Artificial intelligence in the aviation market is expected to hit the dollar
Chicago, Nov. 02, 2022 (GLOBE NEWSWIRE) — The report “Artificial intelligence in the aviation market by offering (hardware, software, services), technology (machine learning, contextual computing, natural language processing, computer vision, others) application (intelligent maintenance, training, manufacturing, flight operations, virtual assistants, dynamic pricing, monitoring, others ) – Global Forecast to 2028“; it is expected to grow at a CAGR of 44.50% from 2021 to 2028. Cost-effectiveness, system efficiency and faster management of services and systems in the aviation industry are some of the drivers of the AI.
The development of artificial intelligence in the aviation industry is stifled by issues such as security issues, data accuracy issues, and system integrity issues. Another important factor that will slow the rise of artificial intelligence in the aviation industry is the automated performance improvement offered by machine learning. However, artificial intelligence is used in aviation services to minimize human interference while reducing the amount of labor that employees have to perform. Major barriers to artificial intelligence in the aviation industry include the lack of skilled workers to analyze the vast volumes of data collected and the insights it generates, security issues, and system flaws.
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Artificial Intelligence in Aviation Market Overview:
The market of artificial intelligence in aviation is also being driven by elements including the expansion of capital expenditure by aerospace companies and the growing use of cloud-based services and applications in the industry. The increase in process optimization needs will also have a significant impact on the development of artificial intelligence in the aviation industry. The automatic performance improvement provided by machine learning is a key aspect that will moderate the growth rate of artificial intelligence in the aviation sector.
The main drivers influencing the growth of artificial intelligence in the aviation market are the use of vast data in the aerospace sector, the surge in capital investments made by airlines, and the growing acceptance of cloud-based applications and services.
|Market size for available years
|Base year considered
|North America, Europe, APAC, MEA and Latin America|
|Companies covered||Samsung Electronics, Intel, Xilinx, Thales, IBM, Amazon, Nvidia, Microsoft, Garmin and Lockheed Martin.|
- In July 2022, Microsoft unveiled the AirSim project, a comprehensive platform to advance autonomous flight. Project AirSim is a Microsoft Azure platform that uses high-fidelity simulation to autonomously build, train, and test aircraft. It creates huge data to train AI models using the computing capacity of the system.
- In June 2022, IBM has extended its robotic process automation (RPA) service to automate internal operations and increase employee productivity. Technology improves the management of people for higher value work and optimizes and monitors operations and procedures.
- In July 2021, Tata Power has partnered with Autogrid launch a residential demand response program to increase consumer acceptance of demand response.
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Services category in the Artificial Intelligence in Aviation market is expected to be the fastest growing segment during the forecast period
The services segment is expected to witness the fastest growth during the forecast period. The expansion is linked to the increased use of services offered by professional technicians who can effectively manage AI systems. During the forecast period, the services segment of the global AI market in the aviation market is expected to grow faster due to the lack of technical expertise of airline staff members in the field of the AI.
Category Artificial Intelligence Virtual Assistance in Aviation Market to Record Highest CAGR from 2022 to 2027
Virtual assistance is expected to represent the highest CAGR of artificial intelligence in the aviation market from 2022 to 2027. By reducing or eliminating repetitive tasks such as reading wind forecasts, providing information On-demand position tracking and changing radio channels, virtual assistants powered by AI technologies are helping to improve pilot efficiency and performance. Hence, there is a huge need for virtual assistants as they free pilots from repetitive tasks. Additionally, it is expected that over the projection period, the increasing use of virtual assistants to improve customer service and provide answers to simple inquiries about services or goods and flight status would further fuel the expansion of this market.
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Top Key Players of Artificial Intelligence in Aviation Market:
- Samsung Electronics
- Lockheed Martin
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Global Artificial Intelligence in Aviation Market Segmentation
Global Artificial Intelligence in Aviation Market – By Offer
Global Artificial Intelligence in Aviation Market – By Technology
- machine learning
- Contextual Computing
- natural language processing
- computer vision
Global Artificial Intelligence in Aviation Market – By Application
- Smart maintenance
- flight operations
- Virtual Assistants
- Dynamic pricing
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Regional Analysis/Overviews of the Artificial Intelligence in Aviation Market:
Asia Pacific is expected to grow at a significant rate in aviation artificial intelligence market share from 2022 to 2027
Asia-Pacific is the fastest growing region for artificial intelligence in aviation market. To increase tourism in the Asia-Pacific region, countries like China, India, Thailand, South Korea, Australia, and New Zealand are investing heavily in the development of state-of-the-art air infrastructure. Asia-Pacific is one of the most popular tourist regions in the world. The expanding tourism sector is supporting the development of cutting-edge air connectivity, which is expected to significantly accelerate the growth of Asia-Pacific AI in the aviation market.
- Market segmentation
- Market dynamics
- Global Artificial Intelligence in Aviation Market, By Offer
- Global Artificial Intelligence in Aviation Market, By Technology
- Global Artificial Intelligence in Aviation Market, By Application
- Global Artificial Intelligence in Aviation Market, by Region
- Global Artificial Intelligence in Aviation Market: Company Landscape
- SWOT analysis
- Company profile
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