Wilmington, Nov. 21, 2023 – The global IoT in aviation market is steadily expanding and expected to reach a value of US$ 28.7 billion by 2030 with an annual growth rate of over 4.3%, according to a recent report by Rationalstat LLC. While the market is currently estimated at US$ 21.4 billion in 2023, the projected growth can be attributed to the increasing demand for operational efficiency, cost savings, improved safety, enhanced passenger experiences, and regulatory compliance within the aviation industry.
The internet of things (IoT) in aviation refers to the integration and use of connected devices, sensors, and systems to gather, transmit, and analyze data for various applications across the aviation ecosystem. By leveraging IoT technologies, airlines and airports can optimize processes, streamline asset management, enhance passenger services, and improve overall operational effectiveness.
As per Rationalstat’s deep-dive market assessment, the IoT in aviation market has been analyzed based on segments such as components, applications, end-users, and geographic regions. The report provides insights on market sizing, historical data, forecast estimates, key developments, and market data across the industry.
With technological advancements and the emergence of smart airports, the asset management segment accounted for a significant revenue share of over 28% in 2022. Effective asset management can lead to reduced operating expenses, increased efficiency, and improved maintenance processes.
Q: What is the IoT in aviation market?
A: The IoT in aviation market refers to the integration and use of IoT devices and technologies within the aviation industry to gather, transmit, and analyze data for various applications.
Q: What are the key drivers of the global IoT in aviation market?
A: The key drivers of the global IoT in aviation market include the desire for operational efficiency, cost savings, improved safety, enhanced passenger experiences, regulatory compliance, and overall process optimization through connected technologies.
Q: Which segment holds a significant market share in the IoT in aviation market?
A: The asset management segment holds a considerable market share in the IoT in aviation market due to the aviation industry’s focus on efficient asset utilization and cost reduction.
Q: What are the leading players in the global IoT in aviation market?
A: Some of the leading players in the global IoT in aviation market include Honeywell International, Inc, Tata Communication, Cisco Systems, Inc., Huawei Technologies Co. Ltd., SITAONAIR, Globeranger Corporation, IBM Corporation, Microsoft Corporation, SAP SE, and Wind River Systems Inc., among others.
As the IoT in aviation market continues to evolve, companies in the industry are employing various strategies such as mergers & acquisitions, partnerships, collaborations, and product launches to gain a competitive edge. Honeywell, for example, expanded its relationship with SmartSky in 2021 to provide comprehensive in-flight connectivity services to its customers, along with safety technologies that enhance communication between pilots and air traffic controllers.
With the growing adoption of IoT technologies and the increasing demand for connected aviation solutions, the future of IoT in aviation looks promising. As smart airports become the norm and connectivity becomes ubiquitous, the aviation industry will continue to unlock the potential of IoT to revolutionize operations, enhance passenger experiences, and drive sustainable growth.
Source: Rationalstat LLC – [Link to original source]