Aerospace Artificial Intelligence Market Outlook 2024: Exclusive Report By The Business Research Company

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2037

The Business Research Company offers in-depth market insights through Aerospace Artificial Intelligence Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The aerospace artificial intelligence market size has grown exponentially in recent years. It will grow from $0.65 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 42.1%. The growth in the historic period can be attributed to increase in fuel efficiency by the use of artificial intelligence (ai), ongoing developments and increased investments, utilization of AI for tasks, growing demand for unmanned aerial vehicles, increasing focus on improving air traffic management.The aerospace artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 37.9%. The growth in the forecast period can be attributed to increasing demand for autonomous systems, growing need for predictive maintenance, increasing adoption of AI in aircraft design and manufacturing, increasing use of AI for aircraft inspection and testing, growing demand for ai-powered supply chain management solutions. Major trends in the forecast period include AI in urban air mobility, 5g and AI integration, blockchain for AI security, ai-driven sustainability, resilient AI systems, AI in space resource exploration.

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Market Segmentation:
The aerospace artificial intelligence market covered in this report is segmented -

1) By Offering: Software, Hardware, Services
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Context Awareness Computing
3) By Application: Customer Service, Smart Maintenance, Manufacturing, Training, Flight Operations, Other Applications

Major Driver - Surging Air Travel Demand Fuels Growth In The Aerospace Artificial Intelligence Market
The growing demand for air travel is expected to propel the growth of the aerospace artificial intelligence market in the coming years. Air travel is the process of moving from one location to another utilizing flying objects such as aircraft, helicopters, air balloons, or any other kind of vehicle capable of continuous flight. Air travel integrates aerospace artificial intelligence to improve flight management, maintenance prediction, and autonomous systems in the aviation industry, therefore increasing safety, efficiency, and passenger experience. For instance, in March 2023, according to the United States Bureau of Transportation Statistics, a US-based of national transportation, the US airlines handled 194 million extra travelers in 2022 compared to 2021, a 30% increase annually. Further, in 2022, US airlines transported 853 million travelers (unadjusted), an increase from 658 million in 2021 and 388 million in 2020. Therefore, the growing demand for air travel is driving the growth of the aerospace artificial intelligence market. Therefore, the growing demand for air travel is driving the aerospace artificial intelligence market.

Competitive Landscape:
Major companies operating in the aerospace artificial intelligence market report are Microsoft Corporation, Raytheon Technologies Corp., The Boeing Company, Lockheed Martin Corp., General Electric Company, Airbus S.A.S., International Business Machines Corporation (IBM), Intel Corporation, Northrop Grumman Corp., NVIDIA Corp., BAE Systems plc, Infosys Ltd., Thales Groups, L3Harris Technologies, Inc., Textron Systems, Dassault Systèmes SA, Embraer SA, Indra Sistemas SA, Kongsberg Gruppen, Honeywell Aerospace, Curtiss-Wright Corporation, Meggitt PLC, SITA, Kratos Defense & Security Solutions, AeroVironment, PAL Aerospace, Shield AI, Spark Cognition, Iris Automation Inc.

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Top Trend - AI-Powered Engine Analysis Tool Revolutionizing Aircraft Engine Management For Efficient Pre- And Post-Lease Analysis
Major companies operating in the aerospace artificial intelligence market are focusing on strategic collaboration to provide reliable services to customers. A strategic collaboration is a partnership formed between two or more entities to achieve specific goals that would be difficult or impossible to reach individually. For instance, in June 2023, Pratt & Whitney, a US-based company manufacturing AI-based solutions for airplanes, collaborated with Awiros, an India-based artificial intelligence startup company, to launch Percept. Percept is an AI-based aircraft engine analysis tool that runs on the Awiros Video Intelligence Operating System (OS). Its cloud-based interface enables users to shoot pictures and videos of aircraft engines using their mobile devices while receiving real-time updates on their availability. This facilitates faster and more cost-effective turnover of rented engine assets. Instead of having an inspector examine an engine and verify it part by component, Percept automates the examination, saving over 90% of the time.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aerospace Artificial Intelligence Market Characteristics
3. Aerospace Artificial Intelligence Market Trends And Strategies
4. Aerospace Artificial Intelligence Market - Macro Economic Scenario
5. Aerospace Artificial Intelligence Market Size And Growth
…..
27. Aerospace Artificial Intelligence Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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