LONDON, Sept. 21, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Aviation Analytics Global Market Report 2023, the global aviation analytics market is set for remarkable growth, with the market size projected to surge from $2.7 billion in 2022 to $3.02 billion in 2023, reflecting an impressive compound annual growth rate (CAGR) of 12.0%. The upward trajectory is expected to continue, with the aviation analytics market size forecasted to reach $5.38 billion in 2027, driven by a robust CAGR of 15.5%.
The surge in aviation passenger traffic has emerged as a pivotal factor fueling the expansion of the aviation analytics market. This innovative field provides aviation companies with cutting-edge software and services, enabling airports to streamline their data management and operations efficiently. The result is simplified passenger traffic management and hassle-free airport operations. According to the International Air Transport Association (IATA) passenger data for March 2022, total traffic saw a remarkable 76% increase compared to March 2021, underlining the rapid growth in aviation.
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Key Players in the Aviation Analytics Market
Major players in the aviation analytics market, including industry giants like IBM Corporation, SAP, and Airbus, are leading the charge in driving technological advancements. Airlines and airports are increasingly adopting advanced technologies and aviation analytics to automate operations, reduce costs, and enhance customer satisfaction.
For instance, in May 2021, Alaska Airlines signed a contract to deploy Flyways AI technology, a cutting-edge flight tracking and routing program. This technology has not only improved flight operations and routing but has also led to significant environmental benefits. Over a six-month trial period, Flyways AI helped the airline save 480,000 gallons of fuel and reduce carbon emissions by 4,600 tonnes.
North America Leads the Way
In 2022, North America emerged as the largest region in the aviation analytics market. The region is expected to maintain its position as the fastest-growing aviation analytics market in the forecast period.
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Market Segmentation
The global aviation analytics market is segmented by:
- Component: Services, Solutions.
- Deployment: On-Premise, Cloud.
- Business Function: Finance, Operations, Maintenance And Repair, Sales And Marketing, Supply Chain, Other Business Functions.
- Application: Flight Risk Management, Fuel Management, Rout Management, Fleet Management, Inventory Management, Wealth Management, Inspection, Performance Monitoring, Predictive Analysis, Part Replacement, Supply Chain Planning, Energy Management.
- End User: OEMs, Airlines, Airports, MROs.
Aviation Analytics Global Market Report 2023 by The Business Research Company provides insights on the aviation analytics market size, aviation analytics market segments, aviation analytics market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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