(MENAFN- The Expresswire) Aviation MRO Software Market Size to Reach USD 8.78 billion by 2027
Posted on Jun 23 2020 1:18 PM
"Key players covered are IBM Corporation, Ramco Systems Limited, IFS AB, Oracle Corporation, Swiss Aviation Software, Rusada, Communications Software Limited, BytzSoft Technologies Pvt. Ltd, Aerosoft Systems Inc., SAP SE, HCL Technologies Limited, and more players profiled in aviation mro software market research report
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The global aviation MRO Software market size is expected to reach USD 8.78 billion by 2027, exhibiting a CAGR of 4.34% during the forecast period. The growing necessity for regular maintenance checks, defect rectification, work order management, and task management will spur opportunities for the market during the forecast period, states Fortune Business Insights in a report, titled 'Aviation MRO Software Market Size, Share and COVID-19 Impact Analysis, By Solution [Software (ERP Solution, Point Solution, & Suite) and Service (Deployment & Integration, Consulting, Support & Up-gradation)], By Function [Maintenance Management (Line. Base, Engine, Fleet Management), Operation Management (Training Safety & Quality Assurance, Supply Chain, Engineering & CAMO, Others), Business Management (Accounts, Finance, Sales & Marketing, HR), and EFB & Logbook Management)], By Point of Sale (Subscription, Ownership), By Deployment Type, By End Use and Regional Forecast, 2020-2027 the market size stood at USD 6.93 billion in 2019. The rising focus to improve operational efficiency by the aviation industry will contribute positively to the growth of the market in the forthcoming years.
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COVID-19 Impact on Aviation MRO Software Industry:
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Market Driver :
Introduction of Advanced Aircraft to Aid Massive Development
The increasing demand for advanced aircraft has led to the development of ground-breaking technologies for planes in the commercial fleet. The enormous amount of data generated by newer aircraft will fuel demand for the market during the forecast period. The surge in air travel along with the production of aircraft engines, parts, and components will further influence the growth of the market.
The requisite for precautionary checking, regular updates, and servicing of aircraft will enable speedy expansion of the market. Furthermore, the technological advancement in MRO including ERP solutions for accounts, finance, sales & marketing, and human resources will steer the market in the foreseeable future. In addition, the increasing cognizance regarding aviation maintenance software will create lucrative opportunities for the market.
Market Restraint :
Coronavirus Pandemic to Impede Aviation Industry Progression
The COVID-19 pandemic has severely affected every industry across the globe. The crisis has led to zero air traffic, disrupting the global supply chain, and deeply impacting the aviation and MRO services market. The lockdown in various regions of the world has brought the aviation industry to a standstill. The enormous losses faced by MRO companies will restrict the growth of the market in the forthcoming years. The shutdown of airports and non-operational international and domestic flights will retard the implementation of MRO software, which in turn, will diminish the aviation MRO Software share during the forecast period.
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Regional Analysis:
Presence of Renowned Players to Promote Growth in North America
The market in North America is likely to rise substantially during the forecast period. The growth in the region is attributed to the presence of leading aircraft manufacturers, component providers, MRO services, and software service providers in the US. The pre-existing MRO Software manufacturers in the region will influence growth in North America. Asia Pacific is likely to witness a high growth rate during the forecast period owing to the rising commercial aircraft deliveries in developing countries such as India and China. The evolving airport facilities and digitization will augur well for the market in the region. The demand for effective and efficient management base, operational management, and line management will further enhance the development of the market in Asia Pacific.
Key Development :
April 2020: Ramco System, a software service provider announced that it has a signed contract with China Aircraft Service Ltd, a leader in aircraft maintenance services for end-to-end line maintenance operations. The collaboration includes the integration of software Aviation Suite V5.8 for the maintenance, repair, overhaul contracts.
List of the Key Companies Operating in the Aviation MRO Software Market are:
- IBM Corporation, (US)
- Ramco Systems Limited (India)
- IFS AB (Sweden)
- Oracle Corporation (US)
- Swiss Aviation Software (Switzerland)
- Rusada (Switzerland)
- Communications Software Limited (UK)
- BytzSoft Technologies Pvt. Ltd (India)
- Aerosoft Systems Inc. (Canada)
- SAP SE (Germany)
- HCL Technologies Limited (India)
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