Aviation Iot Market Size Is Anticipated To Reach USD 22.51 Billion By 2028
Aviation IoT Industry Overview
The global aviation IoT market size is anticipated to reach USD 22.51 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 21.4% from 2021 to 2028. The aviation industry is tectonically shifting toward automated and intelligent systems in line with the continued advances in technology. At this juncture, IoT (internet of things) devices are emerging as crucial devices for the incumbents of the aviation industry to gather real-time data and derive actionable insights.
The aviation industry is continuously adopting a digital ecosystem and is subsequently set to generate large volumes of data. The development of a more recent version of the Internet Protocol (IP), Internet Protocol version 6 (IPv6), has already improved the data handling capability and the overall functionality. The introduction of low-power terrestrial networks in L-band to support 5G connectivity is expected to further enhance the data transfer capacity, thereby encouraging the deployment of IoT-compatible devices in the aviation industry.
IoT is expected to play a critical role in weather forecasting as well as monitoring various systems of the aircraft in real-time. Monitoring the weather using advanced sensors and analyzing the gathered weather data can help airlines in making crucial decisions in real-time and choosing alternative flight routes. Similarly, deploying IoT sensors and devices inside the aircraft can help in monitoring engine performance and subsequently reducing fuel consumption and improving the profit margins.
Aviation IoT Market Segmentation
Grand View Research has segmented the global aviation IoT market by application, end-use, and region:
Based on the Application Insights, the market is segmented into Ground Operations, Passenger Experience, Aircraft Operations, and Asset Management.
- The asset management segment dominated the market with a share of more than 30.0% in 2020. The aviation industry has to deal with several expensive assets, which can potentially lead to higher operating costs. At this juncture, the increasing fleet size in line with the growing passenger traffic is highlighting the importance of asset management and tracking to achieve higher operational efficiency.
- The passenger experience segment is expected to emerge as the fastest-growing segment, registering a CAGR of 23.1% from 2021 to 2028. The commercial aerospace industry is leveraging the advances in technology to enhance the passenger experience.
Based on the End-use Insights, the market is segmented into Airport, Airline Operators, MRO, and Aircraft OEM.
- The airport segment accounted for the largest revenue share of over 38.0% in 2020. It is also expected to emerge as the fastest-growing segment over the forecast period in line with the growing popularity of the smart airport concept across various regions.
- The airline operators segment is growing steadily as airlines are focusing gradually on generating ancillary revenues. IoT can play an important role in providing access to various real-time data to airlines and in improving the in-flight cabin experience for passengers.
Aviation IoT Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The market is moderately fragmented with a limited number of market players controlling the industry dynamics. The commercial aerospace industry holds significant potential for implementing IoT technologies. Given that the aviation industry is primarily focused on value-based services, the market players are focusing on implementing advanced technologies within their existing system. Strategic collaborations between leading airlines and airport operators are emerging as a common strategy being adopted by the key market players to gain a competitive advantage. Some prominent players in the global aviation IoT market include:
- Honeywell International, Inc.
- Tata Communication
- Cisco Systems, Inc.
- Huawei Technologies Co. Ltd.
- SITAONAIR
Order a free sample PDF of the Aviation IoT Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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