Activities related to the aviation industry and mechanical flight are included in aviation. Analytics refers to the methodical analysis of data or statistics by computation. A computational technique called aviation analytics gives end users access to historic airport operational data, weather forecasts, past flight data, and real-time flight data.
New York, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Aviation Analytics Market Size, Share & Industry Trends Analysis Report By Business Function, By End User, By Component, By Application, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06321855/?utm_source=GNW
It enables the processing of queries and predictive analysis on large aviation data sets. It mostly provides forecasts or answers based on enormous amounts of organized and unstructured aviation data.
The demand for crucial analytics by enterprises is driving growth in the aviation analytics industry. It aids businesses in increasing their portion of global profits. Businesses can improve performance, raise revenue and profit, and save costs associated with product manufacturing. A computational technology called aviation analytics gives end users access to data, data, or statistics on current and historical airport operations, weather forecasts, and historical & real-time flight data.
Improved results on chosen metrics are guaranteed by aviation analytics, which also offers advantages like reduced revenue leakage, efficient and effective financial procedures, and greater profitability. In order to maintain their market share on the international stage, corporations are implementing modern aviation analytics.
With the help of analytical tools, aviation companies may guarantee operational profitability and strong sales. It offers a concentrated examination of profits, sales, forecasts, and market rivalry to help businesses gather, organize, evaluate, and save the information for later use. Asset tracking, cost reduction, and downtime reduction may all be achieved with the right focus and data. Businesses may keep up with consumer trends and preferences to stay one step ahead of rivals.
COVID-19 Impact Analysis
Governments and organizations involved in the aviation industry have been compelled by the COVID-19 pandemic to implement a number of strict controls to stop the virus’s spread. In the second quarter of 2020, airports and air traffic virtually stopped, causing drop-in airport traffic and financial losses for the aviation industry worldwide. Even though a number of nations have started to progressively reopen significant portions of their economies, many others in various regions remain vulnerable to new waves of infections, leading their governments to once again impose partial or total lockdowns.
Market Growth Factor
Rising Demand for Optimized Corporate Processes Via the Use of Structured Analytical Solutions
Companies are being encouraged to use advanced data analytics by the increased competition in the aviation sector to hold onto their market share on a worldwide scale. Aviation companies can accomplish high sales and operational profitability by using data analytics. Companies can obtain, organize, analyze, store, and retrieve vast amounts of data about their markets and customers using analytical solutions like forecast analysis, sales analysis, competitive analytics, profitability analysis, and reliability analytics.
Huge Amount of Data Generated in The Aviation Industry
The volume of data used in the aviation sector is significant and challenging to maintain and analyze. Over 2.9 million airline passengers and more than 45,000 flights are served daily by the FAA’s Air Traffic Organization (ATO) throughout more than 29 million square miles of airspace. On a single airplane, sensors gather information on more than 300,000 characteristics, with engine data being among the most significant ones. These vast amounts of data are crucial for any business decision.
Market Restraining Factor
Lack of Skilled Professionals in The Sector
A workforce with analytical skills is required with the recent increase in the usage of real-time analytical solutions including "Big Data" analytics. The lack of a skilled workforce may be able to stop the rapid growth in overall aviation passenger traffic. Additionally, despite the increase in data usage and consumption, the expansion of the aviation analytics market is constrained by a lack of skilled workers, which is a significant roadblock to existing data and analytics efforts.
Business Function Outlook
By business function, the aviation analytics market is segmented into Sales & Marketing, Finance, Maintenance, Repair & Operations and Supply Chain. The finance segment garnered a significant revenue share in the aviation analytics market in 2021. Airport finance analytics covers a range of topics, including the airport’s revenues, expenses, profitability, payables & receivables, profitability, assets, and important financial ratios. Owing to these factors, airports are embracing and spending in this market more and more.
End User Outlook
On the basis of end-user, the aviation analytics market is classified into Airlines, Airports and Others. The airline segment recorded the maximum revenue share in the aviation analytics market in 2021. Airlines all around the world are using aviation analytics due to the growing demand for them in a variety of commercial applications. Some of the key reasons propelling the growth of the airline industry include the rising popularity of air travel and the introduction of new air travel routes.
Based on component, the aviation analytics market is bifurcated into Service and Software. The software segment acquired a significant revenue share in the aviation analytics market in 2021. It is due to the growing investment by companies in the adoption of advanced solutions and software. In addition, the rise in the number of players in this market is contributing to the demand for such improved products. Along with that, such software would help aviation companies to improve their operations and boost their revenue.
Based on application, the aviation analytics market is divided into Flight Risk Management, Inventory Management, Fuel Management, Revenue Management, Customer Analytics and Navigation Services. The customer analytics segment acquired the maximum revenue share in the aviation analytics market in 2021. It is due to the significant need for aviation analytics drones to meet customer needs. The airlines are making significant investments in learning about customer preferences and behavior as well as embracing customer-centricity by utilizing predictive analytics to enhance decision-making.
Region-wise, the aviation analytics market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific garnered a promising revenue share in the aviation analytics market in 2021. The rising number of aircraft deliveries in the area can be blamed for this expansion. The region’s need for aviation analytics is also anticipated to be driven by factors like the focus on enhancing aircraft safety and the improvement of aviation business activities via digital transformation. Over the last few years, the region has seen the aviation industry experience strong growth, which has been primarily fueled by improvements in functional efficiency, increased customer expectations, and increasing pressure to reduce costs across regions.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; Oracle Corporation, IBM Corporation, SAP SE are the forerunners in the Aviation Analytics Market. Companies such as General Electric, Accelya Group, Ramco Systems Limited are some of the key innovators in Aviation Analytics Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include SAP SE, Oracle Corporation, IBM Corporation, General Electric (GE) Co., Ramco Systems Limited, Accelya Group (Vista Equity Partners), SAS Institute, Inc., OAG Aviation Worldwide Limited, IGT Solutions Pvt. Ltd. and Mu Sigma, Inc.
Recent Strategies Deployed in Aviation Analytics Market
Partnerships, Collaborations and Agreements:
Jun-2022: OAG formed a partnership with The Pacific Asia Travel Association (PATA). This partnership aimed to offer PATA members better access to unique and reliable aviation data via the PATAmPOWER platform. In addition, the partnership would also allow both organizations to deliver more insight and intelligence to the Asia Pacific visitor economy, via analysis, events, and further data collaboration.
May-2022: Ramco Systems entered into a partnership with Brunei Shell Petroleum, the largest oil and gas company in Brunei Darussalam. Under this partnership, Ramco would deploy its Aviation, Aerospace, and Defense software for Brunei Shell Petroleum. In addition, Ramco’s Aviation Software would provide BSP modules covering Maintenance, Maintenance Inventory for Aviation, Safety & Quality, Flight Operations, CAMO, and Technical Records, offering BSP with a next-gen digital platform for real-time data visibility across companies and aircraft readiness management.
May-2022: SAS Institute formed a partnership with iCoupon, the leading digital vouchering platform in airports worldwide. This partnership aimed to offer the airline and its customers more access to its top digital vouchering platform. Together, the companies would deploy its automated vouchering system into SAS’s prevailing operations, providing an easy, streamlined vouchering solution for passengers on flights that have been delayed.
Apr-2022: GE Aviation formed a partnership with BAE Systems, a British multinational arms, security, and aerospace company. Under this partnership, GE Aviation selected BAE Systems to develop, test, and supply energy management elements for GE’s recently announced megawatt (MW) class hybrid electric propulsion system in development.
Mar-2022: Ramco Systems entered into a partnership with Alan AI, a Silicon Valley company enabling the next generation of voice assistants for Enterprise Apps. This partnership aimed to embed in-app voice assistants for its enterprise portfolios. In addition, the partnership would build business use cases for the Aviation, Aerospace & Defense sector, followed by use cases for other industry verticals.
Mar-2022: Oracle teamed up with ISA, a leading UAE-based provider of advanced technology solutions. Under this collaboration, ISA would migrate its mission-critical systems to Oracle Cloud Infrastructure (OCI) to develop a resilient business operation, which would successfully handle fluctuating travel demands leading to the pandemic.
Feb-2022: GE Aviation came into a partnership with Boeing, an American multinational corporation. This partnership aimed to complement flight tests of its hybrid electric propulsion system including a modified Saab 340B aircraft and CT7-9B turboprop engines. In addition, GE Aviation would get system integration, aeroplane modification, and flight-testing services from Boeing and its subsidiary Aurora Flight Sciences.
Feb-2022: SAS Institute came into a partnership with TecCentric, Qatar’s go-to provider for technology, cloud, security, and operation services, and OmniClouds. This partnership aimed to strengthen and inspire with the trusted analytics and have the capabilities and expertise to allow companies, big and small, and overall industries to use data-driven decision-making to fulfill forever-changing customer requirements and the dynamic business landscape.
Jan-2022: SAP SE extended its partnership with Icertis, a contract intelligence company. This partnership aimed to assist companies to boost efficiency, reduce risk and realize the full intent of their agreements. In addition, the partnership would include a financial investment from SAP in Icertis, which would lead to a joint product road map and better technological integration to offer enterprise-wide value like faster negotiations, better compliance, and AI-powered business insights and automation.
Dec-2021: Ramco System collaborated with Pathfinder Aviation, a heli-charter operator based in Alaska, the US. Under this collaboration, Pathfinder Aviation selected Ramco System’s Aviation M&E MRO Suite V5.9 for integration as well as automation of a wide range of operations with a comprehensive solution to fulfill the business requirements.
Mar-2021: Accelya signed an agreement with Air France-KLM, a Franco-Dutch airline holding company. Through this agreement, the airline would be utilizing FLX Merchandise to provide dynamic fares for ancillaries (or paid options) and manage offers to clients booking flights via its direct and NDC channels.
Product Launches and Product Expansions:
Oct-2021: IBM unveiled a suite of environmental intelligence software. This suite would use AI to assist companies to prepare for and respond to weather and climate risks, which would disrupt business, more simply evaluate their own impact on the planet, and decrease the complication of regulatory compliance and reporting.
Acquisitions and Mergers:
Jul-2022: SAP SE completed the acquisition of Askdata, a startup focused on search-driven analytics. This acquisition aimed to strengthen SAP’s ability to assist companies in take better-informed decisions by using AI-driven natural language searches. In addition, companies are empowered to search, communicate and collaborate on live data to optimize business insights.
Jul-2020: Accelya took over Farelogix, a leading provider of SaaS solutions for airline retailing and New Distribution Capability-enabled commerce. Through Farelogix, Accelya would boost customers’ digital transformations and would offer a next-generation, Offer-to-Settlement airline commerce platform, involving a full suite of innovative retailing, distribution, and fulfillment solutions.
Scope of the Study
Market Segments covered in the Report:
By Business Function
• Sales & Marketing
• Repair & Operations
• Supply Chain
By End User
• Customer Analytics
• Flight Risk Management
• Fuel Management
• Revenue Management
• Inventory Management
• Navigation Services
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• SAP SE
• Oracle Corporation
• IBM Corporation
• General Electric (GE) Co.
• Ramco Systems Limited
• Accelya Group (Vista Equity Partners)
• SAS Institute, Inc.
• OAG Aviation Worldwide Limited
• IGT Solutions Pvt. Ltd.
• Mu Sigma, Inc.
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