Report finds 38% growth in aviation AI market to 2022
The global artificial intelligence (AI) for aviation market is expected to grow at a CAGR (compound annual growth rate) of nearly 38% between now and 2022, according to new analysis from Technavio.
The airline and airport operations segment held the largest market share for aviation AI solutions in 2017, accounting for over 53% of the market. This is expected to remain the leading area for AI applications to 2022.
According to Technavio analysts, one of the key factors contributing to the growth of the global artificial intelligence for aviation market is the application of big data in aviation.
Big data is expected to bring aviation benefits such as cost-efficient product design, more efficient manufacturing and operations, and better business decisions and internal operations.
According to a senior aerospace analyst at Technavio: “Essentially, big data is not a novel concept for the aviation industry. For example, sensors have been used since the introduction of fly-by-wire systems to record certain aspects of the flight such as speed, altitude and stability. The concept has now evolved into predictive analysis.
"For instance, big data analysis helps in achieving high efficiency during flight by adjusting the fuel consumption rate for a flying condition while reducing turbulence for a flight path with the help of multiple flight parameters that are recorded and transmitted during the flight.”
The report also notes that blockchain integration into aviation is one of the major AI trends for the sector. Information in the aviation industry is often sensitive and complex – blockchain can improve operational efficiency across the aerospace workflow, Technavio finds.
For example, manufacturers and airline operators are using blockchain for data-sharing and reconciliation, to reduce cross-enterprise business process complexity. Blockchain technologies can be used in ticketing systems, loyalty programmes, security and identity protocols, maintenance and more.