According to The Business Research Company’s Aviation Analytics , 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 in the historic period can be attributed to increased data generation in aviation, emphasis on safety and operational efficiency, rising complexity of airline operations, competition and cost management, increased demand for enhanced customer experience..
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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 growth in the forecast period can be attributed to advanced predictive maintenance, greater emphasis on safety analytics, increasing demand for real-time analytics, regulatory compliance and reporting, market demand for advanced analytics platforms.. Major trends in the forecast period include sustainability analytics in aviation, regulatory compliance analytics, data collaboration and sharing initiatives, greater integration of internet of things (iot), optimization of air traffic management..
The rise in aviation passenger traffic is contributing to the growth of the aviation analytics market. Aviation analytics provides software and services that will help airports bring together their data so that the data is viewed by airport management in a complete and coordinated way. Aviation analytics will provide effective solutions to streamline the whole process of simplifying passenger traffic and making the operations hassle-free. According to the International Air Transport Association (IATA) passenger data for March 2022, total traffic in March 2022 (measured in revenue passenger kilometres or RPKs) was up 76% compared to March 2021. Thus, an increase in aviation will drive the aviation analytics market growth.
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The aviation analytics market covered in this report is segmented –
1) By Component: Services, Solutions
2) By Deployment: On-Premise, Cloud
3) By Business Function: Finance, Operations, Maintenance And Repair, Sales And Marketing, Supply Chain, Other Business Funcations
4) By Application: Flight Risk Management, Fuel Management, Rout Management, Fleet Management, Inventory Management, Wealth Management, Inspection, Performance Monitoring, Predictive Analysis, Part Replacement, Supply Chain Planning, Energy Management
5) By End User: OEMs, Airlines, Airports, MROs
Technological advancement is a key trend gaining popularity in the aviation analytics market. Airlines and airports are increasingly adopting new technology and turning to aviation analytics to automate operations, cut costs, and improve customer satisfaction. For instance, in May 2021, Alaska Airlines signed a contract to deploy the Flyways AI technology. It is a flight tracking and routing program that helps dispatchers make better judgments and plan more effective routes. The technology generates data-driven forecasts and makes flight operations and routing suggestions. Flyways helped the airline cut miles, save 480,000 gallons of fuel, and save 4,600 tonnes of carbon emissions over the six-month trial period.
The aviation analytics market report table of contents includes:
- Executive Summary
- Aviation Analytics Market Characteristics
- Aviation Analytics Market Trends And Strategies
- Aviation Analytics Market – Macro Economic Scenario
- Global Aviation Analytics Market Size and Growth
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- Global Aviation Analytics Market Competitive Benchmarking
- Global Aviation Analytics Market Competitive Dashboard
- Key Mergers And Acquisitions In The Aviation Analytics Market
- Aviation Analytics Market Future Outlook and Potential Analysis
- Appendix
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