Press release
Global Aerospace Artificial Intelligence Market 2024 Growth Rate, Latest Trends, Industry Insights And Forecast To 2033
Aerospace Artificial Intelligence Market
The Business Research Company presents an extensive market research report on the Aerospace Artificial Intelligence Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market Players:
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.
Market Drivers:
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.
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https://www.thebusinessresearchcompany.com/report/aerospace-artificial-intelligence-global-market-report
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
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