The aviation analytics market is expected to experience significant growth in the coming years, with a projected size of USD 4.36 billion by 2028 and a compound annual growth rate (CAGR) of 11.58% during the forecast period. The adoption of aviation analytics by airlines for cost-saving purposes is expected to drive market expansion. These findings were reported by Fortune Business InsightsTM in their publication titled "Aviation Analytics Market, 2024-2028." The report indicates that the market was valued at USD 1.93 billion in 2020 and is estimated to have reached USD 2.02 billion in 2021.

List of Key Market Players:

• Airbus (France)
• Boeing (U.S.)
• Collins Airspace (U.S.)
• General Electric (U.S.)
• Honeywell International Inc. (U.S.)
• IBM (U.S.)
• L3Harris Technologies Inc. (U.S.)
• Oracle (U.S.)
• SAP SE (U.S.)

Browse In-depth Summary of This Research Insight:

https://www.fortunebusinessinsights.com/aviation-analytics-market-102101

COVID-19 Impact-

The sudden coronavirus outbreak has severely hampered the growth of several markets and industries. The aviation industry suffered a drastic impact from the coronavirus pandemic. Several countries' cancellations of flights and air travel bans have affected the market growth. The high unemployment due to lay-offs has created havoc in the industry. The market is currently recovering with the introduction of vaccines and is likely to prosper in the coming years.

Segmentation-

Function, Application, Product, End-use, and Region are studied for the Market

Based on function, the market is fragmented into sales & marketing, operations, finance, and others. On the basis of application, it is segmented into navigation service, customer analytics, flight risk management, fuel management, and others. On the basis of product, it is bifurcated into solutions and services. On the basis of end-use, it is categorized into OEM and aftermarket. Geographically, it is studied across North America, Middle East, Europe, Asia Pacific, and the Rest of the World.

Report Coverage-

• The report delivers detailed insights about key developments such as mergers, partnerships, and acquisitions by prominent players in the market.
• The report offers information on the latest technological advancements, drivers, and restraining factors of the industry.
• The report consists of the effects of COVID-19 on the market.

Drivers & Restraints-

Emphasis on Cost Reduction by Airlines to Increase Market Growth

The product adoption has enabled airlines and airports to cut costs, including baggage loss and fuel. Airlines can accurately assess the flight route and carry the adequate amount of fuel required through aviation analytics. The IATA reported in 2020 that 22.1% of operating costs are spent on fuel by airlines. Hence, adopting such advanced solutions is anticipated to bolster market growth.

Additionally, the adoption of Big Data has increased in recent years. Airlines can better understand, plan, and deliver according to the dynamic market demands with Big Data analytics. This is likely to boost the aviation analytics market growth.

However, lack of skilled professionals for analytics may hinder the market growth.

Regional Insights-

Presence of Key Players to Boost Growth in North America

North America is anticipated to emerge dominant in the global aviation analytics market share. The key players present in the region, including Honeywell International Inc., Boeing, and Collins Aerospace is expected to be a major factor influencing the market growth.

Europe is projected to exhibit considerable growth in the coming years due to the increasing demand for technological advancements, the aviation sector’s modernization, and increasing travel and tourism.

Asia Pacific is slated to witness rapid growth in the global market due to the expanding aviation industry in the region. Additionally, increasing air travel in South Korea, India, China, and other countries is likely to boost market growth.

The rest of the world is expected to experience sluggish growth due to low aviation budgets. Due to new aircraft procurements and rising air travel, the Middle East will exhibit slight growth.

Competitive Landscape-

Key players Adopt Contracts and Partnerships to Acquire Growth

The market comprises several key players operating domestically and internationally. They focus on business expansion by adopting ingenious growth strategies including partnerships with OEMs and contracts. For instance, Sun Express and GE Aviation signed a digital agreement for Airbus A330 and Boeing 737 aircraft data safety analytics solutions in March 2020.

Industry Development-

• October 2020: Hilton Software was awarded a contract worth USD 4 million by the Federal Aviation Administration (FAA) to offer continuous data and software excellence for the Flight Program Operations by FAA.