According to a recent report published by Allied Market Research, titled, “Aerospace Artificial Intelligence (AI) Market by offering, technology, and application: global opportunity analysis and industry forecast, 2021–2028,” The research provides a current evaluation of the global market landscape, highlighting recent trends, key drivers, and the overall market environment. The study examines the main factors influencing industry expansion, analyzing both its growth drivers and restraints. Additionally, it sheds light on factors expected to offer promising opportunities for development of industry in the future. The global aerospace artificial intelligence market was valued at $373.6 million in 2020 and is projected to reach $5,826.1 million in 2028, registering a CAGR of 43.4% From 2021-2028.”
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Rise in fuel efficiency by using artificial intelligence and surge in use of AI to ensure safety at airports drive the growth of the global aerospace artificial intelligence market. However, strict airline regulations, high cost of implementation of AI, and lack of trained and experienced staff hinder the market growth. On the other hand, use of AI for enhancing operational efficiency and maintenance of airplanes, rise in customer satisfaction, and adoption of reliable cloud applications would offer new opportunities in the coming years.
North America dominates the market, in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA. U.S. dominated the global aerospace artificial intelligence market share in 2020, owing to the increase in R&D activities, technological developments by big players, and the rapid adoption of AI technologies in aerospace sector. Asia-Pacific region is expected to grow at a significant rate during the forecast period, owing to rise in the adoption of AI across various countries in the region. With implementation of AI, airlines would be able to better analyze customer demands to offer personalized services.
In addition, airlines can also offer custom-made entertainment recommendations or other services by gathering and making use of data from on-board entertainment systems or personal devices. Other benefits of implementing AI include highly accurate, instantaneous weather conditions and information about turbulence to lessen missed connections and delays. Launch of various AI-powered solutions by big players such as Boeing, Airbus, IBM, and Microsoft, increasing partnerships among different AI firms, and rising investments for implementation of AI are promising for the aerospace sector as they are expected to offer new revenue streams to aerospace companies and create and transform air operations.
Based on offering, the software segment accounted for nearly three-fourths of the total market share in 2020, and is expected to maintain its leadership status during the forecast period. Furthermore, the segment is expected to register the highest CAGR of 45.5% from 2021 to 2028.
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Based on application, the flight operation segment accounted for the highest share in 2020, contributing to nearly one-third of the total market share in 2020, and is projected to dominate in terms of revenue during the forecast period. In addition, the segment is expected to witness the fastest CAGR of 45.7% from 2021 to 2028.
Based on region, North America contributed to the largest market share in 2020, accounting for nearly two-fifths of the market, and will maintain its leadership status throughout the forecast period. However, the Asia-Pacific region is expected to grow at the highest CAGR of 46.0% from 2021 to 2028. The report also analyzes regions such as Europe and LAMEA.
Leading players of the global aerospace artificial intelligence market include International Business Machines Corporation (IBM), Airbus S.A.S., General Electric Company, Iris Automation Inc., Intel Corporation, Microsoft Corporation, SITA, Thales Groups, The Boeing Company, and Spark Cognition.
Key Benefits For Stakeholders:
➢ This study presents analytical depiction of the global aerospace artificial intelligence market analysis along with current trends and future estimations to depict imminent investment pockets.
➢ The overall aerospace artificial intelligence market opportunity is determined by understanding profitable trends to gain a stronger foothold.
➢ The report presents information related to key drivers, restraints, and opportunities of the global aerospace artificial intelligence market with a detailed impact analysis.
➢ The current aerospace artificial intelligence market is quantitatively analyzed from 2020 to 2028 to benchmark the financial competency.
➢ Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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