The aviation analytics market reached a valuation of USD 1.93 billion by 2020. Looking ahead, it is anticipated to experience substantial growth, with the market value expected to increase from USD 2.02 billion in 2021 to USD 4.36 billion by 2028. This represents a notable Compound Annual Growth Rate (CAGR) of 11.58% during the period spanning from 2021 to 2028.
Browse Summary:
https://www.fortunebusinessinsights.com/aviation-analytics-market-102101
List of Key Market Players: Aviation Analytics Market
Airbus (France)
Boeing (U.S.)
Collins Airspace (U.S.)
General Electric (U.S.)
Honeywell International Inc. (U.S.)
IBM (U.S.)
L3Harris Technologies Inc. (U.S.)
Oracle (U.S.)
SAP SE (U.S.)
Segmentation-
Function, Application, Product, End-use, and Region are studied for the Market
On the basis of function, the market is fragmented into sales & marketing, operations, finance, and others. On the basis of application, it is segmented into navigation service, customer analytics, flight risk management, fuel management, and others. On the basis of product, it is bifurcated into solutions and services. On the basis of end-use, it is categorized into OEM and aftermarket. Geographically, it is studied across North America, Middle East, Europe, Asia Pacific, and the Rest of the World.
Report Coverage-
The report delivers detailed insights about key developments such as mergers, partnerships, and acquisitions by prominent players in the market.
The report offers information on the latest technological advancements, drivers, and restraining factors of the industry.
The report consists of the effects of COVID-19 on the market.
Drivers & Restraints-
Emphasis on Cost Reduction by Airlines to Increase Market Growth
The product adoption has enabled airlines and airports to cut costs, including baggage loss and fuel. Airlines can accurately assess the flight route and carry the adequate amount of fuel required through aviation analytics. The IATA reported in 2020 that 22.1% of operating costs are spent on fuel by airlines. Hence, adopting such advanced solutions is anticipated to bolster market growth.
Additionally, the adoption of Big Data has increased in recent years. Airlines can better understand, plan, and deliver according to the dynamic market demands with Big Data analytics. This is likely to boost the aviation analytics market growth.
However, lack of skilled professionals for analytics may hinder the market growth.