IoT in Aviation Market Worth $1,941 Million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 13, 2019 /PRNewswire/ -- According to the new market research report "IoT in Aviation Market by End Market (Airports, Airlines, MROs, Manufacturers), Application (Ground Operations, Passenger Experience, Asset Management, Air Traffic Management), Component, Region - Global Forecast to 2025", published by MarketsandMarkets™, the IoT in Aviation Market is expected to reach USD 1,941 million by 2025 from USD 593 million in 2019, at a CAGR of 21.9% from 2019 to 2025.
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Advancements in wireless network technologies increased efficiency and connectivity, and improved passenger experience are some of the major factors driving the market.
By end market, the airports segment is projected to grow at a higher CAGR during the forecast period.
With increasing passenger traffic, airports are finding innovative ways to lower their operational costs and generate new revenue streams. By leveraging technologies such as IoT, airports can enhance their efficiency, specifically in the area of baggage handling, passenger handling, and air traffic control.
By application, the passenger experience segment is projected to grow at the highest growth rate during the forecast period.
The passenger experience segment of the IoT in aviation market is expected to grow at the highest rate during the forecast period. The focus of airlines to increase their ancillary revenues and growing demand for enhanced travel experience are driving the growth of this segment. The use of smartphones enables passengers to plug-in to airline apps for baggage tracking, alerts, and request personalized services. They can also connect to beacons in airports for easy navigation.
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North America is expected to lead the IoT in aviation market during the forecast period.
Countries such as the US and Canada are considered under this regional market analysis. The US is expected to lead the IoT in aviation market in North America during the forecast period. The global need for optimizing operations at airports is fueling investments in the area of IoT, as implementing this technology has the potential to bring transparency in airport operations. With increasing passenger traffic and a fleet size of airlines, airports are required to make data-driven decisions by leveraging new technologies such as IoT, AI, and Blockchain.
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Additionally, the presence of major airports and leading IoT in aviation companies in the US has resulted in high investments in the field of IoT in North America. Some of these leading companies include Microsoft Corporation (US), IBM Corporation (US), Cisco Systems, Inc. (US), and Honeywell Aerospace (US).
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