Published Date : 08 Dec 2022
The global artificial intelligence in aviation market size was exhibited at USD 885.03 million in 2022 and it is expected to gain around USD 9,985.86 million by 2030 with a CAGR of 35.38% over the forecast period 2022 to 2030.
The emerging trend of adopting big data analytics in the aviation industry is the primary driver of global AI in the aviation market. The shift of the aviation industry towards cloud-based technologies powered by AI is boosting the demand for AI in the aviation industry. With the rising need for increasing profits, enhancing operations, and improving customer service quality, major airline companies are investing in the adoption of artificial intelligence technologies in the aviation industry. Moreover, the adoption of AI technologies reduces recurring tasks, improves customer services, and significantly helps in surveillance activities. For instance, the deployment of artificial intelligence-based chatbots helps to handle customer queries and facilitates in online booking of tickets.
Artificial Intelligence in Aviation Market Report Scope
|Market Size In 2022||USD 885.03 Million|
|Market Size By 2030||USD 9,985.86 Million|
|Growth Rate from 2022 to 2030||CAGR of 35.38%|
|Forecast Period||2022 to 2030|
|Segments Covered||By Offering, By Technology, By Application|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
North America was the leading AI in the aviation market in 2021. This growth is attributable to the presence of strong air infrastructure that has facilitated the adoption of advanced and novel technologies like artificial intelligence in the aircraft and airports. The rise in the globalization of business attracts a huge number of business tourists from across the world. The rapidly growing number of air travelers in the region has stimulated the adoption of artificial intelligence technologies to improve customer services and safety. This region is among the early adopters of AI technology across various fields. The increased demand for the latest and advanced technologies across various sectors has led to the growth of North America AI in the aviation market in the past decade.
Asia Pacific is offering numerous growth opportunities to the market players operating in the AI in the aviation market. Asia Pacific is characterized by rising government investments in the development of strong and sophisticated air connectivity and the adoption of advanced digital technologies to improve operations and customer service. Asia Pacific is a major attraction among tourists and the rapidly surging number of air travelers in the region is expected to boost the deployment of AI-based services and products in the aviation sector in the forthcoming future.
Driver: Rising adoption of computer vision at airports
Computer vision is among the emerging applications of artificial intelligence. Computer vision uses cameras and machine learning technology for monitoring complex activities related to ground services. It also detects objects and tracks it in real-time and can also detect the behavior of a large group of people at the airports. Therefore, the rising need for safety and security at airports is significantly boosting the demand for AI-based computer vision and driving the growth of global AI in the aviation market.
Restraint: Concerns related to security and system malfunctions
The major restraint associated with the AI in aviation market is the data security and risks of system malfunctioning. The smooth and effective functioning of artificial intelligence relies on good data. Therefore, the right sources and right amount of data has to be ensured to achieve the desired results. Overburden of data may slow down the systems. Therefore, the sudden malfunctioning of the system can create chaos at the airport that may also compromise security.
Opportunities: Rising investments in the automation
The adoption of artificial intelligence and its cognitive abilities can easily sense data and automate various functions like analytics, maintenance, customer services and other activities. The growing need for improving the efficiency of operational activities, and enhancing customer services is rapidly driving the demand for the automation of activities by adopting the novel artificial intelligence technologies.
Challenge: Lack of proper air connectivity
There is a lack of proper and adequate air connectivity in developing and underdeveloped regions. The low financial capabilities in these regions and the lack of proper IT and telecommunications infrastructure hampers the adoption of the AI in aviation industry.
Key Players in the Reports:
Buy this Research Report@ https://www.precedenceresearch.com/checkout/1748
You can place an order or ask any questions, please feel free to contact at firstname.lastname@example.org | +1 9197 992 333