Increasing operational efficiency and improved passenger experience are expected to drive the IoT in aviation market.
The IoT in aviation market is projected to grow from USD 593 million in 2019 to USD 1,941 million by 2025, at a CAGR of 21.9% during the forecast period. Advancements in wireless network technologies increased efficiency and connectivity, and improved passenger experience are some of the major factors driving the market.
By end market, the airports segment is expected to grow at the highest rate during the forecast period.
By end market, the airports segment is expected to grow at the highest CAGR during the forecast period. Modern-day airport requirements have increased in terms of complexity and scale in comparison to initial days of commercial flying. With growing passenger traffic, airports are finding innovative ways to lower their operational costs and generate new revenue streams. By leveraging technologies such as IoT, airports can enhance their efficiency, specifically in the area of baggage handling, passenger handling, and air traffic control.
By application, the asset management segment is expected to lead the IoT in aviation market during the forecast period.
Asset management helps in business optimization by analyzing various data sets that are gathered, and reduce operational costs. Asset management is further segmented into fleet management, crew management, aircraft maintenance, and aircraft manufacturing.
IoT in aviation market in the Rest of the World is expected to grow at the highest CAGR during the forecast period.
The IoT in aviation market in the Rest of the World is expected to grow at the highest CAGR during the forecast period. The growth of the aviation sector with increasing passenger traffic and aircraft fleet size encourages the adoption of IoT technology in airports and airlines in these regions to reduce operational costs and streamline business processes.
In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation & technology directors, and executives from various key organizations operating in the IoT in aviation market.
By Company Type: Tier 1: 40%, Tier 2: 30%, and Tier 3: 30%
By Designation: C-level Executives: 30%, Directors: 20%, and Others 50%
By Region: North America: 30%, Europe: 20%, Asia Pacific: 30%, and RoW: 20%
The IoT in aviation market comprises major players such as Microsoft Corporation (US), IBM (US), Huawei (China), Cisco (US), Wind River (US), Amadeus IT Group (Spain), SITAONAIR (Switzerland), Honeywell (US), Blip Systems (Denmark), Tata Sons (India), and Sendum Wireless Corporation (Canada). The study includes an in-depth competitive analysis of these key players in the IoT in aviation market in the industry, with their company profiles, recent developments, and key market strategies.
The study covers the IoT in aviation market and aims at estimating the market size and growth potential across different segments, such as end market, component, application, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will provide market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the IoT in aviation market and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, opportunities, and challenges.
Source: ASDReports - Market Research
Date: Dec 19, 2019