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(IT-NEWSWIRE.COM, October 27, 2023 ) The future of aviation is being reshaped by the Internet of Things (IoT), and the numbers are nothing short of impressive! According to the report "IoT in Aviation Market - Global Forecast to 2025," this dynamic market is set to reach a staggering USD 1,941 million by 2025, up from USD 593 million in 2019, surging at a remarkable CAGR of 21.9% from 2019 to 2025.
Dive into the details with 123 market data tables and 39 figures across 164 pages and explore the comprehensive Table of Content here: IoT in Aviation Market Report.
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What's fueling this meteoric rise, you ask? It's the convergence of wireless network advancements, skyrocketing efficiency, enhanced connectivity, and a passenger experience like never before that's propelling the IoT in aviation.
When it comes to end markets, the airports segment takes center stage, projected to skyrocket at a higher CAGR during the forecast period. Airports, grappling with the demands of increasing passenger traffic, are turning to IoT to streamline operations. Innovations in baggage handling, passenger management, and air traffic control are revolutionizing the aviation landscape.
In the realm of applications, the passenger experience segment is taking off at the highest growth rate. Airlines are on a mission to boost ancillary revenues, and passengers are demanding enhanced travel experiences. With smartphones in hand, passengers are tapping into airline apps for baggage tracking, personalized services, and seamless airport navigation with the help of beacons.
North America is set to lead the charge in the IoT in aviation market. The United States is at the forefront of this revolution, driven by a global imperative to optimize airport operations. With IoT and related technologies, airports are poised to bring transparency to their operations, leveraging data-driven decisions for increased efficiency and passenger satisfaction.
Key Market Players:
Notably, major players in the IoT in aviation industry, including Microsoft Corporation, IBM Corporation, Cisco Systems, Inc., and Honeywell Aerospace, are propelling innovation and investment in this space, contributing to North America's leading position in the market.
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