Rise in demand for IoT in aviation across all industries due to technological advancements in wireless network technologies, expansion of business processes and data gathering, and surge in connectivity to improve experience of passenger drive the global IoT in aviation market. By application, the asset management segment held the highest share in 2021. By region, on the other hand, Asia-Pacific would showcase fastest CAGR by 2031.
Portland, OR, March 03, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global IoT in aviation market was estimated at $1.34 billion in 2021, and is expected to hit $8.55 billion by 2031, registering a CAGR of 20.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Aviation IoT Market Report Coverage & Details:
|Market Size in 2021||$1.34 billion|
|Market Size in 2031||$8.55 billion|
|No. of Pages in Report||NA|
|Segments covered||Component, End-user, Application, Region|
|Drivers||Rise in demand for IoT in aviation in all industries due to technological advancements in wireless network technologies.|
|Expansion of business processes, and data gathering.|
|Surge in connectivity to improve experience of passenger|
|Reduction in operational expenses and automated aircraft monitoring and reporting|
|Concerns related to multiple stakeholders in the aviation industry and data privacy and cyber security|
- The outbreak of COVID-19 resulted in domestic and international lockdowns with reduced traffic through major transport hubs. There was a significant drop in the number of operational planes due to the reduction in business travel, which impacted the market negatively.
- However, the use of artificial intelligence algorithms, IoT sensors, and mobile apps in the aviation industry has increased post-pandemic, which will boost the market growth during the forecast period.
- For instance, airports are focusing on utilizing IoT sensors such as LIDAR sensors, 3D stereoscopic sensors, video cameras at the airport to analyze physical distancing, crowd planning and others.
The research provides detailed segmentation of the global IoT in aviation market based on component, end-user, application, region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on component, the hardware segment held the largest share in 2021, accounting for more than two-fifths of the global IoT in aviation market and would maintain its dominance in terms of revenue through 2021. Also, the same segment is estimated to witness the fastest CAGR of 21.3% during the forecast period. The report also discusses software, and services segments.
Based on end-user, the airport segment accounted for the highest share in 2021, contributing to nearly three-fifths of the global IoT in aviation market, and is expected to maintain its lead in terms of revenue during the forecast period. This segment is expected to manifest the fastest CAGR of 21.3% during the forecast period. The report also discusses airlines, MROs, and manufacturers segments.
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Based on application, the asset management segment accounted for the highest share in 2021, contributing to around two-fifths of the global IoT in aviation market and is expected to maintain its lead in terms of revenue during the forecast period. The passenger experience segment is expected to manifest the fastest CAGR of 22.8% from 2022 to 2031. The report also analyzes, ground operations, air traffic management segments.
Based on region, North America held the largest share in 2021, contributing to nearly one-third of the global IoT in aviation market share. The Asia-Pacific region is expected to maintain its lead in terms of revenue during forecast period. Also, the same region is expected to manifest the fastest CAGR of 22.8% during the forecast period.
Leading market players of the global IoT in aviation market, analyzed in the research include Cisco Systems, Inc., Aeris, Huawei Technologies Co., LTD., Honeywell International Inc., Amadeus It Group Sa, IBM Corporation, Happiest Minds Technologies, SITAONAIR, Tata Sons Private Limited., Walkbase.
The report provides a detailed analysis of these key players of the global IoT in aviation market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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