PUBLISHER: Allied Market Research | PRODUCT CODE: 1266502
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266502
The global airline technology integration market is anticipated to reach $89,130.4 million by 2031, growing from $20,956.4 million in 2021, at a CAGR of 15.90% from 2022 to 2031.
As the world becomes increasingly interconnected, the transportation industry must develop new ways and technologies to improve services, attract customers, and keep ahead of maintenance difficulties. This pressure for innovation is especially visible in aviation, where many airlines have struggled to meet the increased demand for comfortable and economical seating on commercial flights. Airlines and airports have begun to integrate the internet of things at scale in order to keep up with rising foot traffic and heightened consumer expectations. Integrating IoT technology into modern airports is merely the first step in the aviation industry's larger digital transformation. Airport officials may collect an unprecedented quantity of data on seasonal travel patterns, customer behavior, and other topics by constructing a network of sensor-equipped devices. Instead, then revamping or reorganizing an entire airport, these gadgets enable administrators to absorb increased foot traffic by having greater control over arrivals and departures. All these factors are anticipated to boost the airline technology integration market growth.
The growing proliferation of technology also brings with it newer challenges to cybersecurity and consumer privacy. To avoid being attacked by such risks and vulnerabilities, industry participants must take a proactive approach and incorporate a rigorous testing plan to prevent cyber-attacks. This factor is anticipated to hinder the airline technology integration market growth.
AI is being used to provide travelers with a personalized traveling experience in order to maximize consumer satisfaction. Artificial intelligence is customizing, optimizing, and scaling up digital interactions between airlines and passengers. The move towards data democratization is enabling the industry to make fact-based, strategic decisions. Big data is assisting the industry in predicting and forecasting consumer behavior in order to fine-tune their approach when combined with AI and ML. As data gains importance as the most precious asset in the digital era, it is only prudent to use data mining techniques to construct a solid plan with a high probability of success. Also, Biometric technology such as facial recognition, fingerprint authentication, and retinal scanning will become the standard method of verification. The integration of biometric systems for airport check-ins, border control, onboarding, and migration procedures will soon make the entire verification process paperless. This will be extended to the baggage claim procedure, allowing passengers to retain real-time track of their goods. All these factors are anticipated to boost the airline technology integration market opportunity in the airline sector.
The COVID-19 pandemic has brought several uncertainties leading to severe economic losses as various businesses across the world were on a standstill. Due to the COVID-19 pandemic, travel restrictions and lockdowns have been implemented by the government, which has hampered the airline industry around the world. The demand for airlines travels has reduced during the COVID-19 pandemic due to travel restrictions imposed by various countries around the globe. Government travel restrictions brought on by COVID-19 have significantly impacted the market for new commercial and private business planes. Because of this, the market for airline technology integration has also suffered. As travel restrictions relax in some parts of the world, demand for aircraft is expected to rise in the near future which is anticipated to boost the demand for airline technology integration in the near future.
The key players profiled in this report include: Airbus, Boeing, Collins Aerospace, General Electric, Honeywell International Inc., IBM, L3Harris Technologies, Inc., Lufthansa Technik, Oracle, and SAP SE.