Visiongain has published a new report on Global Aviation Analytics Market Report Forecast 2021-2031. Forecasts by Component (Solutions, Services), By Deployment (On-premise, Cloud), By Function (Finance, Operations, Maintenance & Repair, Sales & Marketing, Supply Chain, Others), By Application (Flight Risk Management, Fuel Management, Route Management, Fleet Management, Inventory Management, Wealth Management, Performance Monitoring, Energy Management, Others), By End-user (MRO Providers, Airlines, OEMs, Airports). Plus, analysis of leading regional/national markets and leading companies in the market. COVID-19 Impact Recovery Analysis (V-shaped recovery, W-shaped recovery, U-shaped recovery, L-shaped recovery)
Global aviation analytics market was valued at US$3,264.1 million in 2021 and is projected to reach at a market value of US$19,224.9 million by 2031. Some of the factors that are expected to positively influence the adoption of advanced analytics in the aviation sector include technological advancements and the growth of the tourism industry. Businesses in the aviation sector are faced with challenges such as reducing operational costs while increasing efficiencies and profits, increasing customer satisfaction, the safety of maintenance operations, preventing delays, and reducing risks of aircraft on the ground (AOGs). The integration of technologies such as AI, machine learning, IoT, and big data is expected to boost the demand for analytical services to help in the making precise decisions.
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COVID-19 Impact on Aviation Analytics Market
Visiongain has anticipated four scenarios for the aviation analytics market to recover over the forecast period, namely, V, U, W, and L. The COVID 19 pandemic hampered the aviation analytics market, due to temporary ban on movement of people across countries. Several aviation companies put expenditures on hold due in order to lower their losses in the financial year. However, as the tourism industry recovers, the aviation sector is expected to increase spending on technologically advanced services to improve profitability and reduce losses over the future.
How this Report Will benefit you?
Visiongain’s new study is suitable for anyone requiring in-depth analyses for the global aviation analytics market along with detailed segment analysis in the market. Our new study assists you in evaluating the overall global and regional market for autonomous trains. Get the financial analysis of the overall market and different segments. Huge opportunities remains in this fast-growing aviation analytics market. See how to use the existing and upcoming opportunities in this market to gain a competitive edge in the near future. Moreover, the report will help you to improve your strategic decision making, allowing you to frame growth strategies, reinforce the analysis of other market players and finally maximise productivity for your company.
What are the Market Drivers?
Rise In Aviation Passenger Traffic And Customer Centricity
According to the International Air Transport Association (IATA), the world’s passenger traffic is expected to reach around 7.2 billion by 2035 from around 3.8 billion in 2016. It is also estimated that the annual compound average growth rate (CAGR) for aviation passenger traffic will be 3.7%. Therefore, an increase in aviation passenger traffic is expected to boost the demand for aviation analytics owing to the generation of an enormous amount of information. Customer centricity is currently a major focus in the airline industry due to a continuous shift in customer preferences. Aviation industry participants will thus need to use analytical solutions to predict customer preferences, reduce operational cost, and manage fuel cost among other things.
Generation of High Volumes of Data In The Aviation Industry
The Aviation Industry is responsible for the generation of large amounts of unstructured and complex data known as Big Data. The industry is characterized by an operational system that results in the generation of data at each step. For instance, a customer’s interaction with an airline, pre-flight to post-flight operations, results in capturing of data. Passenger information, aircraft information, flight tracking data, weather information, air safety reports, airport operations, airline information are other sources of data generation in the aviation sector. This huge amount of historical data is analyzed to discover valuable insights in the aviation industry as well as to predict the global security threats, changing customer preferences, and future market trends.
Where are the Market Opportunities?
Advancements in Cloud-Based Real-Time Data Collection and Analytics
With the help of cloud-based real-time data collection and analytics, the companies in the aviation industry get insights as soon as the data enters their systems. Real-time analytics caters to the needs of its customers and allows businesses to respond without delay and results in efficient business environments with optimum operational profitability. Real-time analytics helps enterprises to respond quickly to opportunities and accurately tackle issues to ensure smooth operations. The solutions offer flexibility to airlines and help them improve their flight operations by improving fuel efficiency, strengthening flight risk management systems, and reducing unscheduled downtime significantly.
Some of the companies profiled in the report include IBM Corporation, General Electric Company, RELX Group plc, Oracle Corporation, SAP SE, Capgemini SE, Ramco Systems, Hexaware Technologies Limited, WinAir, SAS Institute Inc., IFS (Industrial and Financial Systems) AB, Swiss AviationSoftware Ltd. (Swiss-AS), Beep Analytics ApS, Mu Sigma, and GrayMatter Software Services Pvt. Ltd. These players have prioritized organic as well as inorganic growth strategies such as new product development, expansions & investments, mergers & acquisitions and agreements, contracts & joint ventures.
In October 2021, Swiss-AS announced that Modern Logistics, a Brazilian integrated logistics company that operates cargo airplanes, has chosen AMOS from Swiss AviationSoftware to fully track and control its maintenance operations and to gain a competitive edge by implementing the company’s proven MRO system. The carrier will implement the AMOS Airline Edition to manage its fleet of Boeing 737 and ATR 72.
In October 2021, GE Digital announced that it has signed a Memo of Understanding (MoU) with FLAPZ, a new aviation marketplace based in Colombia, to work toward increasing safety in Business & General Aviation in Colombia and other parts of Latin America. The companies plan to work together to provide GE Digital’s Safety Insight for Business Jets, a C-FOQA software and services solution, to FLAPZ’s consortium that will make it easy for business jet operators to improve safety by implementing safety procedures at the highest level of international standards.
In September 2021, Ramco Systems announced the implementation of its Aviation M&E MRO Suite V5.9 at Draken International, a leading provider of tactical fighter aircraft for contract adversary air (ADAIR) services to the defense industry, across its global operations in both CONUS and OCONUS locations. The software will offer a one-stop solution for managing Draken’s global operations as well as a scalable software platform that will support the company’s rapid expansion plans.
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