The global aviation MRO software market size is slated to hit USD 9.16 billion by 2028 growing at a CAGR of 4.5% between 2021 and 2028. In its report titled “Aviation MRO Software Market, 2021-2028”, Fortune Business Insight mentions that the market stood at USD 6.52 billion in 2020 and USD 6.73 billion in 2021.
In recent years the MRO industry is significantly evolving in terms of technology and automation in aircraft maintenance. It offers solutions such as troubleshooting, repairs & modifications, and other necessary checks as prescribed by the manufacturer of the aircraft. Additionally, the adoption of big data, artificial intelligence, robotics, and other digitized technologies while performing maintenance has resulted in increased efficiency and decreased downtime. Therefore, many manufacturers are working on this technology. For instance, in June 2021 Ramco Systems announced it will provide its Aviation M&E MRO Software V5.8 to Bristow Group for maintaining engineering operations. This partnership would allow Bristow to access maintenance management, smart inventory, and other services.
COVID-19 Impact-
The outbreak of the COVID-19 pandemic had a positive impact on the market due to the dramatic digitalization of businesses amid the pandemic. Thus many prominent market players are investing in R&D to accelerate the growth of aviation software. For instance, in June 2021, AerinX partnered with Sharjah-based VD Gulf to implement its (MR) mixed reality-based aircraft maintenance software solution for the base maintenance facility at Sharjah International Airport. This software will provide maintenance engineers to identify damages precisely & accurately and reduce maintenance downtime and costs of maintenance. We are providing in-depth research reports to help you better understand the current scenario of this market amid the pandemic.
Segmentation-
Significant Adoption of Software Based MRO Solution to Boost Market
By solution, it is bifurcated into software and service. By function, it is trifurcated into maintenance management, operation management, and business management. On the basis of point of scale, it is divided into subscription and ownership. By deployment type, it is divided into on-premise and cloud. Based on end-user, it is divided into airlines operator, ORMs, and OEMs. The airlines operator segment held the market share of 14.50% in 2020. This is attributable to booming aviation industry. Geographically, the market is classified into North America, Europe, Asia Pacific, Middle East, and the Rest of the World.
Report Coverage-
The research report focuses on analyzing aviation MRO software technology by taking into consideration contributions, prospects, and growth trends. It presents detailed profiles of key players present in the market to determine their competencies in each segment. Besides, it ensures to help our clients better understand the competitive landscape, such as mergers & acquisitions, new product launches, joint ventures, and collaborations.
Drivers & Restraints
Procurement of Modern Aircraft in Large Numbers to Favor Aviation MRO Software Market Growth
Usage of aircraft such as Boeing 787 and Airbus A320-Neo generates a large amount of data as compared to older aircraft. Thus to maintain such humongous data of modern-day aircraft, the aircraft health monitoring reduces the operational cost of airlines to a minimum. Since a large amount of data usage enhances the efficiency of the maintenance process. Additionally, the increasing air passenger traffic and the concept of low-cost airlines are responsible for increased aircraft deliveries all over the world. For instance, a subsidiary of Interglobe aviation, Indigo airlines holds 59.24% of the domestic air travel market in India. This airline is the biggest customer of the Airbus320 family and holds a fleet of around 280 aircraft with around 350 aircraft that are yet to be delivered. The company is well known for its on-time schedule with minimum delays due to the high involvement of software for their maintenance practices including troubleshooting and major repairs in these modern air pieces of machinery.
However, the MRO software’s limited adoption and the lack of data standards may hinder market growth.
Browse Summary
https://www.fortunebusinessinsights.com/industry-reports/aviation-mro-software-market-101798
Regional Insights
North America to Lead Market Share led by Presence of Major Players
North America will dominate the market position during the forecast period led by the presence of Oracle Corporation, the Boeing Company, GE aviation, and other prominent players. In addition, the growing utilization of software for forecasting and maintenance will strengthen the regional outlook. The regional market stood at USD 1.83 billion in 2020.
The European market will showcase substantial growth over 2021-2028 in the aviation MRO software market share. This growth can be attributed to the presence of leading market players and OEMs including Lufthansa Technik, Swiss Aviation Software, and Communications Software Limited.
Competitive Landscape
Key Players to Focus on Collaborations to Strengthen their Market Prospectus
The global market is home to several major players that are collaborating hands with local or reputed firms to launch new solutions strengthen their portfolio in the market. Below is one such industry development:
- July 2021, Empower MX signed a five-year contract with CAS, which is a leading provider of MRO. Empower MX is a leading cloud-based software platform that is designed to accelerate digital adoption in airline, MRO, and defense establishments. Its product suite helps engineering and compliance, heavy and line maintenance, shop and materials management.
List of Key Players Profiled in Report
- Oracle Corporation (U.S.)
- The Boeing Company (U.S.)
- Swiss Aviation Software (Switzerland)
- IBS Software (India)
- Rusada (Switzerland)
- HCL Technologies Limited (India)
- SAP SE (Germany)
Read More Blogs
https://www.fortunebusinessinsights.com/blog/top-10-medical-drone-industry-players-10634
