The aviation IoT market is expected to grow from USD 1.2 billion in 2017 to USD 5.8 billion by 2022, at a CAGR of 36.0% during the forecast period. The aviation IoT market is driven by the need for efficient aircraft operations and reduced operational costs.
Moreover, the increasing demand for real-time data analytics and predictive maintenance is expected to fuel the growth of this market. The study covers the aviation IoT market across different segments, such as platform, component, solution, application, and region.
Among solutions, the data management segment is expected to grow at the highest CAGR during the forecast period owing to the rising need for storing and managing large amounts of data generated by various sensors and devices in aircraft.
- The aviation industry has been quick to adopt IoT technologies to improve operational efficiency and safety. A recent study by the International Data Corporation (IDC) found that the global aviation IoT market is expected to grow from $1.8 billion in 2018 to $6.9 billion by 2023, at a CAGR of 31.2%.
- There are several different applications for aviation IoT, including tracking aircraft parts and components, monitoring fuel levels and engine performance, and providing real-time information to air traffic control.
- In addition, IoT can be used to improve passenger experience by providing Wi-Fi access and tracking luggage. One of the key benefits of aviation IoT is that it helps to reduce downtime and disruptions.
- For example, if an engine part needs to be replaced, the required part can be quickly located and dispatched using IoT data.
- This reduces delays and ensures that aircraft can stay on schedule. Safety is another important benefit of aviation IoT.
- By monitoring aircraft systems in real time, any potential issues can be identified early and rectified before they cause any problems.
- For example, if an engine is starting to overheat, this can be detected immediately so that corrective action can be taken.
- Overall, aviation IoT provides several benefits that help to improve efficiency and safety within the industry. As the technology continues to develop, even more applications will likely be found for aviation IoT in the future.
- The aviation industry is segmented into commercial aviation and military aviation. Commercial aviation includes scheduled air transportation, air charter, and general aviation.
- Military aviation includes combat aircraft, transport aircraft, trainer aircraft, and Unmanned Aerial Vehicles (UAVs).The global aviation IoT market is expected to grow at a CAGR of 9.1% from 2018 to 2025.
- The market is driven by the need for real-time data analysis to improve operational efficiency and safety. The key players in the market include Boeing, Airbus, Honeywell International, IBM Corporation, United Technologies Corporation, GE Aviation, Rockwell Collins, Garmin Ltd., and Teledyne Technologies Inc.
- The commercial aviation segment is expected to grow at the highest CAGR during the forecast period owing to the increasing demand for real-time data analytics to improve operational efficiency and reduce costs.
- The military aviation segment is also expected to grow due to the increasing need for UAVs equipped with sensors and wireless connectivity for surveillance applications.
Market Size and Growth