The global aviation IoT market to grow at a CAGR of 19.17% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global aviation IoT market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of aviation IoT. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Off late, the penetration of in-flight entertainment (IFE) systems has become a major focus area for the airline operators. Many airlines have been offering IFE solutions to their customers as a value-added service. Availability of IFE solutions has become a point of selection from the passenger perspective. Therefore, the airlines are increasingly emphasizing on investing in covering all of their aircraft under the ecosystems of IFE, so that they can avoid significant customer attrition and remain competitive in the market.
According to the report, the aviation sector encompasses numerous activities that require significant investment in operations and maintenance projects. Therefore, the nature of the industry remains capital intensive. However, by incorporating IoT-based solutions, key stakeholders of the aviation industry such as the airlines and third-party maintenance, repair, and overhaul (MRO) service providers can minimize their maintenance and operation-related overheads, resulting in higher profit earnings.
Further, the report states that it may be expected that due to the implementation of IoT-enabled solutions, sensors, beacons, and wearables will start transmitting and interpreting information. This will require superior IT analysis to procure the appropriate architecture. The aviation industry still requires the implementation of smart machine learning algorithms to generate value from the IoT technologies, which can derive insight from the sensor data and propose actions in real time. Also, the integration of IoT systems in the present infrastructure is a cost-intensive process, even though individual IoT components are cost-effective. Once these are installed, they require maintenance. Also, since protocols tend to keep changing, interoperability costs are significant.