Increasing demand for automation in various industrial sectors and rapid technological advancement are leading to the development of artificial intelligence technology and widening its application area. According to the report published by Market Research Future (MRFR), the global AI in aviation market is marked to expand strikingly at a CAGR of 46.83% during the forecast period of 2017-2023 and reach the valuation of USD 1014.81 Mn by the end of the assessment period from USD 113.29 Mn in the year 2017.
Rise in demand for process optimization and performance improvement through machine learning along with the utilization of big data in aviation industry are resulting in the remarkable growth of the global AI in aviation market during the forecast period.
The global AI in aviation market has been segmented on the basis of type, equipment, technology and application. based on type, the AI in aviation market has been segmented into hardware, software and services. The hardware segment has been sub-segmented into processors, memory and network. The software segment has been sub-segmented into AI platform and AI solution. The services segment has been sub-segmented into integration & development and support & maintenance. Among these, the software segment commands for the maximum share in the global AI in aviation market.
Based on equipment, the AI in aviation market has been segmented into autocollimator, measuring microscope, profile projector, optical digitizers & scanners (ODS), co-ordinate measuring machine (CMM) and vision measuring machine (VMM). Among these, the co-ordinate measuring machine (CMM) segment command for the largest share in the global AI in aviation market.
Based on technology, the AI in aviation market has been segmented into machine learning, natural language processing, context awareness computing and computer vision. The machine learning segment commands for the major share in the global AI in aviation market and has been sub-segmented into deep learning, supervised learning, unsupervised learning, semi-supervised learning and reinforcement learning.
Based on application, the AI in aviation market has been segmented into surveillance, virtual assistance, flight operations, smart logistics, smart maintenance, training, dynamic pricing, manufacturing and others. The manufacturing segment has been sub-segmented into material movement, inspection & predictive maintenance, production planning, quality control and waste reclamation. The virtual assistance segment commands for the major share in the global AI in aviation market.
AI in aviation market has been segmented into four major regions such as Europe, North America, Asia Pacific and the rest of the world. The North America region is dominating the global AI in aviation market owing to the rapid expansion of aviation industry, easy adoption of technologically advanced solutions in various industrial sectors and current developments in the artificial intelligence technology in this region. The Europe region is projecting significant growth in the global AI in aviation market owing to the increased research and development in the field of artificial intelligence technology in this region. The AI in aviation market in the Asia Pacific region is expanding at the fastest growth rate owing to the increased investment for the development of aviation industry in this region. Lack of penetration of advanced technology and poor economic conditions are restraining the growth of the AI in aviation market in the Middle East and Africa region.
The leading players profiled by MRFR that are operating in the global AI in aviation market are Intel Corporation, Garmin Ltd., IBM Corporation, IRIS Automation, Airbus SE, Boeing, General Electric, Samsung Electronics, Amazon, Microsoft Corporation, NVIDIA Corporation, Neurala Inc., Micron Technology, Xilinx, Thales S.A., Lockheed Martin Corporation, Northrop Grumman Corporation, Pilot AI Labs, Innovative Binaries, Cognitive Code and Searidge Technologies.
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