IoT in Aviation Market size to grow at a CAGR of 19.2 percent during the forecast period (2023-2029) Industry Growth and Future Insights

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Pune, April 12, 2023 (GLOBE NEWSWIRE) — Maximize Market research, the global Aerospace and Defense business intelligence firm, has published a market intelligence report the on “IoT in Aviation Market”. The total global market for “IoT in Aviation” was USD 1.57 Bn in 2022 and is expected to grow at a CAGR of 19.2 percent over the forecast period to reach USD 6.40 Bn by 2029.

IoT in Aviation Market Report Scope and Research Methodology

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The report aims to provide insights into IoT in Aviation Market. It provides valuable information on the market by Component, End-User and Application. The country-wise and geographical analysis for these segments is also presented in the report. Leading players in the IoT in Aviation industry are profiled to study their product offerings and understand their strategies in the market. The information included in the report benefits clients by helping them to understand the IoT in Aviation market dynamics. The forecasts provided in the report enable firms to understand trends in the market and better position themselves to capitalize on the growth opportunities.

The competitive landscape in the report includes details of competitors in the IoT in Aviation industry. The details included are company financials, company overview, market potential, revenue generated, new market initiatives, investment in research and development, global presence, company strengths and weaknesses and application dominance. The report has covered strategic alliances, joint ventures, mergers and acquisitions and partnerships happening in the IoT in Aviation market by region, their strategic intent and investment.

The bottom-up approach was used to estimate the global and regional IoT in Aviation market size. Both research methods primary and secondary were employed and the information collected by using these methods was combined, which made the market report authentic. The primary research was conducted to validate the gathered data in terms of acceptability and accuracy. The secondary research includes the data collection from official databases of various organizations and government sites, industry journals, annual reports, white papers and releases of product manufacturers and suppliers in the IoT in Aviation industry along with paid and free databases. The key objective of the primary research was to gain insight into the current and future market. SWOT analysis was employed to provide the strengths, weaknesses, opportunities and threats of the IoT in Aviation market players and the industry. PORTER, PESTEL analysis was used to understand the potential impact of macro-economic and micro-economic factors of the IoT in Aviation market.

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IoT in Aviation Market Dynamics

The factor that is majorly contributing to the market growth is the increasing advancement in wireless technology and preference for smart airport architecture. The market growth is expected to be fuelled by the immense growth in the air passenger traffic and strong emphasis on enhancing passenger experience. The market is mainly driven by the increasing government initiatives across the world to invest in modernized IoT and Air Traffic Management solutions to improve the efficiency and safety of air travel. The factors that are hampering the growth of the IoT in Aviation Market is the concerns related to the data privacy and cybersecurity.

IoT in Aviation Market Regional Insights

The North American region is expected to dominate the global IoT in Aviation market during the forecast period. In the region, the presence of major airports and the key IoT in aviation companies in US has resulted in the high investments in the field of IoT in the region.

The IoT in Aviation market in the Asia-Pacific region is the second largest growing regional market. This growth of the regional market is attributed to the high investments in smart airport architecture and increasing mid-income population opting for travel.

IoT in Aviation Market Segmentation

By Component

• Hardware
• Software
• Services

Based on Component, the software segment dominated the global IoT in Aviation Market in 2022 and is expected to retain its dominance during the forecast period.

By End User

• Airline
• Airport
• MROs
• Manufacturers

Based on End-User, the Airline segment dominated the global IoT in Aviation Market in 2022 and is expected to maintain its dominance during the forecast period.

By Application

• Ground Operations
• Passenger Experience
• Asset Management
• Air Traffic Management

Based on Application, the Air Traffic segment dominated the global market by holding largest IoT in Aviation Market share in 2022 and is expected to grow at a high rate during the forecast period.

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IoT in Aviation Market Key Competitors include:

• Honeywell International Inc.
• Cisco Systems, Inc.
• IBM Corporation
• SITAONAIR
• Huawei Technologies Co., LTD.
• Tata Sons Private Limited
• Aeris
• Happiest Minds Technologies
• Amadeus It Group Sa
• Tech Mahindra Limited
• Sendum Wireless Corporation
• Microsoft Corporation
• Palantir Technologies
• Walkbase
• Blip Systems
• SAP SE
• Arrow Electronics, Inc.
• Wind River Systems, Inc.
• Zestiot
• Undagrid

Key questions answered in the IoT in Aviation Market are:

• What was the IoT in Aviation Market size in 2022?
• What is expected IoT in Aviation Market size by 2029?
• What are the global trends in the IoT in Aviation Market?
• What are the upcoming industry applications and trends for the IoT in Aviation Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for IoT in Aviation Market?
• What growth strategies are the players considering to increase their presence in IoT in Aviation?
• Who are the leading companies and what are their portfolios in IoT in Aviation Market?
• What are the major challenges that the IoT in Aviation Market could face in the future?
• Who held the largest market share in IoT in Aviation Market?

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Key Offerings:

• Past Market Size and Competitive Landscape (2017 to 2022)
• Past Pricing and price curve by region (2017 to 2022)
• Market Size, Share, Size & Forecast by different segment | 2023−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation – A detailed analysis by Component, Application, End-User and Region
• Competitive Landscape – Profiles of selected key players by region in a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Aerospace and Defense research firm, has also published the following reports:

Artificial Intelligence in Aviation Market – The market size is expected to reach USD 2,823.8 million by 2029 at a CAGR of 47.07 percent during the forecast period. The market is expected to be driven by the increasing adoption of IoT, big data and factory automation.

Connected Aircraft Market – The market size is expected to reach USD 18.67 billion by 2029 at a CAGR of 15.5 percent during the forecast period. The market is expected to be driven by the increasing demand for internet connectivity by aircraft crew and passengers.

Aircraft Sensor Market – The market size is expected to reach USD 5.74 billion by 2029 at a CAGR of 5.3 percent during the forecast period. The market is expected to be driven by the increasing demand for sensors in the unmanned aerial vehicles business.

Aircraft Flight Control System Market – The market size is expected to reach USD 18.93 billion by 2029 at a CAGR of 4.55 percent during the forecast period. The market is expected to be driven by the increase in the orders of aircraft.

5G Connections Market – The market size is expected to reach USD 539.86 billion by 2029 at a CAGR of 29.42 percent during the forecast period. The market is expected to be driven by the increasing demand for the emerging use cases such as industrial automation, IoT, connected cars, etc.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.