IoT in Aviation Market Size By Component, By End-user and By Region – Global Trends and Forecast to 2027

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IoT in Aviation Market Size By Component, By End-user and By Region - Global Trends and Forecast to 2027
The global market is worth US$ 554.2 Mn in 2018 and expected to grow at a CAGR of 19.3% during the forecast period from 2019 to 2027.

In 2018, the global IoT in Aviation Market was worth US$ 554.2 million, and it is expected to grow at a CAGR of 19.3% from 2019 to 2027.

“Growing demand for smart airports accelerates IoT in airports” The rapid growth in air travel passengers and traffic has necessitated the use of technology such as the internet of things (IoT), which will have a significant impact on streamlining airport operations. The aviation industry expects to benefit from growing IoT trends such as optimised fleet operations, fuel savings, enhanced safety and security standards, and better MRO shifts as millions of connected devices communicate with each other with the launch of 5G technologies in the near future.

Browse the full report at https://www.credenceresearch.com/report/iot-in-aviation-market

The Internet of Things (IoT) is transforming modern aviation by drastically improving fleet maintenance, engine performance, and safety. Airlines are saving money on their annual budget thanks to improved MRO scheduling. Furthermore, there is strong interest in converting some of the world’s busiest airports into smart airports in order to alleviate the burden of overcrowding and improve the passenger experience. This has influenced airlines and airport authorities to integrate IoT into their current technology.

However, the Internet of Things is still in its infancy, and market participants are currently innovating complex systems used in airlines and airports. Furthermore, there is a global lack of comparable technological capability, which will determine the scope of IoT growth in the near future. This will also slow the rate of growth in the world’s less technologically advanced regions.
The overall IoT market in aviation is competitive and growing at a moderate rate. To stay competitive in the market, market players are implementing strategies such as launching new solutions, forming partnerships, and signing agreements.

North America accounted for the largest share of the market in 2018. A large number of airlines operating in the region that are flying over 6700 flights daily boarding over 2.7 million passengers every day. A large number of air travel passengers provide high potential for IoT implementation to improve their flying experience. This has influenced the market players to install IoT in the regional airlines. Some of the companies present in the region include are IBM, Microsoft, SAP SE, and Honeywell. These companies are launching innovative software to enhance airlines efficiency. For instance, Travel Accelerator of SAP SE, integrated with Gigya technology offers predictive analytics and demand-driven material requirement helps in an increase in profit and performance management.

• The Lufthansa Group, a German airline, renewed its partnership with Amadeus IT Group SA in February 2020, expanding their collaboration to improve passenger experience. The airline will use Amadeus’ Altéa Passenger Service System (PSS) for reservation, ticketing, inventory, and disruption management under this agreement. Other airlines included in the agreement are Austrian Airlines, Brussels Airlines, Swiss International Air Lines, and Air Dolomiti, in addition to Lufthansa.

• ReFirm Labs, a provider of IoT and firmware security solutions, announced a strategic technology partnership with Wind River Systems, Inc. in July 2019. Both companies will collaborate on the development of ReFirm Labs’ Centrifuge Platform® for IoT security and Wind River’s VxWorks® real-time operating system, which is used in commercial aircraft, space exploration, and military operations.

• The IoT software segment is expected to grow at the fastest rate during the forecast period, based on component.

• The ground operation segment is expected to grow at the fastest rate during the forecast period, based on application.

• The airport segment is expected to drive the market’s major growth during the forecast period, based on end-use.

• In terms of region, North America dominated the global IoT in aviation market in 2018. As a result, the same region is expected to grow at the fastest rate during the forecast period.

List of Companies Covered:

• IBM
• Microsoft Corporation
• Wind River Systems, Inc.
• Amadeus IT Group SA
• Cisco
• SAP SE
• Huawei Technologies Co., Ltd.
• Honeywell International Inc.
• Aeris
• Sendum Wireless Corporation
• GlobeRanger (Fujitsu)
• and Others

Key questions answered in this report

  • What was the market size of IoT in aviation market in 2018 and forecast up to 2027?
  • What are the key factors driving the global IoT in aviation market?
  • What are the key market trends and high-growth opportunities observed in the IoT in aviation market?
  • Which is the largest regional market for IoT in aviation market?
  • Which segment will grow at a faster pace? Why?
  • Which region will drive the market growth? Why?
  • Which players are leading the IoT in aviation market?
  • What are the key strategies adopted by the leading players operating in the market?

Browse the full report at https://www.credenceresearch.com/report/iot-in-aviation-market

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