailed analysis of changing market dynamics, key winning strategies, top investment pockets, top segments, value chain, and competitive scenario.
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Rise in fuel efficiency by using artificial intelligence and surge in use of AI to ensure safety at airports drive the growth of the global aerospace artificial intelligence market. However, strict airline regulations, high cost of implementation of AI, and lack of trained and experienced staff hinder the market growth. On the other hand, use of AI for enhancing operational efficiency and maintenance of airplanes, rise in customer satisfaction, and adoption of reliable cloud applications would offer new opportunities in the coming years.
Covid-19 Scenario:
- As a result of the pandemic, thousands of airplanes were grounded internationally and the industry went through a huge collapse in revenue. This has impacted the adoption of other innovative technologies including AI.
- Some companies and authorities have suspended further investments in AI technologies during the pandemic. Moreover, with the ongoing vaccination across the globe, the aerospace industry is expected to recoup thereby boosting the demand for AI.
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The report offers a detailed segmentation of the global aerospace artificial intelligence market based on offering, technology, application, and region.
Based on offering, the software segment accounted for nearly three-fourths of the total market share in 2020, and is expected to maintain its leadership status during the forecast period. Furthermore, the segment is expected to register the highest CAGR of 45.5% from 2021 to 2028.
Based on application, the flight operation segment accounted for the highest share in 2020, contributing to nearly one-third of the total market share in 2020, and is projected to dominate in terms of revenue during the forecast period. In addition, the segment is expected to witness the fastest CAGR of 45.7% from 2021 to 2028.
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Based on region, North America contributed to the largest market share in 2020, accounting for nearly two-fifths of the market, and will maintain its leadership status throughout the forecast period. However, the Asia-Pacific region is expected to grow at the highest CAGR of 46.0% from 2021 to 2028. The report also analyzes regions such as Europe and LAMEA.
Leading players of the global aerospace artificial intelligence market include International Business Machines Corporation (IBM), Airbus S.A.S., General Electric Company, Iris Automation Inc., Intel Corporation, Microsoft Corporation, SITA, Thales Groups, The Boeing Company, and Spark Cognition.
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