DUBLIN--(BUSINESS WIRE)--The "Aviation Maintenance, Repair, and Overhaul (MRO) Software Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The Aviation Maintenance, Repair, and Overhaul (MRO) Software Market is projected to grow with a CAGR of more than 3% during the forecast period.
- There has been a significant increase in the digitalization of aircraft Maintenance, Repair, and Overhaul activities. For enhancing the accuracy of inspection and reducing the amount of time consumed by the inspection process, sophisticated software are being introduced for the MRO processes of the aircraft.
- There was an increase in the need for upgrading the legacy Management Information System (MIS) to digital MRO software in aviation, which is another factor, influencing the growth of the aviation maintenance software market.
- The limited investments in the infrastructure digitalization programs, however, curb the adoption of MRO software in niche markets. Lack of common data standards also turns out to be a restraint for the growth of the Aviation MRO software market.
- Many MRO providers are planning to implement AI technology to predict potential failures of maintenance on aircraft, which will open new opportunities for the market in the years to come.
Key Market Trends
MRO Segment Registered the Highest Market Share in 2018
By the end of 2018, based on the end-user segment, the MROs sub-segment had the highest revenue share in the market. This is due to the increasing demand for aviation maintenance software and services from MRO companies. With the growing aircraft fleet, it is expected that the workload of the MRO facilities will increase by over 50% in the next decade, which means that the necessity of decreasing the time for MRO will increase.
Also, the outsourcing of support contracts has increased a lot over the recent past. Hence, MROs are incorporating software-based maintenance, inventory management, and support techniques to react more quickly to customer demands and to increase their efficiency through better process management and improved predictability.
Also, the introduction of newer generation aircraft has raised new challenges in terms of support services management, which has stimulated the adoption of software by the MROs to enhance the quality of their offerings to the clients. However, OEMs are targeting in-service support contracts to compete with independent MROs by showcasing their experience in designing and building the aircraft. This trend is expected to challenge the growth of the MRO segment in the years to come.
Asia-Pacific Region to Dominate the Market During the Forecast Period
In terms of geography, the North America segment recorded the highest share in the market, mainly due to a large aircraft fleet in the US. The average aircraft fleet of the region is also higher compared to most of the global markets, and hence the demand for aircraft MRO is also higher.
Various maintenance activities are being done by various airlines, MROs, and the OEMs, especially for the aircraft in the US. However, the Asia-Pacific region is estimated to grow with the highest CAGR in the market. China and India are one of the fastest-growing markets for Aviation in the Asia-Pacific region.
Growing aircraft fleet and the presence of major aircraft maintenance and repair facilities in countries like China and Singapore, which are adopting the MRO software, are the main reasons for the high growth of the Aviation Maintenance, Repair, and Overhaul Software in the Asia-Pacific region.
Ramco Systems, IBM Corporation, IBS Software, Rusada, AerData B.V. are some of the major players in the market currently. The market is fragmented, with many players providing different software solutions for different processes of the MRO. Incorporation of technologies like AI for the purpose of predictive maintenance is something the customers are looking for.
Research in technologies like these will help the players to showcase advanced products and gain new contracts. Also, the efficiency and speed of the maintenance is something the MRO providers are looking for, and work is being done to speed up the process of maintenance on an overall, and players are expected to release new software that speeds up the MRO process. Also, the market is in a phase of transition from on-premises software to cloud-based software, which will open up new opportunities for the new and existing players.
Key Topics Covered
1.1 Study Assumptions
1.2 Scope of Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.3.1 North America
5.3.4 Middle East and Africa
5.3.5 Latin America
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 AerData B.V.
6.2.2 IBM Corporation
6.2.3 Ramco Systems
6.2.5 IBS Software
6.2.6 HCL Technologies Limited
6.2.10 Swiss AviationSoftware Ltd.
6.2.12 Flatirons Solutions Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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