Data-driven aviation: Explore the market potential of analytics in the aviation industry and its ability to improve decision-making and operations.
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The aviation analytics market size reached USD 2.95 Billion in 2021 and is expected to register a revenue CAGR of 12.0% during the forecast period to the latest analysis by Emergen Research. The global economy depends heavily on the aviation sector, which also makes a substantial contribution to trade and economic expansion on a worldwide scale. However, because of the industry’s complexity and dynamic nature, success calls for rigorous planning and analysis. Aviation analytics can help with that. The process of gathering, analysing, and interpreting data produced by the aviation sector in order to gain knowledge about operational performance, consumer behaviour, and market trends is known as aviation analytics. A number of factors have been fueling the steady expansion of the aviation analytics market in recent years.
The rising demand for real-time data analytics is one of the main factors driving the aviation analytics industry. Real-time insights are needed by airlines and other aviation businesses to make decisions swiftly. Real-time analytics can assist airlines in spotting operational issues and resolving them before they worsen. Real-time data can also assist airlines in personalising their services and enhancing consumer satisfaction.
The rising usage of data-driven decision-making is another driver boosting the market for aviation analytics. Analytics are being used by the aviation industry to streamline processes, cut costs, and boost profitability. Airlines can improve operations and cut costs by analysing data from a variety of sources, including aircraft schedules, weather forecasts, and passenger statistics.
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The market for aviation analytics does face certain difficulties, though. The high cost of integrating analytics solutions is one of the main barriers. Significant investments in hardware, software, and human resources are necessary for the development and implementation of analytics solutions. Additionally, combining data from numerous sources, including airlines, airports, and air traffic control, may be difficult for aviation organisations.
Despite these obstacles, the aviation analytics market is anticipated to expand significantly over the next few years. The growth drivers behind this trend are several. For instance, the popularity of cloud-based analytics solutions is growing, which makes it simpler and more affordable for airlines to use analytics. A significant amount of data is also being produced by the development of the Internet of Things (IoT) and Big Data, which airlines may use to enhance their operations.
Aviation Analytics Market Segmentation:
The Aviation Analytics Market has been segmented by Emergen Research based on four criteria: component, application, end-use, and region.
In terms of components, the market has been segmented into two categories: services and software. The market revenue for both categories is expected to grow significantly from 2019 to 2030.
The market has been further segmented by application into five categories: fuel management, customer analytics, inventory management, navigation services, and revenue management. The market revenue for all these categories is expected to witness significant growth during the forecast period.
Based on end-use, the market has been segmented into three categories: airports, airlines, and others. The market revenue for the airports and airlines segment is expected to witness significant growth due to the increasing demand for aviation analytics services and software by these industries.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
· The software segment is expected to experience a substantial increase in market revenue due to various factors such as increased demand for software solutions, advancements in technology, and the growing adoption of cloud-based software services. Additionally, the proliferation of smartphones and other mobile devices has led to a surge in demand for software applications, further fueling the growth of the software segment. The increasing popularity of artificial intelligence, machine learning, and Internet of Things (IoT) technologies is also contributing to the growth of the software market. Overall, these factors are expected to drive significant revenue growth for the software segment in the foreseeable future.
· The customer analytics segment is expected to experience significant growth over the forecast period due to various factors such as advancements in technology, the increasing importance of customer experience, and the need for companies to remain competitive in a crowded marketplace. With the increasing availability of data and the development of sophisticated analytics tools, companies can gain deeper insights into customer behavior, preferences, and needs. This allows them to better tailor their products, services, and marketing strategies to meet the specific needs of their target audience, ultimately resulting in increased customer satisfaction and loyalty.
· The airlines segment is expected to experience moderate revenue growth over the forecast period due to several factors such as increasing global air travel, rising disposable income of consumers, and the growth of tourism industry. However, the growth may be tempered by factors such as geopolitical tensions, volatile fuel prices, and regulatory restrictions. Additionally, the COVID-19 pandemic has had a significant impact on the airlines industry, leading to reduced demand and revenue. While the industry is expected to recover in the coming years, the pace of recovery remains uncertain and may affect the growth of the airlines segment.
· The market in North America is expected to register considerable growth due to various factors such as the presence of well-established industries, increasing technological advancements, and rising investments in research and development. Additionally, the region has a highly developed infrastructure, favorable government policies, and a large consumer base, which supports market growth. Furthermore, the increasing adoption of digital technologies and the growth of e-commerce are expected to fuel the growth of the market in North America. However, factors such as geopolitical tensions, trade conflicts, and economic uncertainties may have an impact on market growth.
· Some major companies in the market report include The International Business Machines Corporation (IBM), General Electric Company, Accelya, IGT Solutions Pvt. Ltd., MU Sigma, Ramco Systems, Oracle Corporation, SAP SE, SAS Institute Inc., and OAG Aviation Limited.
· On 15 July 2022, SITA, which is a leader in air transportation IT, and Malaysia Airlines, the country’s flag carrier, have agreed to a five-year partnership to improve connectivity. The two companies relationship is expanded by this alliance, which also makes it possible for significant improvements that will secure and quickly connect the airline’s international operations to its hub in Kuala Lumpur.
About Us: Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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