PUBLISHER: The Business Research Company | PRODUCT CODE: 1392504
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392504
“Aviation Analytics Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aviation analytics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aviation analytics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aviation analytics market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Aviation analytics refers to a computational technology that provides end-users with information and insights derived from a combination of past airport operating data, historical flight data, weather predictions, and real-time flight data. This technology enables predictive analysis and the processing of large volumes of structured and unstructured aviation data. Specialists in the aviation sector, with expertise in areas such as business process engineering, sales and marketing, and accounting, typically contribute to the field of aviation analytics.
The primary components of aviation analytics are services and solutions. These services aim to optimize the efficiencies of flights and airport operations and can be deployed on-premise or in the cloud. Various business functions benefit from aviation analytics, including finance, operations, maintenance and repair, sales and marketing, supply chain, and others, particularly in the domain of data analytics. The applications of aviation analytics span a wide range, encompassing areas such as in-flight risk management, fuel management, route management, fleet management, inventory management, wealth management, inspection, performance monitoring, predictive analysis, part replacement, supply chain planning, and energy management. The main end-users of aviation analytics include Original Equipment Manufacturers (OEMs), airlines, airports, and Maintenance, Repair, and Overhaul (MRO) service providers. These entities leverage aviation analytics to enhance decision-making processes and operational efficiency within the aviation industry.
The aviation analytics market research report is one of a series of new reports from The Business Research Company that provides aviation analytics market statistics, including aviation analytics industry global market size, regional shares, competitors with a aviation analytics market share, detailed aviation analytics market segments, market trends and opportunities, and any further data you may need to thrive in the aviation analytics industry. This aviation analytics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 observed in the historical period can be attributed to several factors. These include the increased generation of data in the aviation sector, a heightened emphasis on safety and operational efficiency, the rising complexity of airline operations, competitive pressures and a focus on cost management, as well as an increased demand for an enhanced customer experience. These elements collectively contributed to the development and adoption of aviation analytics during the specified historic period.
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 anticipated growth in the forecast period can be attributed to several key factors. These include advancements in predictive maintenance practices, a greater emphasis on safety analytics within the aviation industry, a rising demand for real-time analytics capabilities, the importance of regulatory compliance and reporting, and a market-driven demand for advanced analytics platforms. Noteworthy trends expected in the forecast period encompass the integration of sustainability analytics in aviation operations, the application of analytics for regulatory compliance, collaborative initiatives for data sharing, increased integration of the Internet of Things (IoT) in aviation analytics, and the optimization of air traffic management through analytical insights. These trends are poised to significantly impact and shape the trajectory of the aviation analytics market in the forecast period.
The surge in aviation passenger traffic stands as a catalyst for the expansion of the aviation analytics market. This specialized field offers software and services facilitating the consolidation of airport data, allowing for comprehensive and coordinated insights for airport management. Aviation analytics solutions play a pivotal role in simplifying passenger traffic and optimizing operational efficiency within airports. Notably, data from the International Air Transport Association (IATA) for March 2022 reveals a 76% increase in total traffic (measured in revenue passenger kilometres or RPKs) compared to March 2021, underscoring the correlation between aviation growth and the rising demand for aviation analytics solutions.
The burgeoning adoption of 5G networks is poised to propel the aviation analytics market forward. These networks, representing the fifth generation of wireless technology, offer substantially accelerated data speeds, reduced latency, and increased network capacity compared to previous generations like 4G LTE. The heightened data transmission speeds and lower latency inherent in 5G are pivotal for real-time analytics in the aviation sector. For instance, projections by CRISIL indicate that by March 2025, an estimated 300 million Indians, roughly a third of cellular consumers, are anticipated to embrace 5G services, highlighting the pivotal role of increasing 5G adoption in steering the growth trajectory of the aviation analytics market.
A notable trend shaping the aviation analytics landscape is technological advancement. Airlines and airports are increasingly integrating innovative technologies and embracing aviation analytics to automate operations, reduce expenses, and enhance customer satisfaction. An exemplar instance is Alaska Airlines' adoption of Flyways AI technology in May 2021. This flight tracking and routing program aid dispatchers in making informed decisions and devising more efficient routes. By generating data-driven forecasts and offering operational and routing suggestions, Flyways contributed significantly to mileage reduction, saving approximately 480,000 gallons of fuel and mitigating 4,600 tonnes of carbon emissions during its six-month trial period. This underscores the transformative impact of technological advancements and aviation analytics on operational efficiency and sustainability within the aviation industry.
Leading companies within the aviation analytics market are spearheading innovative solutions, particularly advanced aviation analytics, as a strategic avenue to bolster their market profitability. Advanced Aviation Analytics involves employing sophisticated data analysis techniques, cutting-edge technologies, and specialized tools to derive actionable insights and intelligence from the vast data reservoirs within the aviation sector. A notable instance is Cirium, a UK-based company specializing in aviation data, analytics, and solutions, which introduced advanced aviation analytics in June 2023. This launch aims to streamline CO2 emission forecasting, bolster situational awareness, and enhance operational analysis for airlines. The overarching goal is to optimize aviation operations, fortify safety measures, augment efficiency, and elevate the overall passenger experience. This involves in-depth analysis of data encompassing flight operations, air traffic management, maintenance protocols, passenger behavior patterns, and various other facets intrinsic to the aviation industry.
In October 2021, Atlantic Aviation Group (AAG), an Ireland-based aircraft maintenance company, executed the acquisition of Lufthansa Technik Shannon (LTSL) from its parent company Lufthansa Technik, Germany, for an undisclosed sum. This strategic acquisition positions AAG to sustain its ongoing developmental trajectory while capitalizing on the anticipated recovery within the international aviation landscape post-pandemic. Lufthansa Technik Shannon, based in Germany, specializes in providing a spectrum of services encompassing aircraft maintenance, completions, repairs, overhaul services, as well as Original Equipment Manufacturer (OEM) services for engines and components.
Major companies operating in the in the aviation analytics market report are 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.
North America was the largest region in the aviation analytics market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the aviation analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the aviation analytics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The aviation analytics market includes revenues earned by entities by providing traffic bookings data, class of service, average fare, and airline, point of sale country and airport of origin. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.