Portland, OR -- (SBWire) -- 09/22/2017 --The global aviation analytics market was valued at $2,377 million in 2016 and is projected to reach at $7,396 million by 2023, growing at a CAGR of 17.8% from 2017 to 2023. In 2016, the sales & marketing segment accounted for the highest revenue share in the aviation analytics market.

Continuous growth in the volume of data generated in the aviation industry, increase in aviation passenger traffic, and growth in customers centricity drive the growth of the market. However, factors such as incapability to provide data models according to the needs of businesses and lack of skilled personnel hamper the aviation analytics market growth to a certain extent.

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The global aviation analytics market was led by the customer analytics segment in 2016, and the segment is projected to maintain its dominance during the forecast period. However, the navigation services segment is expected to witness the highest growth, owing to the growth in adoption of analytical solutions by key players of the market.

North America dominated the global market in 2016 and is expected to remain dominant during the forecast period, owing to the increase in demand for a real-time analytical solution from the aviation industry. Furthermore, Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

The service segment generated the highest revenue in 2016. Further, software segment is anticipated to witness the fastest growth rate during the forecast period.In 2016, the global market was dominated by the sales & marketing segment and is expected to continue this trend during the forecast period. However, the finance segment is expected to witness the highest growth, owing to increase in adoption of analytical solutions to minimize revenue leakage in the industry.

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Some key findings of the Market:

-The sales & marketing segment is expected to exhibit the significant increase in the global aviation analytics market during the forecast period.

-In 2016, the airline's segment accounted for the highest revenue among the other end user in the industry.