(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The "Global Aviation IoT Market by Component, Application, End-User - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering. The global aviation IoT market is on an impressive growth trajectory, as revealed by the latest market research report. In 2022, the market was estimated at USD 1.24 billion, and in 2023, it has already reached USD 1.48 billion.
Projections indicate that the aviation IoT market will continue its upward surge, expanding at a Compound Annual Growth Rate (CAGR) of 19.9% to ultimately soar to USD 5.32 billion by 2030.
Market Segmentation & Coverage:
This comprehensive report categorizes the global aviation IoT market to provide invaluable insights into revenue forecasts and trends across various sub-markets, including:
Component: The market encompasses Communication Services, Data Center Systems, Devices, and Software, with Software projected to seize a substantial market share during the forecast period.
Application: Segmentation by Application reveals IoT Industry for Aircraft Operations and IoT Industry for Passengers, with IoT Industry for Aircraft Operations poised to dominate the market during the forecast period.
End-User: The market's reach extends to Aircraft, Airlines, Airports, Military Command Centers, and MRO Service Providers, with Airports expected to command a significant market share in the forecast period.
Region: The report provides a detailed analysis of the Americas, Asia-Pacific, and Europe, Middle East & Africa regions, with the Americas taking the lead with a commanding market share of 38.74% in 2022, followed by Europe, Middle East & Africa.
Market Dynamics:
Drivers: The report highlights several drivers, including the increasing demand for connected systems in aviation, the optimization of business processes with a focus on improved passenger experiences, and the application of predictive maintenance in the aviation sector.
Restraints: Challenges such as the high cost of advanced system integration are addressed in the report.
Opportunities: The report identifies exciting opportunities in the form of autonomous aircraft monitoring and reporting systems and the rising applications of UAVs.
Challenges: Concerns related to data security and privacy are acknowledged as potential challenges in the market.
The report offers invaluable insights into various aspects of the market, including:
Market Penetration: A comprehensive overview of the market's key players and their offerings.
Market Development: In-depth information about emerging markets and penetration into mature segments.
Market Diversification: Details on new product launches
Companies Mentioned
Accenture PLC Aeris Communications, Inc. Airbus SE Amadeus IT Group SA Cisco Systems, Inc. Happiest Minds Technologies Limited Honeywell International Inc. Huawei Technologies Co. Ltd. International Business Machines Corporation Microsoft Corporation SAP SE Sendum Wireless Corporation SITAONAIR Tata Communications Ltd. Tech Mahindra Limited Wind River Systems, Inc.
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Global Aviation IoT Market
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