The Internet of things (IoT) is a computing concept that enables users to use and control physical objects by connecting them to the internet. Today IoT is an important and integral part of the aviation industry because the aviation industry always strives to provide a superior traveling experience at the lowest fares. The aviation IoT market has been anticipated to earn revenues worth USD 25,134.6 million while expanding at a CAGR of 16.34% by 2023. Increase in passenger traffic, subsequent demand for new aircraft, and rising investment in the agile and smart airport concept drive the market growth.
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Market Snapshot:
Via the Internet of things (IoT), users can control physical objects by connecting them to the internet. Various operations in the aviation industry require IoT in order to ensure a superior traveling experience by passengers at the lowest fares. It is fair to say that aviation IoT is a rapidly growing market because the demand for IoT is increasing in various industries. Several companies and brands providing services to the aviation industry are rolling out the IoT incorporation in their operations and services. MRFR acknowledges that the value of global aviation IoT market will reach USD 25,134.6 million by 2023. This market is projected to record a massive CAGR of 16.34% between 2018 and 2023. Despite the vulnerability of IoT systems regarding cybersecurity, the popularity of aviation IoT is growing. Huge investments in terms of R&D can be the driving factors for the rapidly growing demand for the product. Airline services are trying to find IoT through various innovative ways.
Report Coverage:
Historical market trends, market dynamics, forecast, market value by region as well as by segmentation, country-level analysis for each market segment, key player’s market share analysis and market factor analysis which covers supply chain and Porter’s five forces analysis of the market.
Companies Covered:
Amadeus IT Group SA, Cisco Systems Inc., Huawei Technologies Co. Ltd., SAP SESITA, and others.
Segmental Analysis:
The aviation IoT market is segmented on the basis of, application component, end user, and region. Airline application has been sub-segmented into fleet management, passenger experience enhancement, and others. Application-based segmentation segments this market into airline application, airport application, and air traffic management application processes. Sub-segmentation of airport application covers operations, passenger processing, and security. The sub-segmentation of air traffic management application comprises of flight turnaround optimization, runway management, and other processes.
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Regional Analysis:
The regional analysis of the aviation IoT market covers regions such as Europe, Asia Pacific, North America, Latin America, and Middle East & Africa (MEA). North America is the largest regional market. In 2017, it held the largest market share of 30.89% whose market value was USD 3,150.5 million. During the forecast period, this market has been anticipated to grow at a 15.61% CAGR. USA and Canada are the strongest economies in this region, and they can be lucrative markets. In 2016, American Airlines spent nearly USD 25 million on easing congestion at various airports in the US. This kind of developments can enhance fuel market growth. During the forecast period, the aviation IoT market in North America is estimated to witness a CAGR of 15.61% during the forecast period.
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