IoT in Aviation Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
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IoT in Aviation Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2022-2028
Global IoT in Aviation Market is segmented by Component (IoT Devices, IoT Solutions, Services), by Application (Ground Operations, Personalized Customer Service, Asset Management, Air Traffic Management), by End User (Airports, Airlines, MROs, Manufacturers), and by Region – (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]) - Russia-Ukraine War Impact Analysis and Forecast to 2028.
Global IoT in Aviation Market is segmented by Component (IoT Devices, IoT Solutions, Services), by Application...
The Global IoT in Aviation Market is expected to grow from USD 1.05 billion in 2021 to USD 2.98 billion by 2028 at a CAGR of 16.1% during the forecast period.
IoT provides several enormous benefits to the aviation industry and its wrinkle effects have reduced travel times, increasing the comfort levels of passengers with better security levels. IoT apps in the aviation industry boost their performance by accelerating maintenance, fleet management, and safety processes. The aviation industry is highly managed and focuses on safety, quality, and compliance. IoT sensors help immediate tracking of aircraft systems so that problems can be detected before they lead to safety risks for passengers or crew members.
IoT in aviation operates with a large amount of passenger data, processing it, maintaining privacy, and passing it through the assistants that use artificial intelligence to solve the doubts and queries of the customers. The IoT in Aviation helps to monitor passenger stuff and all the activities in airline areas and airports. It also smoothes travel and tourism, basically international travel.
The global IoT in aviation market is witnessing notable growth and will continue growing considerably in the next few years. IoT devices can connect devices such as traffic lights, printers, or jet engines via a network that helps to process those devices smarter, and safer. IoT in aviation has been around in different application areas for the past few years, however, more recently, it has penetrated all aviation industries such as airlines, MR0s, airports, and manufacturers.
IoT in aviation is preferred in different industries and applications owing to its features that include maintenance, efficiency, safety, security, customer experience, and personalization. Innovations in the IoT in the Aviation market pave the way to enhance its safety and efficiency.
Market Dynamics
Innovation in the IoT in aviation industry
Advances in Artificial Intelligence and Machine Learning hold tremendous potential to boost the growth of the market. These technologies can be used for numerous applications associated with the aviation industry. For instance, advanced facial recognition is being used widely for ensuring efficiency, security, and precision while validating the passengers’ details.
This is subsequently helping in decreasing the waiting times during the check-in procedures while strengthening the biometric screening processes at airports. Huge investments by government authorities to develop smart airport infrastructure and intense competitive rivalry among airlines to improve passenger experience particularly boost well for the usage of IoT in the aviation industry.
The surge in demand for IoT in Aviation is because of technological developments in wireless network technologies, automatic data collecting methods, the need for optimization of business processes, and increased connectivity, to enhance passengers’ experiences are some of the factors that drive the global market. However, concerns related to coordination among multiple stakeholders in the aviation industry, and data privacy and security challenges may restrain the market growth.
In contrast to this, automated aircraft monitoring and reporting, and reduction in operational expenses present new pathways in the industry and are expected to act as an opportunity for the growth of the global market.
Business process optimization and increased connectivity of IoT devices are often used in different types of buildings which include public, private, industrial, institutional, or residential buildings to control and monitor different electrical, mechanical, and electronic systems. These devices help to enhance the monitoring work efficiency and thus, there is a rise in demand in all sectors including the aviation industry.
Haier, a global manufacturer of electronic appliances and equipment, in February 2020, launched 83 products with Al- and IoT-enabled technology. These product launches were to enhance its product portfolio and give better service in the aviation industry.
The IoT in aviation helps monitor all the activities in airport areas. This helps to monitor all the passengers' stuff. Furthermore, it is widely used to control customs and terrorist activities in the aviation industry worldwide. The innovation in the IoT devices which helps to enhance their efficiency for better monitoring will act as an opportunity and help to drive market growth.
Moment, a French manufacturer of aviation technology, in September 2019, launched Flymingo Next, an IFEC hardware platform based on IoT technology. This product helps to enhance service offerings for passengers while helping crew with onboard procedures.
Segments Analysis
The asset management segment holds the largest share in the market over the forecast period.
The asset management segment dominated the market with a share of over 30.0% in 2021. The aviation industry has to deal with numerous expensive assets, which can potentially result in higher operating costs. At this juncture, the growing fleet size in line with the increasing passenger traffic is underlining the importance of asset management and tracking to obtain higher operational efficiency. Aviation asset management provides different solutions to enhance the overall productivity of crew as well as fleet operations.
By end user market, the airlines segment is expected to be a larger contributor to the IoT in aviation market over the forecast period.
The adoption of IoT technology by airlines decreases some of the most common complaints in the industry, such as flight delays, lost bags, and customer service problems. For example, Virgin Atlantic began using IoT in its fleet of Boeing 787 planes where all cargo equipment was connected through IoT devices. These projects led to a reduction in delays by 20% and a reduction of 2 hours from daily working hours.
North America is projected to lead the IoT in aviation market over the forecast period.
North America is expected to be the largest market for IoT in aviation over the forecast period. The global need for optimizing airline operations is boosting investments in the area of IoT, as applying this technology has the potential to bring transparency and efficiency in airport operations. With the growing passenger traffic and fleet size of airlines, airports need to make data-driven decisions by benefiting from new technologies such as IoT, AI, and Blockchain.
In addition to this, the presence of major airports and leading IoT in aviation solution providers in the US has led to high investments in the field of IoT in the region. Some of these leading companies include IBM Corporation (US), Microsoft Corporation (US), Honeywell Aerospace (US), and Cisco Systems, Inc. (US).
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Key Players
The major players operating in the global IoT in aviation market are:
Honeywell International Inc.
Cisco Systems, Inc.
IBM Corporation
SITAONAIR
Huawei Technologies Co., LTD.
Tata Sons Private Limited
Aeris
Happiest Minds Technologies
Amadeus It Group Sa
Tech Mahindra Limited
Sendum Wireless Corporation
Microsoft Corporation
Palantir Technologies
Walkbase
Blip Systems
SAP SE
Arrow Electronics, Inc.
Wind River Systems, Inc.
Zestiot
Undagrid
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the IoT in Aviation Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
Which are the top players and their market positioning?
Porter’s five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
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Recent Developments
In October 2022, Honeywell announced development of its next generation JetWave satellite communications system to lower the cost of inflight high-speed broadband connectivity while significantly increasing connection speeds.
In October 2022, Tech Mahindra partnered with a global aerospace company to deliver a strategic, real-time health monitoring solution for collecting and transmitting IoT information from aircraft components to the ground.
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The key players operating in the global IoT in Aviation market are Honeywell International Inc., Cisco Systems, Inc., IBM Corporation, SITAONAIR, Huawei Technologies Co., LTD., Tata Sons Private Limited, Aeris, Happiest Minds Technologies, Amadeus It Group Sa, Tech Mahindra Limited, Sendum Wireless Corporation, Microsoft Corporation, Palantir Technologies, Walkbase, Blip Systems, SAP SE, Arrow Electronics, Inc., Wind River Systems, Inc., Zestiot, Undagrid.
North America is expected to be the largest market for IoT in aviation over the forecast period. The global need for optimizing airline operations is boosting investments in the area of IoT, as applying this technology has the potential to bring transparency and efficiency to airport operations.
Advances in Artificial Intelligence and Machine Learning hold tremendous potential to boost the growth of the market. These technologies can be used for numerous applications associated with the aviation industry. The surge in demand for IoT in Aviation is because of technological developments in wireless network technologies, automatic data collecting methods, the need for optimization of business processes, and increased connectivity, to enhance passengers’ experiences are some of the factors that drive the global market.
