Artificial Intelligence in Aviation Market Estimated to Grow at a CAGR of 45.3% During 2022-2027

Artificial Intelligence in Aviation Market

(IT-NEWSWIRE.COM, March 30, 2022 ) The market for Artificial Intelligence in Aviation Market size is forecast to reach $3.69 Billion by 2027, growing at a CAGR of 45.3% from 2022 to 2027. The Artificial Intelligence in Aviation Market is estimated to witness substantial growth over the forecast period primarily due to cost effectiveness, efficiency of the system as well as more timely management of services are driving the artificial intelligence within the aviation market. Artificial intelligence holds great possibilities for the aerospace industry. Implementation of AI in the aerospace sector can allow aircraft manufacturers reorganize production of various components and lessen various safety issues at airports. AI technologies such as machine learning, computer vision, and natural language processing are capable of bringing dramatic changes across different areas such as customer service, smart maintenance, product design, pilot training, and threat identification. The automation of certain parts of the aviation industry allows for more efficient handling of the general systems as well as to improve customer satisfaction. Virtual assistants personalize recommendations based on traveler preference and entitlement and provide and coordinate travel changes during irregular operations, enables rebooking, re-planning of the remaining itinerary. Context awareness in aviation helps understanding of all the factors and conditions within the fundamental risk elements that affect safety before, during and after the flight.

Artificial Intelligence in Aviation Market Segment Analysis – By Technology

The market segment by technology into machine learning, natural language processing, context awareness computing, computer vision and others. The machine learning segment is expected to grow at a higher CAGR of 18% during the forecast period 2022-2027. It is due to machine learning’s capabilities of collecting and handling big data along with its increased ability to perform previously impossible calculations which is driving the growth of the artificial intelligence in aviation market. Machine Learning can increase speed, efficiency, workload and safety to enable more complex technology like autonomous vision-based navigation and data ecosystems.

Artificial Intelligence in Aviation Market Segment Analysis – By Application

The market segment by application into Virtual Assistants, Smart Maintenance, Manufacturing, Training, Surveillance, Flight Operations, Dynamic Pricing and Others. The virtual assistants are the leading segment of all the segments with CAGR of 20% in the forecast period 2022-2027. AI-based virtual assistants help airline companies improve the productivity and efficiency of their pilots by reducing their recurring works, such as changing radio channels, reading wind forecasts, and providing position information on request, among others. These recurring works are taken care by AI-enabled virtual assistants. Virtual Assistants are also used by airline companies to improve customer services. AI enabled audio panels that help pilots operate these panels without taking their hands off the controls.

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Artificial Intelligence in Aviation Market Segment Analysis – By Geography

Artificial Intelligence in Aviation market by geography has been segmented into North America, Europe, APAC, South-America and RoW. Asia-Pacific is expected to dominate the Artificial Intelligence in Aviation Market due to high demand for artificial intelligence technologies from countries such as China, Japan to increase the efficiency of the aviation sector. For instance Alibaba Group from China has announced to supply AI based solutions to avoid congestion at the Beijing airport. These solutions would help pilots find a parking slot for their aircraft easily. Additionally, the increasing adoption of machine learning and NLP technologies for virtual assistance and training applications within the aviation sector is driving the expansion of the market in this region.

Artificial Intelligence in Aviation Market Drivers

Increased adoption of computer vision at airports is driving the market growth of Artificial Intelligence in Aviation

One of the emerging applications of AI at airports is computer vision, a technique which uses cameras and machine learning algorithms to monitor complex ground servicing activities, detect safety issues in real-time or sound alarms when a service is taking longer than expected. A Computer Vision system with real-time object tracking capability can monitor the behaviour of large groups of people. Computers can keep detailed records of the people flow through certain areas, allowing security personnel to predict and quickly respond to crowds or isolated situations. London Gatwick has been one of the first major airports to use computer vision to increase aircraft turnaround times and provide better safety conditions for ground crews. Following the arrival of the COVID-19 pandemic, the opportunities to implement artificial intelligence at airports have increased.

Artificial intelligence in aviation improves operational performance by automating analytics, machine maintenance, customer service, and a variety of other internal processes and tasks

Artificial intelligence and its cognitive technologies that make a sense of data can streamline and automate analytics, machinery maintenance, customer service, as well as many other internal processes and tasks. AI improves air safety and airplane maintenance, messaging automation, crew management, fuel efficiency and in-flight sales and food supply. AI’s applied predictive maintenance; an airline can reduce expenses connected with expedited transportation of parts, overtime compensation of crews, and unplanned maintenance. It helps speeds up and simplifies customer service employee’s workflows by using algorithms for processing natural language or unstructured text. AI systems with built-in machine learning algorithms collect and analyse flight data regarding each route distance and altitudes and helps in optimal amount of fuel needed for flight. Such factors driving the market growth. In December 2020, Airbus successfully completed a test flight using its AI-enabled fully automatic vision-based take-off and landing technology.

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Artificial Intelligence in Aviation Market Challenges

Security concerns and system malfunctions are restricting artificial intelligence in the aviation market

One of the biggest challenges in Artificial Intelligence in Aviation Market is security of data and malfunctioning of systems in the right time. Artificial Intelligence relies on good data. One needs to identify not only the right sources but the right amount of data. Overloading the system with too many data sources can slow things down significantly. Sudden malfunction of systems in the process abrupt the processes. On the other hand, Ground handling is often one of the biggest challenges keeping an airport on schedule. AI can help predict handling times, plan ideal schedules, and prevent teams from stepping on each other’s toes. AI is an incredible tool for improving communication to make the entire ground handling process move smoothly and more efficiently.

Artificial Intelligence in Aviation Industry Outlook

Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Artificial Intelligence in Aviation Market. The Artificial Intelligence in Aviation top 10 companies include:

Intel

NVIDIA

IBM

Micron

Samsung

Xilinx

Amazon

Microsoft

Airbus

Boeing

Acquisitions/Technology Launches/Partnerships

In July 2021, Tata Power partnered with Autogrid and launched residential demand response programme to pilot the acceptability of consumer demand response. Tata Power-DDL intends to empower consumers to better understand their energy consumption towards reducing peak demand and network capital loss.

In Aug 2021, Johnson Controls International and Apollo Global Management formed a joint venture for residential demand response which will provide services to businesses to help improve the energy efficiency of their buildings.

In June 2020, SparkCognition, an artificial intelligence company formed a joint venture with Boeing called SkyGrid. It is planning to build an aerial operating system to support the next generation of autonomous aviation.

Key Takeaways

AI-powered virtual assistants assist airlines in increasing the productivity and efficiency of their pilots by automating repetitive tasks such as changing radio channels, reading wind forecasts, and providing position information on demand, among other things.

North-America is projected to hold the largest share of Artificial Intelligence in Aviation Market during the forecast period due to to high demand for artificial intelligence technologies from countries such as China, Japan to increase the efficiency of the aviation sector.

Artificial Intelligence in Aviation Market is estimated to witness substantial growth over the forecast period primarily due to cost effectiveness, efficiency of the system as well as more timely management of services are driving the artificial intelligence within the aviation market.

Implementation of AI in the aerospace sector can allow aircraft manufacturers reorganize production of various components and lessen various safety issues at airports

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Artificial Intelligence in Aviation Market Estimated to Grow at a CAGR of 45.3% During 2022-2027