What is the future of Aviation Analytics Market? Know Covid Impact on Size, Share & Forecasts
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Aviation Analytics Market.
It was estimated prior to this unanticipated outbreak that the Aviation Analytics Market was likely to witness an impressive CAGR of 15.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate. The market is chiefly influenced by competitive intelligence and real-time analytics. Other factors contributing to the growth of the global aviation analytics market are high adoption of analytics in the aviation industry helping organizations minimize costs, increase profitability & revenue, and enhance performance & maintenance.
Aviation Analytics Market Segment Insights:
By Application Type:
The market is segmented as fuel management, flight risk management, revenue management, customer analytics, navigation services, inventory management, and others. The customer analytics subsegment is estimated to register the fastest growth during the forecast period.
By Business function Type:
The finance sub-segment leads the market and is expected to maintain its dominance during the forecast period. However, the sales & marketing segment is estimated to depict the highest growth in the coming five years.
By End-User Type:
The airline sub-segment is expected to portray the highest growth during the forecast period. The growth is owing to the fact that with the support of big data mining and architecture, the airline companies can arrive at an in-depth competitive analysis, which helps the companies to develop business models, such as safety & security risk modelling, engineering & maintenance optimization, demand modelling & forecasting among others.
By Region:
APAC region is estimated to witness the highest growth in the aviation analytics market, during the forecast period. The region has been witnessing robust growth in aviation industry over the past few years, chiefly driven by improvement in functional efficiency, rising consumer expectations, and the mounting pressure of reducing costs across regions. This growth can also be attributed to the growing middle-class population coupled with upsurge in trade and tourism in emerging countries, such as India and China. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.