IoT in the Aviation Market is Forecast to Grow to USD 1,941 Million by 2025 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Jan 2, 2020--
The “IoT in Aviation Market by End Market (Airports, Airlines, MROs, Manufacturers), Application (Ground Operations, Passenger Experience, Asset Management, Air Traffic Management), Component, Region - Global Forecast to 2025” report has been added to ResearchAndMarkets.com’s offering.
IoT in the aviation market is growing at a significant pace. Improved passenger experience, reduced operational expenses, and reduced maintenance costs have led to an increase in demand for IoT technology in aviation. The IoT in aviation market is estimated at USD 593 million in 2019 and is projected to grow to USD 1,941 million by 2025, at a CAGR of 21.9% during the forecast period.
Increasing operational efficiency and improved passenger experience are expected to drive the IoT in aviation market.
The IoT in aviation market is projected to grow from USD 593 million in 2019 to USD 1,941 million by 2025, at a CAGR of 21.9% during the forecast period. Advancements in wireless network technologies increased efficiency and connectivity, and improved passenger experience are some of the major factors driving the market.
By end market, the airports segment is expected to grow at the highest CAGR during the forecast period. Modern-day airport requirements have increased in terms of complexity and scale in comparison to initial days of commercial flying. With growing passenger traffic, airports are finding innovative ways to lower their operational costs and generate new revenue streams. By leveraging technologies such as IoT, airports can enhance their efficiency, specifically in the area of baggage handling, passenger handling, and air traffic control.
The IoT in the aviation market in the Rest of the World is expected to grow at the highest CAGR during the forecast period. The growth of the aviation sector with increasing passenger traffic and aircraft fleet size encourages the adoption of IoT technology in airports and airlines in these regions to reduce operational costs and streamline business processes.
The study covers the IoT in aviation market and aims at estimating the market size and growth potential across different segments, such as end market, component, application, and region. The study also includes an in-depth competitive analysis of the key market players, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
For more information about this report visit https://www.researchandmarkets.com/r/5q6xag
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SOURCE: Research and Markets
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PUB: 01/02/2020 09:43 AM/DISC: 01/02/2020 09:43 AM