The latest market report published by Credence Research, Inc. “IoT in Aviation Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global market is worth US$ 554.2 Mn in 2018 and expected to grow at a CAGR of 19.3% during the forecast period from 2019 to 2027.
“Growing need for smart airport accelerating IoT in airports”
The rapid increment in the air travel passengers and growing number of air traffic has demanded the technology such as the internet of things (IoT) which will have a significant impact on streamlining the operations in airports. With millions of connected devices communicating with each other with the launch of 5G technologies in near future, the aviation industry expecting to leverage growing IoT trends and achieve endless benefits such as optimized fleet operations, fuel savings, enhanced safety and security standards, and better MRO shifts.
The IoT technology revolutionizes modern-day flying, radically improvising fleet maintenance, engine performance, and safety. With enhanced MRO scheduling, airlines are experiencing cost-saving in their annual budget. Moreover, there is high demand for transforming some of the busy airports of the world into smart airports to reduce the burden of over-trafficking and make the passenger experience more comfortable. This has largely influenced the airliners and airport authorities to upgrade their current technology with IoT.
However, IoT is still in a nascent phase and the market players are currently innovating complex systems used in airlines and airports. Furthermore, there is a lack of comparable technological capability across the world which will determine the extent to which IoT will grow in the near future. This will also reduce the growth rate in those technologically less advanced regions of the world.
The overall IoT in aviation market is competitive in nature and it is growing at moderate rate. The market players are adopting strategies such as launching new solutions, partnership, agreements, to stay competitive in the market.
• In February 2020, Lufthansa Group, a German airliner renewed its partnership with Amadeus IT Group SA, expanding its collaboration to enhance passenger experience. Through this agreement, the airline will use Amadeus’s Altéa Passenger Service System (PSS) for reservation, ticketing, inventory and disruption management. Along with Lufthansa, other airlines such as Austrian Airlines, Brussels Airlines, Swiss International Air Lines and Air Dolomiti, are also included in the agreement.
• In July 2019, ReFirm Labs, IoT and firmware security solutions provider, announced the strategic technology partnership with Wind River Systems, Inc. Together, both companies will develop the ReFirm Labs’ Centrifuge Platform® for IoT security along with Wind River’s VxWorks® real-time operating system, utilized in commercial air-planes, space exploration and military operations.
Key Market Movements:
• Base on component, IoT software segment expected to grow at the fastest rate during the forecast period.
• Base on application, ground operation segment expected to grow at the fastest rate during the forecast period.
• Based on end-use, airport segment expected to drive the major growth of the market during the forecast period.
• Based on region, North America was the largest region of global IoT in aviation market in 2018. Subsequently, it is estimated that the same region to grow at the fastest rate during the forecast period.
List of Companies Covered:
• Microsoft Corporation
• Wind River Systems, Inc.
• Amadeus IT Group SA
• SAP SE
• Huawei Technologies Co., Ltd.
• Honeywell International Inc.
• Sendum Wireless Corporation
• GlobeRanger (Fujitsu)
• and Others
Browse the full report at https://www.credenceresearch.com/report/iot-in-aviation-market
The Global IoT In Aviation Market is Segmented into:
|Segmentation||By Component Segment (2017-2027; US$ Mn)|
|By Application Segment (2017-2027; US$ Mn)|
|By End-user Segment (2017-2027; US$ Mn)|
|By Geography Segment (2017-2027; US$ Mn)|
*Complete segmentation list is on report page