Global connected aircraft market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Rise in Air Passenger Traffic to Influence Connected Aircraft Market Growth
The connected aircraft market remains influenced by the growing air passenger traffic, especially post the COVID 19 scenario. Albeit a significant slack in air passenger traffic in 2020, the industry has picked up speed and has been reflecting a promising growth path. For instance, according to International Air Transport Association (IATA), the International Civil Aviation Organization (ICAO) and United Nations World Tourism Organization (UNWTO), air passenger traffic continues to improve post 2020. Moreover, air passenger traffic in 2022 grew by 229.5% as compared to the previous year on the global front. In addition, the demand for lightweight electric aircrafts is also increasing which is paving new opportunities for the adoption of IoT-based systems. In this backdrop, the need for robust infrastructure has necessitated the need for new technology integration in the aviation sector, thus boosting the growth of the connected aircraft market.
Modernization of Existing Fleet of Aircraft to Bode Well for the Connected Aircraft Market
As volume of air passenger traffic continues to increase, the need for modernization of airlines also has spurred drastically. The demand for advanced commercial aircrafts has been on an upswing since the past few years. Major players in the connected aircraft market are focusing on developing technologically advanced aircrafts alongside improving the infrastructure of air traffic management. Modernizing this infrastructure can result in improved efficiency in handling air traffic thus reducing delays. Furthermore, rising prevalence of satellite and broadband based connectivity will enable operators and airlines to capture data regarding condition of aircraft components and critical avionics systems thus providing better maintenance scheduling. With the proliferating connected aircraft concept, all vital aspects related to aircraft and its passengers would be recorded and the data can be utilized by operators to manage the air activity efficiently, improve safety, and reduce operational costs. This factor remains instrumental in driving the growth of the connected aircraft market worldwide.
Integration of Big Data Analytics to Bolster Growth of the Connected Aircraft Market
Backed by rampant technological advancements, businesses have been making improvements in their usual operations, especially communication with their customers. Technology and data analytics have been significantly transforming every sector, including aviation and airline operations. These include pre flight processes, post flight activities along with seat selection, ticketing, boarding, luggage management and ground transportation. Technology has facilitated the availability of data apropos to customer or passenger journey through various pre and post flight stages in the aviation industry. New-age technologies such as big data, and Artificial Intelligence are being leveraged to record these customer journeys to gain acumen regarding customer experiences, in turn offering a pathway to further enhance customer satisfaction. This is continue to impact the performance of connected aircraft market.
In addition, big data analytics provides real-time reactions and sketches present and future customer demands thus improving accuracy alongside facilitating improved decision making and monitoring key performance factors relevant to the aviation industry. This also helps in gaining vision regarding client preferences which can be used to improve customer journey. For instance, by using big data and predictive analytics tools, aviation companies can focus on clients with customized requirements at the same time offering optimized pricing on a real time basis. The number of bookings can be consequently improved in short time frame thus contributing towards profitability. That said, technology integration in the aviation industry can significantly influence the growth of the connected aircraft market on the global front.
In-Flight Connectivity to Account for a Significant Revenue Share in Connected Aircraft Market
The adoption of in-flight connectivity has been on an upswing since past few years and is expected to maintain status quo going forward. This technology makes use of onboard pack-up signals for communication purposes. In addition, during long hauls, it becomes imperative to ensure in-flight entertainment for passengers alongside providing better internet services. That said, in-flight connectivity and entertainment has become the strong foundation for the aviation industry in terms of customer experience and revenue generation. In addition, the BYOD trend has also influenced in-flight connectivity as passengers can use their devices by adopting aircraft connectivity technology. In this backdrop, the rising demand for in-flight connectivity and entertainment is expected to largely contribute towards the revenue growth of the connected aircraft market.
North America Likely to Cement Dominance in the Connected Aircraft Market
The North America connected aircraft market is expected to grow at a stable rate in the forthcoming years. Developed economies in the region have been reflecting high inclination towards air travel for business and leisure purposes. Moreover, macroeconomic factors such as robust infrastructure and high GDP per capita in the region continue to influence the growth of the aviation industry in the region, thus paving a potential pathway for the connected aircraft market. Moreover, presence of major players in the connected aircraft market in North America, increasing modernization of military aircrafts and adoption of new age technology in the aviation sector are few other aspects driving the growth of the connected aircraft market in the region. That said, developed nations in North America are likely to hold a significant value share in the connected aircraft market in the forthcoming years.
Connected Aircraft Market: Competitive Landscape
Connected aircraft market remains fragmented with several players providing software, hardware, and solutions for in-flight and air-to-ground connectivity. With technological advancements, huge potential lies for existing players as well as newcomers in the connected aircraft market.
A few of the major players in the connected aircraft market include Anuvu, Cobham Plc, Thales Group, GOGO LLC, Panasonic Avionics Company, Honeywell International Inc., BAE Systems PLC, Collins Aerospace, Kontron, ViaSat Inc., and Inmarsat Global Limited.
Regional Classification of the Global Connected Aircraft Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Connected Aircraft Market
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