Connected Aircraft Market worth $16.5 Billion by 2028 - Exclusive Report by MarketsandMarkets™
The software segment is projected to hold the largest market share during the forecast period based on the type.
CHICAGO, July 28, 2023 /PRNewswire/ -- The Connected Aircraft Market size is projected to grow from USD 10.0 billion in 2023 to USD 16.5 billion by 2028, at a CAGR of 10.6 % from 2023 to 2028 according to a new report by MarketsandMarkets™. Connected aircraft generate vast amounts of data, including flight performance, engine health, weather conditions, etc. This data can be analyzed to gain valuable insights, optimize flight routes, predict maintenance needs, and enhance safety.
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Browse in-depth TOC on "Connected Aircraft Market"
121 – Tables
61 – Figures
230 – Pages
Connected Aircraft Market Report Scope:
|
Report Coverage |
Details |
|
Market Revenue in 2023 |
$10.0 billion |
|
Estimated Value by 2028 |
$16.5 billion |
|
Growth Rate |
Poised to grow at a CAGR of 10.6% |
|
Market Size Available for |
2019–2028 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million/Billion) |
|
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
By Type, Platform, Connectivity & Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and Rest of World |
|
Key Market Challenge |
Lack of skilled labor |
|
Key Market Opportunities |
Increased focus on predictive maintenance |
|
Key Market Drivers |
Growing demand to increase the airline operational efficiency |
The Software segment is projected to hold the largest market share during the forecast period.
The software segment is projected to hold the largest market share during the forecast period based on the type. The aviation industry is witnessing rapid advancements in software technologies, including artificial intelligence (AI), machine learning, data analytics, and cloud computing. These innovations have paved the way for more sophisticated and efficient software solutions that enhance connectivity and communication capabilities in aircraft.
The Commercial aviation segment is expected to have a higher market share in 2023.
Based on the platform, the commercial aviation segment is expected to hold a higher market share in 2023. Commercial airlines cater to many passengers traveling for various purposes, including business and leisure. As the demand for in-flight connectivity and services grows among passengers, commercial airlines are keen on adopting connected aircraft technology to enhance the overall passenger experience.
An in-flight connectivity segment to have comparatively higher growth during the forecast period.
Based on connectivity. The in-flight connectivity segment is expected to grow the highest during the forecast period. With the increasing reliance on digital devices and the internet in everyday life, passengers now expect connectivity and internet access during their flights. In-flight connectivity meets this demand, allowing travelers to stay connected, work, browse the internet, access social media, and stream entertainment content while in the air.
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North America is expected to account for the largest share in 2023.
The Connected Aircraft Industry has been studied in North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest market share in 2023 and is projected to witness the highest CAGR during the forecast period. North America has a robust and extensive commercial aviation industry. The region is home to major airlines, aircraft leasing companies, and a significant number of aircraft in operation. This scale of operations creates a substantial market for connected aircraft solutions. The region has also been an early adopter of connected aircraft technologies, with several airlines and aircraft operators offering in-flight connectivity and advanced avionics systems for a long time. This early adoption has given North America a head starts in the market.
Major players operating in the Connected Aircraft Companies include Honeywell International (US), Raytheon Technologies (US), Thales Group (France), Viasat Inc (US), and Gogo Inc (US) are some of the major players.
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