Artificial Intelligence in Aviation Market Worth USD 2,222.5 Million by 2025
February 12, 2018 --
PUNE, India, February 12, 2018 /PRNewswire/ --
The report "Artificial Intelligence in Aviation Market by Offering (Hardware, Software, Service), Technology (Machine Learning, Context Awareness, NLP, Computer Vision), Application (Virtual Assistants, Smart Maintenance), and Geography - Global Forecast to 2025", published by MarketsandMarkets™ , is expected to be valued at USD 152.4 Million in 2018 and is likely to reach USD 2,222.5 Million by 2025, at a CAGR of 46.65% during the forecast period.
Browse 65 Tables and 52 Figures spread through 161 Pages and in-depth TOC on "Artificial Intelligence in Aviation Market"
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The major factors driving the growth of the AI in aviation market include the use of big data in the aerospace industry, significant increase in capital investments by aviation companies, and rising adoption of cloud-based applications and services in the aviation industry.
Machine learning to hold the largest share of the AI in aviation market in 2018
Machine learning enables systems to automatically improve their performance with experience. This technology holds a major share of the AI in aviation market owing to its ability to collect and handle big data, along with its increased ability to perform previously impossible calculations.
AI in aviation market for hardware to grow at a high rate between 2018 and 2025
The growth of the market for hardware can be attributed to the increasing need for hardware platforms with high computing power to run various machine learning algorithms both on servers and on devices. AI systems require highly effective and efficient hardware to display intelligent capabilities similar to the human brain.
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AI in aviation market for surveillance to grow at a high rate between 2018 and 2025
The growth of the market for surveillance applications can be attributed to the ongoing developments in the field of AI-enabled drone surveillance, specifically designed for inspection purposes in the aviation industry. For example, in September 2017, Aerialtronics DV B.V. (Netherlands), Neurala (US), and NVIDIA (US) collectively developed an AI-based drone for flight inspections. Such product launches and developments are expected to drive the growth of the AI in aviation market for surveillance applications.
North America to hold the largest share of the overall AI in aviation market by 2025
Virtual assistance, smart maintenance, manufacturing, and surveillance are some of the major application areas for AI in the aviation sector in North America. Further, the US is one of the leading countries in the world in terms of adopting AI technologies in multiple application areas. Also, continuous growth in the number of air travelers is encouraging airline companies to adopt AI in their daily operations to enhance their efficiency.
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Some of the key players operating in the AI in aviation market are Intel (US), NVIDIA (US), IBM (US), Micron (US), Samsung (South Korea), Xilinx (US), Amazon (US), Microsoft (US), Airbus (France), Boeing (US), General Electric (US), Thales (France), Lockheed Martin (US), and Garmin (US).
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