Press Release

Artificial Intelligence in Aviation Market to Surpass USD 6,900 Million by 2028

Date : Mar 01, 2023

Ameco Research Analysts says that the global market for Artificial Intelligence (AI) in Aviation will reach a market size of more than USD 6,900 Million by 2028 rising at a CAGR of around 47% during the predicted years

Airports around the world took the brunt of the travel prohibitions and limitations imposed by the COVID-19 outbreak in a short period of time. Operations have been severely affected or fully suspended since international travel has been restricted to repatriation planes and cargo, and most airport halls are almost empty. Machine learning (ML), deep learning (DL), and other artificial intelligence (AI) approaches are beginning to influence the industry and have become fundamental methodologies in many research initiatives and new industrial advances. Machine learning becomes easier with access to vast volumes of data, allowing us to address previously inconceivable issues. The use of artificial intelligence (AI) in aviation can help with capacity, forecasting, air traffic management (ATM), delay management, the environment, connectivity, and safety.

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The growing adoption of big data in aviation industry propels the industry growth

Quick reactions to present and future market demands, better planning and tactically aligned decision making, and a clear understanding and monitoring of all important performance drivers significant to the airline industry are the ultimate benefits of big data analytics. When these advantages are correctly exploited, they contribute to lower operating costs, market-leading competitiveness, better customer service, higher profit margins, and more shareholder value.

While a variety of variables have contributed to the expansion of AI in travel, one of the most important has been a shift in customer expectations. Because of the experiences provided by huge tech companies like Google, Amazon, Apple, and Facebook, travelers are increasingly demanding seamless and personalized experiences.

By leveraging artificial intelligence through virtual assistant technology that reads weather forecasts on demand, switches radio channels, and delivers situational information on demand, airline pilots can save time and increase efficiency. AI-based virtual assistants can manage repeated chores thanks to their capabilities. Additionally, Garmin offers AI audio panels that can be beneficial to pilots.

Artificial intelligence can also help to reduce overbooking. Based on past flyer information and historical passenger data, as well as changes in weather trends on a certain route, AI might be used to anticipate if a specific passenger will not show up or will transfer to another aircraft. The AI would then offer ground employees the most up-to-date passenger information. This technology could make it easier to remove passengers from planes that have already taken off.

Global Artificial Intelligence (AI) in Aviation Market Classification

Artificial intelligence (AI) in aviation market is divided into four categories: offering, technology, application, and regions. The offering segment can be split into hardware, software, and services. Based on offering, the software segment generated the largest revenue in 2020 while the services are likely to attain the fastest growth rate during the forecast period 2021 – 2028. Machine learning, context awareness computing, natural language processing, and computer vision are the categorizations of technology segments. The machine learning application acquired the most market share in 2020, whereas the natural language processing segment is expected to grow with a significant growth rate. Computer vision, a technique that utilizes cameras and machine learning algorithms to monitor complicated ground servicing activities, detect safety hazards in real-time, or sound alerts when a service takes longer than intended, is one of the emerging AI applications at airports. Gatwick Airport in London was one of the first major airports to use computer vision to speed up aircraft turnaround times and improve ground personnel safety. Based on application, the market is divided into virtual assistants, smart maintenance, manufacturing, training, surveillance, flight operations, and dynamic pricing. Among applications, the virtual assistant segment dominated the market with maximum share and is also likely to exhibit the quickest growth in the coming years.

Regional Stance

North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa (MEA) are the regional categorization of the global artificial intelligence (AI) in aviation market. North America generated the largest revenue in 2020 due to the early adoption of technologies and the presence of key players in the region. Meanwhile, the Asia-Pacific region is expected to witness the fastest growth rate in the coming years. China and Japan are the two largest contributors to AI's growth in the APAC aviation sector. The deployment of machine learning and natural language processing (NLP) technology for virtual assistance and training applications in the aviation sector is boosting AI's growth in this region. These countries have a high demand for AI technology to improve the efficiency of their aviation sectors.

Major Players

The key companies offered in the report include 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.

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