LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global artificial intelligence in the aviation market to grow at a CAGR of nearly 38% during the forecast period, according to their latest market research report.
Blockchain integration into aviation is one of the major trends being witnessed in the global artificial intelligence (AI) in aviation market 2018-2022. The information in the aviation industry is considered to be very sensitive and complex. Incorporation of blockchain into the industry can lead to vast improvements in the operational efficiency of the whole workflow. Blockchain technology may be incorporated by manufacturers and airline operators for comprehensive data sharing and reconciliation, leading to a reduction of complexities associated with cross-enterprise business processes. In the aviation industry, blockchain technologies can transform the ticketing system, loyalty programs, security and identity protocols, and the associated maintenance turnaround times.
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According to Technavio analysts, one of the key factors contributing to the growth of the global artificial intelligence in the aviation market is the application of big data in aviation:
Global artificial intelligence in aviation market: Application of big data in aviation
Big data is expected to positively impact the aviation market through cost-efficient designs of products, more efficient manufacturing and operations, and better business decisions and internal operations. Big data is characterized through the high-velocity data stream, received in large volume from multiple sources in a variety of forms. The characteristics of data streams combine to enhance the complexity involved in analyzing the collected data and taking real-time decisions.
According to a senior analyst at Technavio for research on aerospace, “Essentially, big data is not a novel concept for the aviation industry. For example, sensors have been used since the introduction of fly-by-wire systems to record certain aspects of the flight such as speed, altitude, and stability. The concept has now evolved into the predictive analysis. For instance, big data analysis helps in achieving high efficiency during flight by adjusting the fuel consumption rate for a flying condition while reducing turbulence for a flight path with the help of multiple flight parameters that are recorded and transmitted during the flight.”
Global artificial intelligence in the aviation market: Segmentation analysis
The global artificial intelligence in aviation market research report provides market segmentation by applications (airline and airport operations and manufacturing and MRO activities) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The airline and airport operations segment held the largest market share in 2017, accounting for over 53% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of nearly 53%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by over 2%.
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Vendor Landscape
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