Global Aviation Analytics Market to Record CAGR of 14.30% through 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/11/2017 -- Zion Market Research has published a new report titled "Aviation Analytics Market for (Airlines and Airports) End-Uses, by Business Function (Finance, Operations, Manufacturing & Repair, Sales & Marketing and Supply Chain) for Fuel Management, Flight Risk Management, Revenue Management, Customer Analytics, Navigation Service And Inventory Management Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021." According to the report, global demand for aviation analytics market was valued at USD 1.90 billion in 2014 is expected to reach USD 4.20 billion in 2020 and is anticipated to grow at a CAGR of 14.30% between 2015 and 2020.
The North American region holds a dominant market share in the global aviation analytics market in 2015. It accounted around 40% share of the market. North America was followed by Europe in the same year. Moreover, Asia-Pacific is the fastest growing regional market for aviation analytics owing to rapid move towards the adoption of analytics solutions by China and India. Furthermore, Latin America and the Middle East & Africa region are projected to face the lucrative demand for aviation analytics due to strong demand in the region during years to come.
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Aviation analytics is a novel analytics system that permits query processing and predictive analytics over a stream of big aviation data. It primarily offers solutions or predictions based upon descriptive patterns of massive aviation data. The major end-user of aviation analytics includes airports and airlines industry.
Some of the major participants operative in the global aviation analytics market includes IBM Corporation, Oracle Corporation, SAP SE, General Electric, SAS Institute, Ramco International, Booz Allen Hamilton, MU -Sigma, Mercator, Aviation Analytics Ltd, and Airport Analytics (AA+).
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Key augmenting drivers of global aviation analytics market include information technology advancements in the field of analytics with respect to the aviation industry, structured and unstructured data explosion, and rising usage of cloud-based services. Additionally, increasing volume of data generated in the aviation industry is expected to drive the demand for aviation analytics. However, diversity of data models based on business needs is likely to hinder the demand for aviation analytics. Furthermore, increasing demand for real-time analytics in the aviation industry may open new avenues for key participants of aviation analytics market.
Airports and airlines are the prime end-users of global aviation analytics market. In 2015, the airlines end-user represented the biggest share, of more than 60% in the market. Moreover, it is also projected to remain dominant in the coming years due to the high penetration of advancing technology in the industry.
On the basis of business functions, the global aviation analytics market is segmented into finance, operations, manufacturing & repair, sales & marketing and supply chain. Amongst these, finance led the business function segment of the global aviation analytics market. It accounted more than 30% share of the market. Finance was followed by operation business function. However, operations and sale & marketing segment are projected to exhibit positive impact on the market growth within the forecast period.
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Fuel management, flight risk management, revenue management, customer analytics, navigation service and inventory management are key application areas of aviation analytics market. Among all, flight risk management was the foremost applications which account more than 25% share of the entire revenue generated in 2015. Revenue management and customer analytics are other important outlets that are expected to witness growth at an exponential rate in near future owing to obtain an analytical solution in order to cater to the future requirements of the customers.
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