Press release
Aviation Blockchain Market to Reach USD 16.861 Billion by 2030, Fueled by 21.8% CAGR and Soaring with Security
Aviation Blockchain Market
Global Aviation Blockchain Market industry is expected to register a CAGR of 21.8 % during the forecast period 2023 - 2030 hold a value of over USD 16.861 Billion 2030
The aviation blockchain market refers to the use of blockchain technology in the aviation industry for various applications, such as aircraft maintenance, supply chain management, passenger identity verification, and cargo tracking. Blockchain technology can help to improve efficiency, reduce costs, and increase transparency and security in these areas. The COVID-19 pandemic has had a significant impact on the aviation industry, with many airlines and airports facing financial challenges due to travel restrictions and reduced demand. However, blockchain technology has the potential to help the industry recover by enabling more efficient and secure operations. Drivers include Increased efficiency, Improved security, Simplified payment processes better supply chain management. Restraints include Lack of regulatory clarity, High initial costs, Integration challenges.
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Regional Analysis
North America is expected to dominate the aviation blockchain market, owing to the presence of major players in the region, such as IBM and Microsoft. Europe is expected to be a major market for aviation blockchain, owing to the increasing adoption of blockchain technology in the region. In Asia Pacific, China, in particular, is expected to be a major market for aviation blockchain, owing to the growing adoption of blockchain technology in the country. The Middle East and Africa region is expected to witness significant growth in the aviation blockchain market, owing to the increasing investments in the aviation industry in the region. In Latin America, Brazil is expected to be a major market for aviation blockchain in the region.
Market Segmentation
The aviation blockchain market is segmented based on end market, application, vertical, and region. On the basis of end market, the market is classified as Airlines, Airports, MRO and Manufacturers. Based on application, the market is segmented as Cargo & Baggage Tracking, Flight & Crew Data Management, Passenger Identity Management, Supply Chain Management, Smart Contracts, and Aircraft Maintenance. Based on verticals, the market is segmented based on Civil & Commercial and Military.
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Key Companies in the Aviation Blockchain Market include -
Aeron Labs (Canada)
AVINOC Ltd (China)
IBM (US)
Infosys (India)
Insolar Technologies (Switzerland)
Microsoft Corporation (US)
Moog Inc. (US)
Olistics (Switzerland)
Quillhash Technologies Pvt. Ltd (India)
Skybuys (Australia)
Sweetbridge, Inc. (US)
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Aviation Blockchain Industry Developments -
Aeron Labs: In September 2023, they collaborated with Airbus to launch a pilot program exploring the use of blockchain for managing aircraft maintenance records.
IBM & Maersk: While not solely aviation-focused, their joint venture TradeLens using blockchain continues its expansion, recently adding Air Canada as a member.
Boeing & Microsoft: This duo continues development of their "AeroData Platform" built on Azure, designed for secure and efficient aircraft data management.
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