The Global Market for Artificial Intelligence (AI) in Aviation Market is projected to reach US$ 6,915 Million by 2028 from US$ 321 Million in 2020 growing at a substantial growth rate of 47.3% between 2021 and 2028.

Artificial intelligence has shown to be a beneficial tool in the aviation industry for extracting meaningful information from image databases and executing repetitive, time-consuming activities that require multiple operators. Artificial Intelligence may also be very useful in assessing data acquired during flights in order to improve troubleshooting actions and provide speedy evaluations of in-flight events. With $168.2 billion in operating profits in 2016, commercial airline travel is an important economic driver. Ticket sales accounted for 74.5 percent of overall operating revenue ($125.2 billion), and the number of airline passengers is predicted to triple in the next two decades. Leading airlines are currently investigating how artificial intelligence may help them keep up with passenger demand while also improving operational efficacy, speed, and customer pleasure.

Market Dynamics

Airport operators are also interested in artificial intelligence because of its potential for air traffic control and capacity optimization. The goal is to enhance how we predict changes in the number of planes entering and leaving an airport, in order to keep take-off and landing lines as short as possible while also optimizing parking space allocation for passenger disembarkation. For instance, Airbus use AI for activities such as computer vision, time series analysis, and natural language processing, as well as predictions like hybrid modeling and decision making. Skywise, Airbus' data analytics platform collects data about aircraft operations using AI and machine learning. By allowing Airbus to evaluate flight limitations and air traffic variations, Skywise has aided the company's response to the COVID-19 epidemic. The AI platform analyses the passenger's historical data, such as past reservations, behavior-tracking techniques, metadata, purchase history, and real-time data, to provide highly personalized offers to passengers, hence enhancing customer retention and lifetime value.

Bots can lead users to specific services or outlets, provide flight information updates, and more, allowing employees to focus on more valuable operations while decreasing human touch. Passenger checked baggage is inspected more effectively thanks to a robotic aided convenience system based on artificial intelligence (AI) that instantly troubleshoots and reroutes high-risk baggage for further inspection. Video analytics powered by AI examines video feeds from cameras to find patterns and trends using algorithms and computer vision technology.

Market Insights

Offering, technology, application, and geography are all used to segment the worldwide artificial intelligence (AI) in the aviation market. Based on the offerings sector, the market is segmented into three categories: hardware, software, and services. In 2020, the software segment accounted for the largest shares. Natural language processing (NLP), machine learning, context awareness computing, and computer vision are the segmentation of technology. Based on technology, the machine learning segment occupied the major chunk in 2020. Furthermore, smart maintenance, virtual assistants, manufacturing, surveillance, flight operations, training, dynamic pricing, and flight operations are all sub-segmented within the application segment. The virtual assistants segment is expected to lead the market with the maximum share.

Worldwide Artificial Intelligence (AI) in Aviation Industry Regional Rivalry

North America, Asia-Pacific, Europe, the Middle East & Africa, and Latin America are the regions in which the worldwide artificial intelligence (AI) in aviation market is divided. In 2020, North America occupied the largest chunk of share 2020. The American AI Initiative in the area, as well as increased expenditures by key players in AI technology to maintain inventories and boost operational efficiency, are the primary drivers of artificial intelligence (AI) in aviation market in North America. On the other hand, the Asia-Pacific region is expected to observe the fastest market growth during the forecast period 2021 – 2028. The high growth in the region is due to the increasing number of air travelers, and increased demand for AI techs in nations such as India and China.

Global Artificial Intelligence in Aviation Industry Segment Analysis

Market By Offering

·         Hardware

·         Software

·         Services

Market By Technology

·         Natural Language Processing

·         Machine Learning

·         Computer Vision

·         Context Awareness Computing

Market By Application

·         Smart Maintenance

·         Manufacturing

·         Training

·         Virtual Assistants

·         Flight Operations

·         Dynamic Pricing

·         Surveillance

Artificial Intelligence (AI) in Aviation Market Major Companies

This section of the report identifies the market's major players. Airbus SE, Boeing, Garmin Ltd., Amazon, IBM Corporation, Intel Corporation, Lockheed Martin, Micron Technology, General Electric, MiSmart Maintenanceoft, Neurala, Inc. NVIDIA corporation, MINDTITAN, TAV Technologies, Samsung Electronics, Thales Group, and Xilinx are the key companies mentioned in the research.

AI in Aviation Market Regions

North America

·         U.S.

·         Canada

Europe

·         U.K.

·         Germany

·         France

·         Spain

·         Rest of Europe

Latin America

·         Brazil

·         Mexico

·         Rest of Latin America

Asia-Pacific

·         China

·         Japan

·         India

·         Australia

·         South Korea

·         Rest of Asia-Pacific

Middle East & Africa

·         GCC

·         South Africa

·         Rest of Middle East & Africa