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Internet of Things (IoT) termed as a combination of operation technology and information technology. The technology used to reduce human efforts. These are connected through a virtual intelligence to send, control, and receive data without human interference. IoT system is a combination of sensors, physical gadgets that are associated with the internet for powerful correspondence of information. Therefore, leveraging IoT solutions and services anticipated a new opportunity for the digital transformation of the airline process.
Key Market Driver -
Advancements in Wireless Network Technologies
Key Market Restraint -
Concerns Related to Data Privacy and Cybersecurity
The factors expected to drive the market are increasing demand for in-flight wireless network technology to access the internet service. Moreover, the optimization of the business process and improve passenger service anticipated to boost the market. Automated aircraft monitoring & reporting, reduction in operational expenses are the upcoming opportunities for the market. However, concerns related to data privacy and cybersecurity are factors affecting market growth.
By component, the market segmented into communication service, data centre systems, and IT service &software. Based on the application, the market segmented into ground operations, asset management, passenger experience, and air traffic management. Based on end-user, the market categorised into the airline, airport, MROs, and manufacturers.
From a geographical standpoint, the market categorized into North America, Europe, Asia Pacific, and the Rest of the World.
The major companies in the global IoT in aviation market report includes Huawei Technologies Co., LTD., Cisco Systems, Inc., SITAONAIR, Honeywell International Inc., Microsoft Corporation, Aeris, IBM Corporation, Sendum Wireless Corporation, Happiest Minds Technologies, Amadeus It Group Sa, Sendum Wireless Corporation, Arrow Electronics, Inc., and others.
North America expected to be the largest market for IoT in aviation during the forecast period. The global necessity for ground operations at airports is refueling market growth. It improves the efficiency of ground operations and makes it more reliable in airport operations. Additionally, the presence of key companies such as Cisco Systems, Inc. (US), IBM Corporation (US), and Honeywell Aerospace (US) and Microsoft Corporation (US) in the US projected to boost the market.
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Increasing demand for the smart airport in countries including China, India, and other countries, is projected to help the market growth in Asia pacific. However, growing deployment of IoT enabled infrastructure in the aviation industry, rise in demand for technologically advanced connected electronic flight bags, and in-flight Wi-Fi connectivity for mobile devices estimated to grow the market. Europe shows a considerable market share during the forecast period due to significant investment in smart airport concepts. Latin America and Middle East & Africa projected to exhibit a comparatively higher CAGR by the end of the forecast period.
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