LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global aviation IoT market to grow to USD 14.23 billion, at a CAGR of more than 19% over the forecast period, according to their latest report.
The research study by Technavio on the global aviation Internet of Things (IoT) market for 2017-2021 provides a detailed industry analysis based on application (passengers and aircraft operations) and geography (the Americas, EMEA, and APAC).
|The integration of IoT in the aviation sector helps in creating smart communication environments, like a smart airport. The use of IoT in avionics improves the operational efficiency of airports by enhancing the speed of communications, thereby augmenting the business productivity in any industrial setup.|
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Technavio analysts highlight the following three factors that are contributing to the growth of the global aviation IoT market:
- Emphasis on reducing operational costs
- Investment in agile and smart airport concepts
- Mandating in-flight tracking
Emphasis on reducing operational costs
“The aviation sector encompasses numerous activities that require significant investment in operations and maintenance projects. Through the incorporation of IoT-based solutions, key stakeholders of the aviation industry can minimize expenditure, resulting in higher profits,” says Avimanyu Basu, a lead analyst at Technavio for aerospace research.
The prime driver propelling the airlines to upgrade to IoT-enabled systems and architecture is to streamline the efficiency and decrease operational expenses. Also, with the advent of IoT implementation, aircraft engine manufacturers can provide better services, driving for increased adoption.
Investment in agile and smart airport concepts
Airport and airline operations have been experimenting with the adoption of alternative approaches to manage and maintain the complex ecosystem of airline and airport operations. This has provided an option for establishing an agile and shared infrastructure, where multiple stakeholders can seamlessly exchange information. Additionally, this approach lets both the airport and airline operators to access a converged network architecture that reduces the turnaround times for airlines, as well as ensures better passenger experience. These investments are driving the adoption of IoT in the aviation industry, thereby driving the growth of the market.
Mandating in-flight tracking
To avoid unexplained deviations and unanticipated occurrences, the transmission of flight positions through the employment of automated distress tracking devices that involve IoT-based sensors and data analytics is mandated.
“Following this mandate, airlines are in the process of upgrading their onboard electronics and associated systems that can support the in-flight tracking standard. Therefore, amendments introduced to raise safety standards in aircraft is expected to significantly propel the implementation of IoT ecosystems during the forecast period,” says Avimanyu.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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