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(IT-NEWSWIRE.COM, August 10, 2020 ) The Global MRO Software Market in Aviation is estimated to be $6.9 billion in 2020 and is projected to reach $8.0 billion by 2025, at a CAGR of 2.9% from 2020 to 2025. The rise in demand for reducing the turnaround time and increase in the adoption of software-as-a-service are among the major factors that are expected to drive the market in the coming years.
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Cloud segment is anticipated to grow at a higher CAGR during forecast period
Based on deployment type, the cloud segment is anticipated to grow at a higher CAGR during the forecast period. Cloud-based solutions, also called software-as-a-service, are provided as a service wherein the ERP vendor manages the data, and the services are accessed through a web browser. More recently, the industry has adopted a hybrid model, in which cloud software is hosted on a company’s private servers.
MROs segment is anticipated to grow at highest CAGR during forecast period
The MRO industry uses aviation MRO software mainly to enhance the functional efficiency for various aviation MRO activities, such as services, maintenance, upgrade, and retrofitting of different aircraft engines, spares, components, and systems. The MROs segment is further classified based on employee size, considering which the adoption of aviation MRO software is decided. Replacement of old MRO software systems with advanced digitalized software solutions and IT infrastructure modernization programs are expected to drive the MROs segment.
The MRO software market in aviation is expected to witness substantial growth in Asia Pacific during the forecast period. An increase in passenger traffic is the primary reason for the increased demand for maintenance technicians, and thereby, MRO software, especially in countries such as India, China, Japan, and Singapore. The market is also expected to witness high growth in this region owing to the presence of various major aviation MRO software providers, such as HCL Technologies Limited (India) and Ramco Systems Limited (India).
Key Market Players
The key market players in the MRO software market in aviation are HCL Technologies Limited (India), SAP SE (Germany), International Business Machines Corporation (US), Ramco Systems Limited (India), IFS AB (Sweden), Oracle Corporation (US), Boeing (US), Infor (US), Trax (US), Swiss AviationSoftware (Switzerland), IBS Software (India), Rusada (Switzerland), Communications Software Limited (UK), Flatirons Solutions, Inc. (US), Aviation Intertec Services (Canada), BytzSoft Technologies Pvt. Ltd. (India), Tracware Limited (UK), FLY Online Tools (US), Aerosoft Systems Inc. (US), Lufthansa Technik AG (Germany), GE Aviation (US), and Sopra Steria (France).
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