The aviation analytics market has seen significant growth in recent years, reaching a value of $2.95 billion in 2021. According to a new analysis by Emergen Research, this growth is expected to continue, with a projected compound annual growth rate (CAGR) of 12% over the next few years.
One of the key drivers of this growth is the increasing focus of the aviation industry on competitive intelligence and analytical solutions. As airlines and other industry players look to boost profitability, they are turning to aviation analytics solutions to help lower costs, improve maintenance and performance, and increase revenue. These solutions are being used in a variety of business verticals, including operations, finance, sales and marketing, and maintenance and repair.
Another factor contributing to the growth of the aviation analytics market is the increasing volume of data being generated within the industry. With a rise in airline passenger traffic, there is a greater need for analysis and management of this data, which is driving demand for these technologies. This includes a focus on aircraft fuel management, as well as applications in areas such as risk management, inventory management, customer analytics, and revenue management.
The adoption of aviation analytics solutions is expected to continue to grow as more companies look to leverage the benefits of these technologies in order to boost their profitability and performance.
Restraints:
Concerns regarding privacy and data security
Any failure in analytics could compromise client privacy because parent companies have access to information about their customers’ purchases, online transactions, ticket bookings, and other vital information. These beneficial client datasets may be traded between the businesses for mutual gain.
Growth Projections:
The aviation analytics market is expected to register a CAGR of 12.0% over the forecast period and revenue is projected to increase from USD 2.95 Billion in 2021 to USD 8.03 Billion in 2030.
Current Trends and Innovations:
One of the key trends in the aviation analytics market is the use of smart maintenance solutions, which allow for more efficient and effective maintenance of aircraft. These solutions often use radio-frequency identification technology to prevent luggage from being handled improperly, and can also use predictive analysis to improve the prediction of fleet reliability.
Another trend in the aviation industry is the use of analytics and big data to optimize airspace usage. With the increasing volume of airport traffic, there is a need to use airspace as efficiently as possible. By analyzing variables such as runway bandwidth, flight paths, and aircraft types, patterns can be identified and compared in order to optimize usage.
Strategic Initiatives:
Several major companies, including IBM, General Electric, Accelya, IGT Solutions, MU Sigma, Ramco Systems, Oracle, SAP SE, SAS Institute, and OAG Aviation, are included in the market report on aviation analytics. In July 2022, SAP SE announced the acquisition of Askdata, a company focused on search-driven analytics. This acquisition will allow SAP to better support businesses in making informed decisions through the use of AI-driven natural language searches. Users will have the freedom to browse, communicate, and contribute to real-time data in order to maximize business insights.
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