Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- A report by Market Research Future published that the value of global aviation IoT market could increase by reaching 25,134.6 million till 2023. Such growth is expected to rise at a healthy pace by recording a massive CAGR of 16.34% from 2018 to 2023. Smart airports are employing the latest IoT technology not only to deliver delightful customer experience, but also make up losses in the business. In this digital era, it has become requisite to implement technology solutions throughout the airport ecosystem. Its time to leverage the Internet of Things (IoT) to discover a whole new dimension to digital transformation. The exceptional combination of IoT and artificial intelligence hence boosts improvements such as service delivery in the aviation industry.
Internet of Things (IoT) is defined as a combination of operation technology with information technology. These are connected via virtual intelligence to send, control, and receive data without the involvement of humans. The technology also helps in simplifying human efforts and reduces all manual interference. IoT system hence comprises of physical gadgets, sensors, and different machines are consolidated and associated with the internet for important correspondence of information. Therefore, leveraging IoT solutions and services will add a new dimension to the entire digital transformation of the airline process.
Despite the vulnerability of IoT systems in cybersecurity, the popularity of aviation IoT is mounting owing to the enormous investments in terms of research and development. These are the prime driving factors for the rapidly growing demand for IoT systems. Airline services are implementing IoT through various innovative ways. Currently, airlines are being advanced to IoT-enabled eco-systems to streamline the efficiency, enhancing connectivity and speed of communication, and decrease operational costs. Thereby, all these factors are exponentially expanding airline business productivity.
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On the other hand, the expanding utilization of IoT environments in a dynamic airline terminal vision that helps the development of auxiliary items and administrations to clients. Quick entrance of in-flight amusement (IFE) systems is an essential factor that would push the interest in implementing IoT over the estimated time frame. The aviation IoT also aids for new business openings and constantly impacting the aviation IoT market to profit clients efficiently. Thereby, it promises to deliver widespread consequences in the coming future. The effects of IoT on the aviation industry also include reduction of travel time, enhance passenger comfort, and enhance security levels. However, realizing such a marvelous opportunity, enterprises and governments are coordinating well to implement digital solutions that present a vast array of opportunities with IoT to gain competitive advantage.
Market Segmentation
The report incorporates segmental market analysis, which is conducted on the basis of application, component, and end-user. By the mode of application, the aviation IoT market comprises of fleet management, passenger experience enhancement, and others. Also, this segment includes airline application, airport application, and air traffic management application processes. The airport application is also sub-segmented into operations, passenger processing, and security.
Further, air traffic management application comprises of flight turnaround optimization, runway management, and other processes. Among these, the fleet management segment has captured the largest market share, which is reported to be 50.29% in 2017 and valuation was USD 3,591.0 million. The latest estimation for the market to rise is 16.06% CAGR by the assessment time frame.
By the mode of the component, this market comprises of communication services, data center systems, devices, IT Services, and software. Wherein, IT services segment has covered the largest market share of 30.44% last in 2017, and the valuation was of USD 3,104.2 million. The latest report states that this segment is likely to grow at 15.64% CAGR and will increase by 2023.
By mode of end users, this market comprises of the airline, airport, and air traffic management. Of them, the airline segment has gathered the largest market share of 70.02% in 2017 and had a valuation of USD 7,140.2 million. The latest records state that it may proliferate at 16.23% CAGR in the assessment timeframe.
Increased investments in Aviation IoT Market to Profit from Accelerated Implementation IoT Systems Globally
The scenario for growth in the Aviation IoT Market is competitive. Thus, regional evaluation of this market has been studied under Europe, Asia Pacific, North America, Latin America, and the Middle East & Africa (MEA). The North American region is credited to be the prime region that has captured the largest market share in 2017 with 30.89% CAGR. The valuation was then USD 3,150.5 million. According to the latest reports, this region is estimated to proliferate now at 15.61% CAGR owing to the strong countries such as USA and Canada. These have a lucrative market for aviation IoT market. In 2016, it was reported that American Airlines spent approximately USD 25 million on easing congestion at various airports in the US. Such kind of developments can eventually enhance market growth during the forecast period. Thus, the aviation IoT market in North America is estimated to witness a robust CAGR of 15.61% by 2023 and opening ways for more opportunities to enter drastically.
In Europe, the market for aviation IoT is proliferating owing to strong economies prevailing in France, Germany, Italy, the Netherlands, and the UK. Due to such technological advancement, Europe has become one of the major regions for aviation IoT. In records, there were over 4,500 aircraft operating in Europe in 2016, and it is estimated that by 2035, the number of aircraft operation is probable to reach 8,000. Apart from this, in this region, the market is growing owing to the better collaboration between airlines and airport authorities with the installation of smart solutions and an increase in the number of aircraft. Thus, market growth in Europe is expected to register a 14.73% CAGR in the assessment period.
Whereas, Asia Pacific is likely to appear as the fastest growing market during the forecast period at 18.40% CAGR owing to the swelling demand for in-flight connectivity & connected electronic devices, rapid urbanization, rising technological advancement, enhancing the passenger experience, and increasing investments in IoT solutions by airline operators & airports authorities. The foremost countries such as China, India, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region are on the high expectation for the market of aviation IoT to surge exponentially.
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Next comes the MEA region, where the market is mostly driven by the snowballing passenger traffic in the airline industry. Airline companies are investing marvelously in finding ways to condense fuel consumption, excellent connectivity networks in flights and enhancing passenger experience during baggage & security screening. Looking at this parameter, the market in the MEA region is likely to grow at 16.50% CAGR in the forecast period. The top countries that are gaining higher market shares in this region are Saudi Arabia and the UAE, and some remaining countries of the MEA region.
Latin America market is growing at 17.26% CAGR owing to the swelling investments and rising demand for real-time data by airlines. In this region, airports are focusing on lower operational costs through incorporating IoT solutions and satellite connectivity. The primary market in this region is Brazil.
Market Key Players
The chief competitors in aviation IoT market are listed as Amadeus IT Group SA, Cisco Systems Inc., Huawei Technologies Co. Ltd., SAP SESITA, and others.
Industry News
February 2019: Huawei Technologies Co. Ltd provided a cloud-pipe-device E2E smart airport solution that is solely based on ground-breaking ICT technologies. The solution uses cameras, sensors, and mobile terminals to form an essential airport sensing layer that bids transmission capabilities through multiple channels such as eLTE, Wi-Fi, and agile networks. This secure cloud-based unified communications, video cloud, IoT, and big data platforms that covered an entire airport. It also delivered global data sharing and analysis capabilities, to help in building an Airport Collaborative Decision-Making (A-CDM) system and Airport Operation Database (AODB), and facilitated visualized operational processes, safety, and services.
Related Reports
Airport IoT Market Report: Information by Technology (Sensing Layer Technology, Network Layer Technology, & Application Layer Technology), Application (Passenger Handling, Security, & Operations), & Region—Global Forecast till 2023.
https://www.marketresearchfuture.com/reports/airport-iot-market-6722
Airline IoT Market: Information by Application (Fleet Management, Passenger Experience Enhancement & Other Processes), by Component (IT Services, Software, Data Center Systems, Communication Services & Devices), and by Region — Global Forecast till 2023. The global Airline IoT market is estimated to register a CAGR of more than 15% during the forecast period of 2018 to 2023.
https://www.marketresearchfuture.com/reports/airline-iot-market-7356
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