(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Aviation Analytics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Aviation Analytics Market products.
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According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Aviation analytics helps to develop analytical resolution in order to cater future demand such as needs of customer which will also help enterprises to maximize their operating revenue. Aviation analytics also allows the enterpriser to measure, monitor and analyze their business goals, risk, and future growth of the enterprise. Apart from these features, aviation analytics solutions also used across the aviation industry for various applications such as fuel management, revenue management, customer analytics and risk management.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Market Size and Forecast
Global aviation analytics market is anticipated to flourish at a CAGR of 15.2% during the forecast period 2017-2024. Further, the market of aviation analytics was valued at USD 2.1 Billion in 2016 and is projected to garner USD 7.8 Billion by the end of 2024. Furthermore, the market of aviation analytics is anticipated to grow on the account of the growth of the aviation industry across the globe. Similarly, increasing focus on analytical solutions, increasing volume of data generated to analyze the aviation industry, increasing customer centricity in the aviation industry and increasing aviation passenger traffic is opening the opportunities for the growth of the aviation analytics market.
In the regional market, North America is anticipated to account for a significant portion of market share in the overall market of aviation analytics during the forecast period. Factors such as increasing consumer expectations, the growing pressure of reducing costs and improvement in operational efficiency is anticipated to fuel the growth of the global aviation analytics market over the forecast period.
Asia Pacific aviation analytics market is expected to witness substantial growth over the forecast period. Factor such as growing demand for cloud driven advanced analytics which are cloud supported in the region bodes well for aviation analytics market. This factor is envisioned to strengthen the growth of aviation analytics market in Asia Pacific.
Europe aviation analytics market is expected to witness substantial growth over the forecast period. Factors such as increasing investments and advancements in the field of cloud technology are envisioned to strengthen the growth of aviation analytics market in Europe.
Based on applications, aviation analytics market is segmented into fuel management, flight risk management, revenue management, customer analytics, navigation services and inventory management segment, out of which, fuel management is expected to dominate the overall aviation analytics market during the forecast period.
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Our in-depth analysis has segmented global aviation analytics market into the following segments:
Flight Risk Management
By End User
By Business Function
Maintenance and Repair
Sales and Marketing
Global aviation analytics market is further classified on the basis of region as follows:
North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers & Challenges
Factors such as improvement in the analytics and intelligence solutions across the market vendors of the aviation analytics, so that they can improve their business profitability across the globe is anticipated to intensify the growth of the global aviation analytics market. In addition, increasing centricity in the aviation industry is anticipated to positively drive the growth of the aviation analytics market.
Apart from this, growing emphasis on jet fuel management is anticipated to be the dynamic factor behind the growth of the aviation analytics market. High volume of data generated in aviation industry has increased the security concern and future market. This factor is anticipated to supplement the growth of the global aviation analytics market.
Further, increasing number of aviation passenger traffic is likely to further strengthen the growth of the aviation analytics market. Moreover, the increase in real-time analytics in the industry of aviation is likely to lead current and future market growth prospects.
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However, lack of availability of the analytical skills is some of the key factors which are expected to limit the growth of global aviation analytics market in upcoming years.
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