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“Artificial intelligence (AI) in aviation market expected to grow at a CAGR of 46.65% between 2018 and 2025”
The AI in aviation market is expected to be valued at USD 152.4 million in 2018 and is likely to reach USD 2,222.5 million by 2025, at a CAGR of 46.65% during the forecast period. The major factors driving the growth of the AI in aviation market include the use of big data in the aerospace industry, significant increase in capital investments by aviation companies, and rising adoption of cloud-based applications and services in the aviation industry. However, limited number of experts in AI is restraining the growth of the AI in aviation market.
“Virtual assistants expected to hold a major share of the AI in aviation market in 2018”
AI-based virtual assistants help airline companies improve the productivity and efficiency of their pilots by reducing their recurring works, such as changing radio channels, reading wind forecasts, and providing position information on request, among others. These recurring jobs are taken care by AI-enabled virtual assistants. Companies such as Garmin (US) offer AI-enabled audio panels, which are useful for pilots. Virtual assistants are also used by airline companies to improve customer services. AI-enabled virtual assistance can provide instant answers to simple questions (on flight status or services/offerings (audio, video, Wi-Fi) on flights) of customers, while customer representatives can attend to more important issues.
“AI in aviation market in APAC expected to grow at the highest rate between 2018 and 2025”
China and Japan are the major contributors to the growth of the AI in aviation market in APAC. The increasing adoption of machine learning and NLP technologies for virtual assistance and training applications in the aviation sector is supporting the growth of the AI in aviation market in this region. There is a huge demand for AI technologies from these countries to increase the efficiency of their aviation sector. For example, the Alibaba Group Holding Limited (China) has announced to provide AI-based solutions to avoid congestion at the Beijing Airport. These solutions would help pilots find parking slot for their aircraft easily. In addition, the increasing adoption of machine learning and NLP technologies for virtual assistance and training applications in the aviation sector is driving the growth of the market in APAC.
In the process of determining and verifying the market size for several segments gathered through secondary research, extensive primary interviews have been conducted with key industry people.
The breakup of the profile of primary participants has been given below:
- By Company Type: Tier 1 = 25%, Tier 2 = 35%, and Tier 3 = 40%
- By Designation: C-Level Executives = 40%, Directors = 30%, Others=30%
- By Region: Americas = 45%, Europe = 35%, APAC = 10%, and RoW = 10%
The report profiles the top players in the AI in aviation market, along with providing their respective market ranking. The prominent players in the AI in aviation market include Intel (US), NVIDIA (US), IBM (US), Micron (US), Samsung (South Korea), Xilinx (US), Amazon (US), Microsoft (US), Airbus (France), Boeing (US), General Electric (US), Thales (France), Lockheed Martin (US), and Garmin (US).
- The AI in aviation market, by offering, covers hardware, software, and services
- The AI in aviation market, by technology, covers machine learning, natural language processing, context awareness computing, and computer vision
- The AI in aviation market, by application, covers virtual assistants, smart maintenance, manufacturing, training, surveillance, flight operations, dynamic pricing, and others
- The geographic analysis has been done with regard to North America, Europe, APAC, and RoW
Reasons To buy this report:
From an insight perspective, this research report has focused on various levels of analysis?market ranking of top players, company profiles that discuss basic views on the competitive landscape, emerging and high-growth segments of the AI in aviation market, high-growth regions, and market dynamics such as drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market development: Comprehensive information about lucrative emerging markets and analysis of the AI in aviation market across regions
- Market diversification: Exhaustive information about new products, untapped geographies, and recent developments in the overall AI in aviation market
- Competitive assessment: In-depth assessment of the market ranking, strategies, and products of the leading players in the AI in aviation market