AI in aviation market is to grow at a CAGR of 39.10% by 2030
Market Analysis
Market Research Future estimates the global AI in aviation market size to reach USD 5.47 Billion at a striking CAGR of 39.10% from 2022-2030 (forecast period).
Key Players
Intel Corporation, Garmin Ltd., IBM Corporation, Airbus SE, Boeing, General Electric, Amazon, Microsoft Corporation, NVIDIA Corporation, Neurala Inc., Samsung Electronics, Micron Technology, Xilinx, Thales S.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Pilot AI Labs, IRIS Automation, Innovative Binaries, Cognitive Code and Searidge Technologies.
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Multiple Factors to Boost Market Growth
The presence of artificial intelligence in the aviation industry includes the existence of services and systems like baggage screening, passenger identification and maintenance, customer support, facial recognition, aircraft fuel optimization, and many more. All of these activities with artificial intelligence in aviation are implemented to lower employee labor intensity while also ensuring smooth and efficient operations with minimal human interaction. Automation in aviation would improve customer happiness while also making the overall system more efficient.
As technologies advance, new sectors emerge, such as big data and cloud-based apps. Big data adoption in the aviation industry can aid in smart maintenance, optimizing fuel efficiency, boosting services, and improving security.
The rapid growth of artificial intelligence technology, as well as the greater use of AI in aviation, is assisting the aviation sector in optimizing a variety of processes ranging from passenger experience to flight operations. Moreover, the growing use of automation and big data in the aerospace industry is propelling the global AI in aviation market forward. The high need for process optimization and automatic performance enhancement using machine learning is also supporting the growth of the worldwide AI in aviation market.
Market Segmentation
The global AI in aviation market has been segmented into type, equipment, technology, and application.
By type, the global AI in aviation market has been segmented into Hardware, Software, and Services.
By equipment, the global AI in aviation market has been segmented into Autocollimator, Measuring Microscope, Profile Projector, and Others.
By technology, the global AI in aviation market has been segmented into Machine Learning, Natural Language Processing, Computer Vision, and Others.
By application, the global AI in aviation market has been segmented into surveillance, virtual assistance, flight operations, smart logistics, and Others.
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Regional Analysis
APAC to Lead the Global Market
The AI in the aviation industry in APAC is expected to grow at a high rate. This expansion can be due to the high demand for AI technologies in nations such as China and Japan, which are looking to improve the efficiency of their aviation sectors. For example, Alibaba Group Holding Limited (China) has announced that it will provide AI-based solutions to alleviate congestion at Beijing International Airport. These options would make it easier for pilots to find a parking spot for their aircraft. Furthermore, the growing adoption of machine learning and natural language processing (NLP) technologies for virtual help and training applications in the aviation sector is propelling market growth in APAC.
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