The global aviationMRO Software market size is expected to reach USD 8.78 billion by 2027,exhibiting a CAGR of 4.34% during the forecast period. The growing necessityfor regular maintenance checks, defect rectification, work order management,and task management will spur opportunities for the market during the forecastperiod, states Fortune Business Insights in a report, titled “Aviation MROSoftware Market Size, Share and COVID-19 Impact Analysis, By Solution [Software(ERP Solution, Point Solution, & Suite) and Service (Deployment &Integration, Consulting, Support & Up-gradation)], By Function [MaintenanceManagement (Line. Base, Engine, Fleet Management), Operation Management(Training Safety & Quality Assurance, Supply Chain, Engineering & CAMO,Others), Business Management (Accounts, Finance, Sales & Marketing, HR),and EFB & Logbook Management)], By Point of Sale (Subscription, Ownership),By Deployment Type, By End Use and Regional Forecast, 2020-2027” the marketsize stood at USD 6.93 billion in 2019. The rising focus to improve operationalefficiency by the aviation industry will contribute positively to the growth ofthe market in the forthcoming years.
List of the KeyCompanies Operating in the Aviation MRO Software Market are:
· IBM Corporation, (US)
· Ramco Systems Limited (India)
· IFS AB (Sweden)
· Oracle Corporation (US)
· Swiss Aviation Software (Switzerland)
· Rusada (Switzerland)
· Communications Software Limited (UK)
· BytzSoft Technologies Pvt. Ltd (India)
· Aerosoft Systems Inc. (Canada)
· SAP SE (Germany)
· HCL Technologies Limited (India)
COVID-19 Impact onAviation MRO Software Industry:
The emergence of COVID-19 has brought the world to astandstill. We understand that this health crisis has brought an unprecedentedimpact on businesses across industries. However, this too shall pass. Risingsupport from governments and several companies can help in the fight againstthis highly contagious disease. There are some industries that are strugglingand some are thriving. Overall, almost every sector is anticipated to beimpacted by the pandemic.
We are taking continuous efforts to help your businesssustain and grow during COVID-19 pandemics. Based on our experience and expertise,we will offer you an impact analysis of coronavirus outbreak across industriesto help you prepare for the future.
Market Driver:
Introduction ofAdvanced Aircraft to Aid Massive Development
The increasing demand for advanced aircraft has led to the developmentof ground-breaking technologies for planes in the commercial fleet. Theenormous amount of data generated by newer aircraft will fuel demand for themarket during the forecast period. The surge in air travel along with theproduction of aircraft engines, parts, and components will further influencethe growth of the market.
The requisite for precautionary checking, regular updates,and servicing of aircraft will enable speedy expansion of the market.Furthermore, the technological advancement in MRO including ERP solutions foraccounts, finance, sales & marketing, and human resources will steer themarket in the foreseeable future. In addition, the increasing cognizanceregarding aviation maintenance software will create lucrative opportunities forthe market.
Market Restraint:
Coronavirus Pandemicto Impede Aviation Industry Progression
The COVID-19 pandemic has severely affected every industryacross the globe. The crisis has led to zero air traffic, disrupting the globalsupply chain, and deeply impacting the aviation and MRO services market. Thelockdown in various regions of the world has brought the aviation industry to astandstill. The enormous losses faced by MRO companies will restrict the growthof the market in the forthcoming years. The shutdown of airports andnon-operational international and domestic flights will retard theimplementation of MRO software, which in turn, will diminish the aviation MROSoftware share during the forecast period.
Regional Analysis:
Presence of Renowned Players to Promote Growthin North America
The market in North America is likely to rise substantiallyduring the forecast period. The growth in the region is attributed to thepresence of leading aircraft manufacturers, component providers, MRO services,and software service providers in the US. The pre-existing MRO Softwaremanufacturers in the region will influence growth in North America. AsiaPacific is likely to witness a high growth rate during the forecast periodowing to the rising commercial aircraft deliveries in developing countries suchas India and China. The evolving airport facilities and digitization will augurwell for the market in the region. The demand for effective and efficientmanagement base, operational management, and line management will furtherenhance the development of the market in Asia Pacific.
Key Development:
April 2020: RamcoSystem, a software service provider announced that it has a signed contractwith China Aircraft Service Ltd, a leader in aircraft maintenance services forend-to-end line maintenance operations. The collaboration includes theintegration of software Aviation Suite V5.8 for the maintenance, repair,overhaul contracts.
Browse DetailedInsights of Research Report with Table of Content:
https://www.fortunebusinessinsights.com/industry-reports/aviation-mro-software-market-101798
