According to Stratistics MRC, the “Global IoT in the Aviation Market” is accounted for $544.87 million in 2018 and is expected to reach $2,790.38 million by 2027 growing at a CAGR of 19.9% during the forecast period. Advancements in wireless network technologies, optimization of business processes and an increase in connectivity, and improved passenger experience are likely to boost the growth of the IoT in the Aviation market. However, concerns related to data privacy and cybersecurity are likely to hamper the profit boundaries.
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In the aviation sector, IoT is being used by airlines are for baggage tracking, cabin environment control, and many such functions. Some of the frequent complaints from the travelers include baggage loss, flight delays, and other service issues. By the proper utilization of IoT, airlines can efficiently reduce or even eliminate these and ensure complete customer satisfaction.
Opportunity: Automated monitoring of aircraft would provide ample opportunities for market growth.
In the aviation industry, the Internet of Things (IoT) provides opportunities to connect and gather billions of data points in order to achieve efficient airplane systems management and improve passenger satisfaction. Airlines and aircraft manufacturers are working towards revolutionizing the sector with the help of IoT.
Driver: Technological advancements being made in the field of wireless networks.
Different types of wireless technology and networks enable devices to send data to another device and to the web without depending on wires/cables for transmission and reception. A wide range of wireless technologies are now available that can be incorporated into hardware products for the Internet of Things (IoT) and Machine to Machine (M2M) communication. This clearly provides a significant driving force for the IoT in aviation market.
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By application, the passenger experience segment is expected to grow at the significant market share during the forecast period. Passengers are becoming very particular about the service quality that they receive and it has become unavoidably important to ensure them a top notch service. Development of passenger management systems and other services like self-service check-in and bag drops, interactive kiosks and video walls will have a positive impact on this segment.
By geography, the North America region is anticipated to hold considerable market share during the forecast period. The region has the presence of many industry giants as well as important airports. Also, in the airports, the need for optimizing the operation cost is rising as a result of the significant rise in the number of passengers. These factors are expected to fuel the regional market growth.
The Global IoT in Aviation Market Leaders are Blip Systems, Cisco Systems, Inc, Happiest Minds Technologies, Honeywell International Inc, Huawei Technologies Co., LTD, Aeris, Amadeus It Group Sa, Arrow Electronics, Inc., Sendum Wireless Corporation, SITAONAIR, Tata Sons Private Limited., Tech Mahindra Limited, Undagrid, IBM Corporation, Microsoft Corporation, Palantir Technologies, SAP SE, Walkbase, Wind River Systems Inc, and Zestiot.
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Huawei Technologies Co: In October 2018, Huawei Technologies Co launched the IoT Cloud Service 2.0 which is capable of carrying out its IoT policy of providing IoT infrastructure. With the help of cloud services and artificial intelligence, the company is dedicated to make an enhanced industrial IoT and carrying out industry digitalization.
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