The aviation analytics market size reached USD 2.95 Billion in 2021 and is expected to register a revenue CAGR of 12.0% during the forecast period to the latest analysis by Emergen Research. Increase in air passenger traffic across the globe is a key factor driving revenue growth of the market. Artificial Intelligence (AI) refers to a group of technologies that are excellent at gleaning patterns and insights from vast amounts of data, which are then used to generate predictions based on that knowledge. AI is therefore being utilized to automate the analytics process in order to make it more accessible and efficient due to enhanced user interface provided by natural language processing. Various aviation analytics solutions based on AI platforms are provided by businesses such as SAP SE and Oracle Corporation.
Among the market’s AI-based analytics options are automation platforms, content management systems, and CRMs. As a result, adoption of AI in data analytics may present a growth potential for the aviation analytics sector.
However, the COVID-19 epidemic has created significant economic issues and difficulties for the aviation sector. The civil aviation sector has been among the most badly affected globally since the pandemic started. The International Civil Aviation Organization (ICAO) and International Air Transport Association (IATA) often provide reports and predictions and actively analyze the influence of the aviation industry on the economy.
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Some Key Highlights From the Report
- The software segment is expected to register significant market revenue growth. Airports, airlines, and other airport carriers can all benefit from the operational support provided by aviation analytics software. It assists in controlling the airline fleet. Utilizing this package includes management of airport workers as well as automation of the front desk and sales/service processes.
- The customer analytics segment is expected to register substantial growth over the forecast period. Customer analytics is regarded as the cornerstone of all marketing initiatives and frequently involves techniques such as data visualization, predictive modeling, information management, and segmentation. In addition, customer analytics helps firms lower attrition by accurately predicting the clients who are most likely to depart. Customer analytics also assists firms in increasing customer loyalty and response rates by engaging with the appropriate customers and making the relevant offers.
- The airlines segment is expected to register moderate revenue growth over the forecast period. Quick responses to current and future market demands, better planning and strategically aligned decision making, as well as a clear understanding and ongoing monitoring of all major performance drivers relevant to the aviation industry are among the top benefits of analytics. When the aforementioned benefits are effectively applied, lower operating costs, improved customer service, market-leading competitiveness, higher profit margins, and higher shareholder value all follow.
- The market in North America is expected to register a considerable growth. The expansion and increased focus of countries on airlines will result in an increase in the demand for and growth of the aviation analytics industry in the future years.
- Some major companies in the market report include The International Business Machines Corporation (IBM), General Electric Company, Accelya, IGT Solutions Pvt. Ltd., MU Sigma, Ramco Systems, Oracle Corporation, SAP SE, SAS Institute Inc., and OAG Aviation Limited.
- On 15 July 2022, SITA, which is a leader in air transportation IT, and Malaysia Airlines, the country’s flag carrier, have agreed to a five-year partnership to improve connectivity. The two companies relationship is expanded by this alliance, which also makes it possible for significant improvements that will secure and quickly connect the airline’s international operations to its hub in Kuala Lumpur.
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