Flight Path Intelligence: Unveiling Insights Through Aviation Analytics
Aviation analytics market to reach $8.21 billion by 2030
PORTLAND, OREGON, UNITED STATES, May 17, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Aviation Analytics Market by Component, End User, Business Function, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030” the global aviation analytics market was valued at $2.78 billion in 2020, and is projected to reach $8.21 billion by 2030, registering a CAGR of 11.72%.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. The U.S. dominated the global aviation analytics market share in North America in 2020, owing to increase in R&D activities; technological developments by key players; rapid adoption of innovative technologies in making reliable, precise, and efficient aviation analytics. Asia-Pacific is expected to grow at a significant rate during the forecast period, owing to rise in adoption of aviation analytics across several Asian nations, for instance, China, India, Japan, and South Korea.
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By component, the aviation analytics market is segregated into service and software. The service segment accounted for the highest revenue in 2020, owing to high demand for aviation analytics services that are being deployed for numerous applications across the aviation sector.
By end-user, the aviation analytics market is segregated into airline, airport, and others. The airlines segment accounted for the highest revenue in 2020, owing to high demand for aviation analytics that are being used by airlines for numerous commercial applications throughout the world.
On the basis of business function, the market is segmented into sales & marketing, finance, maintenance, repair & operations, and supply chain. The sales & marketing segment garnered the highest revenue in 2020, owing to high demand for aviation analytics for sales & marketing operations globally.
On the basis of application, the market is segmented into flight risk management, inventory management, fuel management, revenue management, customer analytics, and navigation services. The customer analytics segment garnered the highest revenue in 2020, owing to high demand for aviation analytics drones for catering customer requirements.
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COVID-19 Impact Analysis
The COVID impact on the aviation analytics market is unpredictable and is expected to remain in force for a few years.
The COVID-19 outbreak forced governments across the globe to implement strict lockdowns and banned domestic and international travel for most of the year 2020. This led to sudden fall in demand for air-travel and hampered adoption of aviation analytics across the globe.
Adverse impacts of the COVID-19 pandemic have resulted in delays in activities and initiatives regarding development of innovative aviation analytics solutions globally.
Key Findings Of The Study
By component, the software segment is expected to register a significant growth during the forecast period.
On the basis of end user, the airports segment is anticipated to exhibit significant growth in future.
On the basis of business function, the finance segment is anticipated to exhibit significant growth in future.
Depending on application, the flight risk management segment is anticipated to exhibit significant growth in future.
Region wise, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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The key players that operate in the global aviation analytics market include Accelya, General Electric Company, International Business Machines Corporation (IBM), IGT Solutions Pvt. Ltd., Mu Sigma, OAG Aviation Worldwide Ltd., Oracle, Ramco System, SAP SE, and SAS Institute Inc.
David Correa
Allied Analytics LLP
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