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Data-Driven Aviation: Global Analytics Market Trends and Insights 2024
Aviation Analytics Market Segments
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According to The Business Research Company's, The aviation analytics market size has grown rapidly in recent years. It will grow from $3.01 billion in 2023 to $3.44 billion in 2024 at a compound annual growth rate (CAGR) of 14.5%. The growth in the historic period can be attributed to increased data generation in aviation, emphasis on safety and operational efficiency, rising complexity of airline operations, competition and cost management, increased demand for enhanced customer experience..
The aviation analytics market size is expected to see rapid growth in the next few years. It will grow to $5.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%. The growth in the forecast period can be attributed to advanced predictive maintenance, greater emphasis on safety analytics, increasing demand for real-time analytics, regulatory compliance and reporting, market demand for advanced analytics platforms.. Major trends in the forecast period include sustainability analytics in aviation, regulatory compliance analytics, data collaboration and sharing initiatives, greater integration of internet of things (iot), optimization of air traffic management..
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Market Drivers and Trends:
The rise in aviation passenger traffic is contributing to the growth of the aviation analytics market. Aviation analytics provides software and services that will help airports bring together their data so that the data is viewed by airport management in a complete and coordinated way. Aviation analytics will provide effective solutions to streamline the whole process of simplifying passenger traffic and making the operations hassle-free. According to the International Air Transport Association (IATA) passenger data for March 2022, total traffic in March 2022 (measured in revenue passenger kilometres or RPKs) was up 76% compared to March 2021. Thus, an increase in aviation will drive the aviation analytics market growth.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
IBM Corporation, Ramco Systems, SAP S. E., Swiss Aviation Software, Lufthansa Technik, Honeywell International Inc., Aviation Analytics, Airbus SAS, Boeing Company, Collins Aerospace, Oracle Corporation, General Electric Company, SAS Institute Inc., OAG Aviation Worldwide Limited, Accelya Solutions India Limited, Cirium (LexisNexis Risk Solutions), Hitachi Vantara Corporation, IFS AB, Mu-Sigma, Mercator Aviation Ltd., Wipro Limited, Teradata Corporation, TIBCO Software Inc., Tableau Software, QlikTech International AB, MicroStrategy Incorporated, Information Builders Inc., GoodData Corporation, Alteryx Inc., RapidMiner Inc., Datameer Inc.
Aviation Analytics Market 2024 Key Insights:
• The aviation analytics market size is expected to see rapid growth in the next few years. It will grow to $5.84 billion in 2028 at a compound annual growth rate (CAGR) of 14.1%.
• Elevated Aviation Passenger Traffic Fuels Growth In The Aviation Analytics Market
• Advancements In Aviation Analytics Revolutionize Operations
• North America was the largest region in the aviation analytics market in 2023
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