The IoT in Aviation Market scope includes components, applications, and end markets. IoT devices, IoT solutions, and services are covered under components. Airlines, airports, MROs, and OEMs are included under end markets while air traffic management, asset management, ground operations, and passenger experience are considered under applications.
The Internet of Things (IoT) is the network of physical objects or things embedded with electronics, software, sensors, and connectivity. This network enables objects to exchange data with the production, operators and/or other connected devices. IoT in aviation offers opportunities to airlines, airports, MROs, and aviation manufacturers to generate new revenue streams, optimize business processes, and make data-driven business decisions in real-time.
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The IoT in aviation market expected to grow from USD 593 million in 2019 to USD 1,941 million by 2025, at a CAGR of 21.9% from 2019 to 2025. One of the major factors driving the market growth is the optimization of business processes and increases connectivity.
By end market, the airports segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing adoption of IoT for asset management, passenger tracking, and weather monitoring.
By component, the IoT devices segment is estimated to account for a larger share in 2018. The IoT solutions segment is expected to grow at the highest CAGR during the forecast period, owing to increasing software updates with complex algorithms. IoT solutions have the capability to enhance customer services and provide real-time information to authorities about their location.
By region, the IoT in aviation market is segmented into four regions, namely, North America, Europe, Asia Pacific, and Rest of the World. The Rest of the World is expected to grow at the fastest rate during the forecast period, owing to new airport programs and investments to upgrade airports in the Middle East, Africa, and Latin America. The increased air travel also has led to an increase in aircraft fleet.
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Key Market Players
Some of the major players in the IoT in aviation market include Microsoft Corporation (US), IBM (US), Huawei (China), Cisco (US), Wind River (US), Amadeus IT Group (Spain), SITAONAIR (Switzerland), Honeywell (US), Blip Systems (Denmark), Tata Sons (India), and Sendum Wireless Corporation (Canada). These players provide IoT solutions and platforms to various aviation companies.