The global IoT in Aviation market size is anticipated to grow considering increasing initiatives for revamping airport facilities across several regions. Fortune Business Insights, published this information in its latest report, titled, “IOT in Aviation Market Size, Share & Industry Analysis By Component (Communication Service, Data Centre Systems, IT Services & Software), By Application (Ground Operations, Asset Management, Passenger Experience, Air Traffic Management), By End User (Airline, Airport, MROs, Manufacturers) Others and Regional Forecast, 2019-2026.”
Internet of Things (IoT) is generally a combination of information technology services and operational technology. Iot is a virtual intelligence that connects, sends, controls, and receives data without the need for human interference. Moreover, it is a combination of sensors, and physical gadgets connected to each other to transmit data that helps to reduce human efforts largely. Digital Transformation of solutions in the aviation sector is anticipated to drive the growth of the market during the projected horizon.
What does the Report Include?
The market report provides qualitative and quantitative information about the parameters such as drivers, restraints, challenges and the opportunities the market will face during the projected horizon. The report provides in-depth details for the regional analysis featuring several regions that will contribute to the growth of the market in the forthcoming years. Furthermore, the competitive landscape has been discussed involving several companies operating in the market trying to gain major market presences by adopting strategies that will drive the growth of the market between 2019 and 2026.
Drivers and Restraints:
Unisys Corporation Digital Transformation for Supply Chain to Surge Demand
Unisys Corporation, in March 2020, announced that it received the “International IT Systems Provider of the Year- Highly Acclaimed” for its integrated and holistic software and services for cargo logistics. It received this award at the STAT Times International Awards for Excellence in Air Cargo, 2020 that took place at the Air Cargo India conference that was scheduled in Mumbai on February 26. The company’s software suite, Digistics, allows the cargo companies to streamline their freight management operations to improve overall operational activities. Increasing adoption of technology by the companies will drive the growth of the market during the forecast period. Furthermore, adoption of smart airport initiatives by several government agencies across the globe will positively affect the growth of the market in the near future.
According to the report, there are several companies operating in the market adopting strategies that will drive the growth of the market in the forthcoming years. For instance, in December 2019, the U.S. Air Force awarded a contract worth $7.6 million to iCAMR, a US-based company. As per the contract, the company will provide Iot based block chain solutions for IoT devices that are installed in the military aircrafts. The companies are striving hard to gain maximum IOT in Aviation market revenue that will boost the growth of the market between 2019 and 2026.
Regional Analysis:
Presence of Key Players in North America to Aid Growth
Among the regions, the market in North America is expected to rise during the forecast period. North America will hold the largest market share owing to rising necessity for ground operations at airports. In addition to this, presence of key companies such as Cisco Systems, Inc., Honeywell Aerospace, IBM Corporation, and Microsoft Corporation in countries such as USA, will drive the growth of the market in North America during the forecast period. On the other hand, Asia-Pacific will witness substantial growth for the market in the forthcoming years. This is attributable to factors such as increase in demand for smart airports in countries such as India, and China. Moreover, growing deployment of IoT-enabled infrastructures will boost the growth of the market in Asia-Pacific.
The market in Europe is likely to show considerable growth for the market backed by increasing investments in smart airport concepts across several nations. Latin America and the Middle East and Africa will register a high CAGR for the market during the forecast period.
Source :- https://www.fortunebusinessinsights.com/iot-in-aviation-market-102103
