"We Envision Growth Strategies Most Suited
to Your Business"
The global aviation MRO Software market size is likely to reach USD 8.78 billion by 2027. The integration of machine learning and artificial intelligence in MRO software will back the growth of the market during the forecast period, mentioned in a report, titled “Aviation MRO Software Market Size, Share and COVID-19 Impact Analysis, By Solution [Software (ERP Solution, Point Solution, & Suite) and Service (Deployment & Integration, Consulting, Support & Up gradation)], By Function [Maintenance Management (Line. Base, Engine, Fleet Management), Operation Management (Training Safety & Quality Assurance, Supply Chain, Engineering & CAMO, Others), Business Management (Accounts, Finance, Sales & Marketing, HR), and EFB & Logbook Management)], By Point of Sale (Subscription, Ownership), By Deployment Type, By End Use and Regional Forecast, 2020-2027” the market size stood at USD 6.93 billion in 2019 and is likely to exhibit a CAGR of 4.34% between 2020 to 2027.
Partnership of Honeywell and ST Engineering to Brighten Business Opportunities
ST Engineering, an integrated engineering group of companies dealing in aerospace, electronics, land systems, and marine components announced a long-term partnership with Honeywell. The joint venture will allow licensed repair center for Honeywell components. The agreement will also include Honeywell’s maintenance document and technical support for over 2,000 individual part numbers from avionics to electrical and mechanical components.
The collaboration between the two companies will have a positive impact on the aviation MRO Software market growth owing to the Honeywell’s advanced technologies and software solutions for component repair and overhaul services to operators around the world. Furthermore, the growing collaborations and deals among major prominent players will create lucrative business opportunities for the market in the forthcoming years. For instance, HCL Technologies Limited, an information technology services company based in India announced a joint venture with SAP SE, a European multinational software corporation. The collaboration will allow the company to resell its MRO software solutions under the company name SAP Enterprise Assets Management.
To get a detailed report summary and research scope of this market, click here:
Heavy Demand for Commercial Aircraft to Back Development
The increasing demand for commercial aircraft around the world will lead to high MRO spending by countries, which in turn will boost the growth of the market. The surge in air passenger traffic will consequently fuel demand or new aircraft. The modernization and expansion of existing airline fleets will further enhance the market potential in the forthcoming years.
According to the International Air Transport Association, the global commercial fleet is projected to grow at a total fleet of 41,983 by 2028. The focus of airliners towards maximized data security and reduction in turnaround time during emergencies will augment the healthy growth of the market during the forecast period. In addition, the growing necessity for software services in deployment & integration, consulting, and support maintenance will uplift the aviation MRO Software market share.
Robust R&D Activities by OEMs to Consolidate Trade Engagement
The market is dominated by the presence of major players such as International Business Machines Corporation, Ramco Systems Limited, IFS AB, Oracle Corporation, and others. The companies are focused on enhancing their product portfolio by introducing innovative solutions for inventory management, supply chain management, human resources, inventory, maintenance, and other solutions.
The companies are investing heavily in R&D for the development of trailblazing MRO solutions. The focus of key players towards organic and inorganic marketing strategies such as strategic acquisitions, mergers, product launches, and long-term contracts with airlines will reinforce their position in the market during the forecast period.
The Report Lists the Main Companies in the Aviation MRO Software Market:
Further Report Findings:
This Market is Segmented into:
Value (USD Million)
By Point of Sale
By Deployment Type