Global Aviation IoT Market Size to Exceed USD 58.51 Billion by 2033: Market Statistics Report

Global Aviation IoT Market Size to Exceed USD 58.51 Billion by 2033 

According to a research report published by Spherical Insights & Consulting, the Global Aviation IoT Market Size Expected to Grow from USD 8.56 Billion in 2023 to USD 58.51 Billion by 2033, at a CAGR of 21.19% during the forecast period 2023-2033.

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Aviation IoT Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware and Service), By Application (Aircraft Operations and Asset Management), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033              

The term "aviation IoT" refers to the way Internet of Things solutions are incorporated into the infrastructure and operations of the aviation sector. The goal of this technology integration is to improve air travel's effectiveness, security, and passenger pleasure. Real-time data collection and analysis is made possible by aviation IoT, which makes use of sensors, smart devices, and networked systems. Additionally, it is anticipated that the high volume of passengers would put a great deal of strain on airlines and airport infrastructure, which will raise the need for Internet of Things (IoT) solutions in the aviation industry to help automate and expedite avionic procedures. Using real-time data and analytics, for example, IoT assists air traffic controllers in managing runway traffic to ensure timely and seamless takeoffs and landings. Furthermore, the need for the Internet of Things in aviation is anticipated to be driven by the digitization trend in the sector. However, IoT integration in aviation, including in airports, air traffic control, and airplane systems, makes the industry more susceptible to hacks. An IoT system that has been compromised could interfere with ground operations, flights, or even passenger safety.

The hardware segment is expected to hold the largest share of the global aviation IoT market during the projected timeframe.                

Based on components, the global aviation IoT market is categorized as hardware and service. Among these, the hardware segment is expected to hold the largest share of the global aviation IoT market during the projected timeframe. The expanding use of sensors, actuators, gateways, and various other equipment in airplanes and airports to gather and analyze data in real-time to support well-informed decision-making is one of the drivers driving this segment's growing market share.

The asset management segment is expected to grow at the fastest CAGR during the projected timeframe.       

Based on the application, the global aviation IoT market is categorized as aircraft operations and asset management. Among these, the asset management segment is expected to grow at the fastest CAGR during the projected timeframe. Many high-value assets are managed by the aviation industry, which could lead to higher operating costs. The current fleet expansion in response to increased passenger traffic highlights how important it is to have efficient asset management and tracking in order to improve operational efficiency.

North America is projected to hold the largest share of the global aviation IoT market over the forecast period.

North America is projected to hold the largest share of the global aviation IoT market over the forecast period. Aerospace firms, aircraft manufacturers, and some of the biggest airlines in the world are based in North America. These businesses were among the first to use IoT technology, which fueled its expansion and uptake in the area.

Asia-Pacific is expected to grow at the fastest CAGR growth of the global aviation IoT market during the forecast period. Airports, air traffic control systems, and aircraft fleets are among the several nations in the region investing in modernizing their aviation infrastructure. This makes it possible for IoT solutions to be adopted.

Competitive Analysis

Major vendors in the global aviation IoT market are Aeris Communication, Cisco Systems, Inc., Tata Communication, Huawei Technologies Co. Ltd., IBM Corp., Wind River Systems, Inc., Tech Mahindra Ltd., Honeywell International, Inc., SAP SE, Microsoft Corp, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Development

• In March 2023, a digital platform named AVIATAR was developed by Honeywell International, Inc. and Lufthansa Technik with the goal of improving customer experience via aviation analytics.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global aviation IoT market based on the below-mentioned segments: 

Global Aviation IoT Market, By Component

• Hardware
• Service

Global Aviation IoT Market, By Application

• Aircraft Operations
• Asset Management

Global Aviation IoT Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa