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Aviation MRO Software Market 2024-2033: Growth Drivers, Size, and Share Forecast
Aviation MRO Software Global Market Report 2024
According to The Business Research Company's, The aviation mro software market size has grown strongly in recent years. It will grow from $6.63 billion in 2023 to $7 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to improved user interface and experience, focus on remote maintenance, automation of inventory management, advancements in data analytics, regulatory compliance enhancements.
The aviation mro software market size is expected to see steady growth in the next few years. It will grow to $8.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to expansion of iot and sensor integration, continued shift towards cloud-based solutions, advancements in mobile applications, embrace of advanced data analytics. Major trends in the forecast period include integration with erp systems, remote maintenance solutions, ai-powered inventory management, regulatory compliance tools, data analytics and reporting.
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Market Drivers and Trends:
The rise in air passenger traffic is expected to propel the growth of the aviation MRO software market going forward. Passenger air traffic refers to an increase in the number of passengers traveling by air over time that can be measured in various ways, including the number of passengers carried by airlines, the number of flights operated, and the revenue generated by the air travel industry. The rise in air passenger traffic requires expanding security measures for passengers. Aviation MRO software streamlines maintenance procedures, improves passenger safety, and optimizes compliance. Hence, the rise in air passenger traffic is expected to drive the demand for the aviation MRO software market. For instance, in February 2023, according to the International Air Transport Association (IATA), a Canada-based association of world airlines, total traffic in February 2023 increased by 55.5% over February 2022 (measured in revenue passenger kilometers, or RPKs). Moreover, North American airlines reported a 130.2% increase in yearly traffic in 2022 over 2021. Therefore, the rise in passenger air traffic is driving the growth of the aviation MRO software market.
Technological advancement is the key trend gaining popularity in the aviation MRO software market. Major companies operating in the aviation MRO software market are focusing on developing new technologies to sustain their position in the market. For instance, in March 2021, IBS Software, an India-based SaaS solutions provider to the travel industry, launched the iFlight MRO system. The current version of iFlight offers airlines a single platform for Operations (Ops), Crew and now Hub management, allowing them to balance operational interruption with cost-effectiveness and customer happiness throughout their entire network. The current edition of iFlight is developed on a SaaS technology platform that will enable airlines and airline groups to manage operations through enhanced optimization, real-time situational analytics, proactive alerting, corporate rule writing, and disruption management capabilities.
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Major Key Players of the Market:
International Business Machines Corporation (IBM); Flatirons Solutions Inc.; Rusada Aviation Software; Sopra Steria; Aviation InterTec Services; General Electric Company; Bytzsoft Technologies Pvt. Ltd.; Aerosoft Systems Inc.; Lufthansa Technik AG; Tracware Limited; IFS AB; Oracle Corporation; Swiss Aviation Software; The Boeing Company; Ramco Systems; HCL Technologies Limited; AerData BV; IBS Software Private Limited; SAP SE; Communications Software (Airline Systems) Limited; ATP Inc.; CAMP Systems International Inc.; AMOS Group AG; Infor Global Solutions; Dassault Systèmes SE; PTC Inc.; Siemens AG; Honeywell International Inc.; Thales Group; L3Harris Technologies
Aviation MRO Software Market 2024 Key Insights:
• The aviation mro software market size will grow to $8.5 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%.
• Surge In Air Passenger Traffic Propels Growth Of Aviation Mro Software Market
• Technological Milestone Elevating Aviation Maintenance Efficiency And Operational Management
• North America was the largest region in the aviation MRO software market in 2023
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