Global Aviation IoT Market: Report Summary
Within the skyrocketing market of the aviation industry, aviation IoT is one of the fastest growing markets as per the analysis of Market Research Future (MRFR). According to the report, the global aviation IoT market is projected to reach the USD 25,134.6 million mark at a CAGR of 16.34% over the forecast period of 2018-2023.
Global aviation IoT market has witnessed substantial growth over the last few years due to the demand from various industries and organizations with regards to IoT incorporation in their operations and activities. Aviation IoT enables aviation companies to provide new services and features to passengers. The growing aviation industry and the popularity of IoT are inclined towards aviation IoT since they intend to enhance the overall experience of passengers. They are offering customized services to passengers. On the contrary, the vulnerability of IoT systems and the high cost of aviation IoT is likely to hamper the growth of the aviation IoT market. However, the investment in the R&D activities with regard to innovative solutions does ensure a positive impact on the market.
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The global aviation IoT market has been segmented based on application, component, end user, and region. Airline application has been sub-segmented into fleet management, passenger experience enhancement, and others. Application-based segmentation segments this market into airline application, airport application, and air traffic management application processes. Sub-segmentation of airport application covers operations, passenger processing, and security. The sub-segmentation of air traffic management application comprises of flight turnaround optimization, runway management, and other processes. Fleet Management segment held the largest market share of 50.29% in 2017. Its market value was USD 3,591.0 million. During the forecast period, it has been estimated to grow at 16.06% CAGR.
By component, the market has been segmented into the market has been segmented into communication services, data center systems, devices, IT Services, and softwares. IT Services segment held the largest market share of 30.44% in 2017, and its market value was of USD 3,104.2 million. During the forecast period, it is likely to grow at 15.64% CAGR.
Based on end users, the market has been segmented into the airline, airport, and air traffic management. Airline segment held the largest market share of 70.02% in 2017. Its market value of USD 7,140.2 million. During the forecast period, it may grow at 16.23% CAGR.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (MEA) are the key markets of the global aviation IoT market.
The regional segmentation of the aviation IoT market covers regions such as Europe, Asia Pacific, North America, Latin America, and Middle East & Africa (MEA). North America is the largest regional market. In 2017, it held the largest market share of 30.89% whose market value was USD 3,150.5 million. During the forecast period, possibly, it may grow at a 15.61% CAGR. USA and Canada are the strongest economies in this region. During the forecast period, the aviation IoT market in North America is estimated to witness a CAGR of 15.61% during the forecast period. In this region, technological advancement and developed aviation sector contribute to the market growth.
In Europe, the market is growing due to strong economies such as France, Germany, Italy, the Netherlands, and the UK. Major factor aiding the growth in this region is technological advancement. The market growth for Europe is expected to register a 14.73% CAGR during the forecast period.
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Asia Pacific is likely to rise as the fastest growing market during the forecast period at 18.40% CAGR due to rapid urbanization, rising technological advancement, the increasing demand for in-flight connectivity & connected electronic devices, the need to enhance the passenger experience, and rising investments in IoT solutions by airline operators & airports authorities. The major country-specific markets in this region are China, India, Japan, and South Korea, followed by the remaining countries of the Asia Pacific region.
In the MEA region, the market is primarily driven by the increasing passenger traffic, investment by airlines are investing in ways to reduce fuel consumption, superior in-flight connectivity networks and enhancing passenger experience during baggage & security screening. During the forecast period, the market in the MEA region is expected to grow at 16.50% CAGR. Significant country-specific markets in this region are Saudi Arabia and UAE, followed by the remaining countries of the MEA region.
In Latin America, the market growth has been estimated at 17.26% CAGR during the forecast period due to increasing investments and the rising demand for real-time data by airlines. The biggest market in this region is Brazil, followed by the remaining countries of Latin America.
Amadeus IT Group SA, Cisco Systems Inc., Huawei Technologies Co. Ltd., SAP SESITA, and others are the notable players operating in the global aviation IoT market.
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