Market Overview:
The global aerospace artificial intelligence market garnered $373.6 million in 2020, and is expected to generate $5.82 billion by 2028, registering a CAGR of 43.4% from 2021 to 2028.
The report offers a detailed analysis of changing market dynamics, key winning strategies, top investment pockets, top segments, value chain, and competitive scenario.
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Segment Overview:
By Offering
- Software
- Hardware
- Services
By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness Computing
By Application
- Customer Service
- Smart Maintenance
- Manufacturing
- Training
- Flight Operations
- Others
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.
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Increase in fuel efficiency by use of artificial intelligence (AI) and rise in use of AI to ensure safety at airports are expected to drive the global aerospace artificial intelligence market growth during the forecast period. However, stringent airline regulations and high cost of adoption of AI in aerospace is anticipated to hamper growth of the market during the forecast period. Moreover, use of AI to ensure operational efficiency and maintenance of airplanes is expected to offer growth opportunities for the market in the future.
Key Players:
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
Spark Cognition.
