ReportCrux Market Research has published a new report titled “Artificial Intelligence in Aviation Market by Offering (Services, Software, Hardware); by Application (Smart Maintenance, Virtual Assistants and Others); by Technology (NLP, Machine Learning, Computer Vision and Context Awareness Computing) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.
Artificial Intelligence in Aviation Market is estimated to grow from USD 241.73 Million in 2019 to USD 5,229.97 Million by 2027, at a CAGR of 46.9% during 2020-2027
Artificial Intelligence (AI) in Aviation is drastically altering the way the companies were approaching their data, revenue streams and other operations. World’s most leading airlines are now using AI to increase their customer satisfaction, advance their operational efficiency and to avoid costly mistakes. Many airlines and airports are now implementing new technologies and switching to AI in order to support their customer service.
The major factors driving the growth of this market include significant upsurge in capital investments by aviation companies, increasing adoption of cloud-based applications and services in this industry and use of big data in aerospace industry.
The global market for the Artificial Intelligence in Aviation is segmented into offering, application, technology and region.
|By Application||Virtual Assistants:36%|
|By Region||North America:48%|
Based on the offerings, the market is segmented into Services, Software and Hardware. Amongst these, the software type is expected to account for the larges share. Whereas, the hardware segment is anticipated to grow at the fastest CAGR of 47.2% in the coming years. Software segment accounted for about 46% of the overall market.
This high share is owing to the fact that a lot of developments is done in AI software for varied applications like flight operations, surveillance and other airport operations. AI systems contain software like application program interfaces, such as voice, expression, sensor data and vision along with machine learning algorithms, in order to understand different applications in the aviation industry.
Based on application, the market is divided into smart maintenance, virtual assistants, surveillance, manufacturing, dynamic pricing, training, flight operations and others. Amongst all, the virtual assistants are projected to hold the maximum share of about 36%throughout the forecast period. AI-based virtual assistants help by minimizing the recurring jobs like adjusting radio frequencies, presenting location information on demands or reading wind forecasts on requests;
thus, boosting the competitiveness of airline companies and improving the performance of pilots. These recurring jobs are taken care of by the AI enabled virtual assistants. In addition, the virtual assistants also help airline businesses to boost their customer services.
They can provide quick responses to basic questions related to various services/offerings or flight status, while other important and crucial issues are resolved by the customer representatives thus enhancing the customer experience. Thus, by taking into consideration the benefits that are offered by these systems, more and more airline companies are expected to adopt the virtual assistants in the upcoming years.
By technology, the market is segmented into Natural Language Processing, Machine Learning, Computer Vision and Context Awareness Computing. Among all the technologies, machine learning is expected to hold the largest share during the forecast period. It enables systems to automatically improve their performance with the experience.
The ability of machine learning to capture and process big data, along with its increased ability to make previously impossible calculations, is accelerating the development of the market for machine learning.
| North America is expected to hold the largest share of about 48% of the AI in aviation market|
Surveillance, smart maintenance, virtual assistance and manufacturing are some of the major applications of AI in aviation industry in North America. In addition, US is one of the world's leading countries in terms of implementing AI technologies in various application areas. Asia Pacific market is expected to grow at a higher rate in between 2019 to 2027. The growth can be attributed to the tremendous demand for AI technologies from the countries like Japan and China in order to increase their efficiency of their aviation sector.
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