Aviation Analytics Market Size & Share Statistics to be Worth USD 6.92 Billion By 2030, at 12.3% CAGR Rise: Polaris Market Research
Polaris Market Research recently published [115+ Pages] research report on "Aviation Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Services, Solutions); By Deployment (On-premise, Cloud); By Business Function; By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030" in its research database.
NEW YORK, Nov. 10, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "Aviation Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Services, Solutions); By Deployment (On-premise, Cloud); By Business Function; By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030" in its research database.
According to the research report, the global aviation analytics market size & share was valued at USD 2.5 billion in 2021 and is expected to reach USD 6.92 Billion by 2030, growing at a CAGR of 12.3% during the forecast period.
What is Expected Size & Share Value of Aviation Analytics Market?
Aviation analytics is a software technology that enables airports to provide comprehensive information, statistics, real-time flight data, weather forecast, and present and past airport operation data to the end users. These software services help organizations to reduce manufacturing costs, boost their performance, and raise profit and revenue. Aviation analytics are also utilized in the business verticals such as maintenance & repair, sales & marketing, finance, and others.
Organizations worldwide are deploying modern aviation analytics in order to maintain their market share on the international stage. The aviation analytics market demand is majorly driven by rising penetration of analytical solutions to update aircraft fleets and operations to ensure flight safety. Also, increased demand for crucial analytics by corporations is boosting market growth.
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Growth Driving Factors
Growing demand for technological developments in aeronautics analytics solutions across the airline industry to minimize cost and enhance customer experience is anticipated to propel the industry growth. Then, rising demand for a structural analytical solution to obtain high revenues and profits, which helps in decision-making augmenting the aviation analytics market size. Also, factors including the increasing disposable income of the middle-class population along with rising development of budget-friendly airlines are anticipated to fuel industry growth.
Moreover, an increasing number of airline passengers are generating a massive amount of data which has led to rising demand for aviation analytics, thus accelerating the market growth. In addition, aviation analytics comprises the best tools and techniques to manage huge data and provide solutions for data collection concerning runway bandwidth, ticket pricing, terminal capacity, and others. This is one of the aviation analytics market trends augmenting its growth.
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Top Companies in Aviation Analytics Market Are:
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In July 2022, General Electric signed an agreement with Teradata and Microsoft to work on a designed solution to reduce carbon emissions. The companies will work on a product that will provide pilots with equipment to monitor emissions, report, and take immediate action to minimize them.
Aviation Analytics Market: Report Scope at a Glance
Based on component aviation analytics market segmentations, the solution market segment is estimated to dominate the market over the foreseen period. This growth can be attributed to the increasing requirement for a customized aviation analytics service that can tackle industry problems. Also, this technology also helps organizations to boost maintenance, profitability, and operational productivity in the business. Further, customers' needs can be understood by this solution when they book tickets.
On a deployment basis, on-premise segment is expected to hold the highest revenue share due to the growing demand for customizable and sole ownership solutions in the industry. As on-premise solution provides data protection, many airlines prefer in-house software infrastructure and services supported by data protection. This facto also boosts the aviation analytics industry's growth.
By business function, finance segment is estimated to grow at a faster rate during the forthcoming period. Factors like a surge in demand to manage several investments related tasks, such as handling challenges, stocks, and investment portfolios, have led to increasing demand for aviation analytics which is further estimated to augment the industry evolution.
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Based on geography, Asia Pacific is estimated to account for the biggest share over the predicted period attributing to the expanding aviation industry due to its benefits like better operational & cost-effectiveness as well as superior consumer experience across economies like China, India, South Korea, Japan, and Malaysia. Furthermore, the growing spending and advancements in cloud technologies are predicted to flourish the aviation analytics industry expansion during the anticipated period.
Browse the Detail Report "Aviation Analytics Market Share, Size, Trends, Industry Analysis Report, By Component (Services, Solutions); By Deployment (On-premise, Cloud); By Business Function; By Application; By End-Use; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/aviation-analytics-market
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Polaris Market Research has segmented the aviation analytics market report based on component, deployment, business function, application, end-use, and region:
By Component Outlook
By Deployment Outlook
By Business Function Outlook
By Application Outlook
By End-Use Outlook
By Region Outlook
About Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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SOURCE Polaris Market Research