The market for Iot In Aviation Market is expected to reach USD$ XX Mn in 2027.
The rapid progress in the field of digital communication and networking has greatly influenced the aviation industry across the world. By adopting new and advanced technologies, the aviation industry is reshaping itself to improve its operational efficiency and passenger experience. Many companies are investing in IoT that has the ability to connect technology, processes, people, and culture to deliver a seamless air travel experience. With the growing number of air passengers across the world, especially in the Asia Pacific, there is an annual growth of 5% investment in the overall aviation industry. Market players such as SAP SE, Microsoft, and others have already started investing in IoT technology to lead the market share. For instance, Rolls-Royce, an aero-engine manufacturer, has started integrating Microsoft Azure IoT Suite and Cortana Intelligence Suite in its service solutions. This will also support Rolls-Royce's next-generation intelligent engines in the future.
With the launching of 5G technology, millions of devices are expected to communicate with each other in the future. This, in turn, will help aviation companies to leverage the power of IoT and big data to improve their fleet management, fuel savings, and safety & security standards. However, the lack of a single owner who can control the whole system in commercial aviation, which is flooded with an increasing number of airlines and MROs expected to restrain the adoption rate of IoT.
Overall, the global IoT in the aviation market was US$ 554.2 Mn in 2018 and is expected to reach US$ 2,685.1 Mn by 2027, growing at a CAGR of 19.3% from 2019 to 2027.
The airport segment is expected to lead the market during the forecast period. Increasing passenger traffic affected the travel experience causing issues like flight disruption, baggage, and ticketing. Thereby, many airport authorities are shifting towards smarter airports to improve their passenger handling efficiency. This has influenced the demand for IoT technologies such as IoT baggage tracking, IoT Queuing solutions, biometric security checks, and passenger management.
Beijing's 5 G-equipped smart airport, the JAL smart airport of Japan, and Hamad International airport Qatar are some of the ongoing airports transforming themselves into IoT-based smart airports. For instance, in September 2019, NEC Corporation conducted trials of IoT at Haneda airport in Japan to improve airport operations.
North America accounted for the largest share of the market in 2018. Many airlines operating in the region are flying over 6700 flights daily, boarding over 2.7 million passengers daily. Therefore, a large number of air travel passengers provide a high potential for IoT implementation to improve their flying experience. This has influenced the market players to install IoT in regional airlines. Some of the companies in the region include IBM, Microsoft, SAP SE, and Honeywell. These companies are launching innovative software to enhance airline efficiency. For instance, the Travel Accelerator of SAP SE, integrated with Gigya technology, offers predictive analytics and demand-driven material requirement, helping in increasing profit and performance management.
On the other hand, a growing number of passenger travel due to the rise in disposable income and increasing private sector investment in the aviation sector of Asia Pacific has a high potential to improve the operation, maintenance, and efficiency of the regional aviation industry. The region provides large opportunities for IoT in the aviation sector.
Technological advancement is keeping the market competitive.
The global IoT in the aviation market is competitive. Some of the major players in the market are IBM (U.S.), Microsoft Corporation (U.S.), SAP SE (U.S.), Fujitsu (Japan), and Huawei (China), among others. These market players are adopting strategies such as partnering with other companies with excellence in technology and launching new and advanced solutions to stay competitive in the global market. Following is the list of players included in the published reports.
The research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.Segmentation.
The current report also comprehends qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to better understand the global IoT in the aviation market. In addition, the global report also comprises a graphical representation of a competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.
The market for Iot In Aviation Market is expected to reach USD$ XX Mn in 2027.
The Iot In Aviation Market is expected to see significant CAGR growth over the coming years, at 19.3%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
IBM (U.S.), Microsoft Corporation (U.S.), SAP SE (U.S.), Fujitsu (Japan), and Huawei (China),. are some of the major players in the global market.