The aviation analytics market is projected to grow from USD 1.7 billion in 2020 to USD 3.0 billion by 2025, at a CAGR of 11.5% from 2020 to 2025. Some of the factors that are expected to fuel the growth of the aviation analytics market include the increasing focus on analytics solutions and competitive intelligence to increase profitability of aviation business and increasing customer centricity in aviation industry. To know about the assumptions considered for the study, Request for Free Sample Report COVID-19 Impact on the Global Aviation analytics Market The aviation analytics market includes major players such as Oracle (US), General Electric (US), Lufthansa Technik (Germany), SAP (Germany), and IBM (US). These players have spread their business across various countries includes North America, Europe, Asia Pacific, Middle East, Africa, and South America. COVID-19 has impacted their businesses as well. Industry experts believe that COVID-19 could affect aviation analytics services by 40-45% globally in 2020. The rapid spread of COVID-19 in Europe, the US & Asia Pacific has led to a significant drop in demand for aviation analytics globally, with a corresponding reduction in revenues for various aviation analytics service providers across all markets owing to late delivery, manufacturing shutdown, and limited availability of equipment. As per industry experts, the global aviation analytics demand is anticipated to recover by 2023 fully. Aviation analytics Market Dynamics Driver: Demand for optimized business operations through the application of structured analytical solutions The rising competitiveness in the aviation industry is encouraging companies to deploy advanced data analytics to retain their market share on the global platform. Data analytics is beneficial to aviation companies to achieve high sales and operational profitability. Analytical solutions, such as profitability analysis, forecast analysis, competitive analytics, sales analysis, and reliability analytics enable companies to obtain, organize, analyze, store, and retrieve large amounts of information about their markets and customers, as well as automate various marketing and operational tasks. A focused approach to data-driven decision-making enables aviation companies to reduce downtime and costs and track assets at various stages of the value chain, which essentially results in the optimization of business operations and thus increases the profitability of the business. Additionally, companies can track customer behavior and preferences to stay ahead of the competition and design their offerings based on structured analysis. Leading companies such as SAP SE, Honeywell, and Oracle Corporation offer revenue management and predictive analytics solutions and maintenance and repair services that minimize operational losses. SAP SE offers order management and asset management solutions that are used to manage the process of receiving, tracking, and fulfilling customer orders for aviation businesses. Restraint: Lack of appropriate analytical skills Skilled professionals are required to operate aviation analytics, as large volumes of data generated through these analytics need to be efficiently analyzed. The use of data analytics is also a time-consuming process, as various parameters are taken into consideration prior to any decision-making. Analytics can be quite complex, and the skills required to build a model include technical skills as well as analysis and critical thinking. Thus, the lack of professionals with analytical skills can hinder the growth of aviation analytics. There are numerous small & medium companies that cannot afford to have a sufficient workforce owing to their limited budgets. Aviation companies end up spending most of their resources on capturing and correcting data generated from various sources instead of analyzing them. Adequate business knowledge is also required in conjunction with appropriate training to help build a data-driven decision-making culture, which can be a challenge for many organizations. Opportunity: Cloud-based real-time data collection and analytics With the use of cloud-based real-time data collection and analytics, aviation companies get insights as soon as the data enters their systems. Real-time analytics allows businesses to respond without delay and cater to the needs for efficient business environments with optimum operational profitability. Real-time analytics enable enterprises to respond quickly and accurately to opportunities and tackle issues to ensure smooth operations. These analytics solutions offer flexibility and help airlines improve their flight operations by increasing fuel efficiency, enhancing flight risk management, and reducing unscheduled downtime significantly. Challenge: Requirement of diverse data models Currently, large as well as small & medium organizations in the aviation industry are using various data formats, such as texts, videos, speech, and images to analyze and generate insights for their businesses. A variety of data models exist for different types of business needs. These data models are integrated with specific types of analytic solutions. For example, machine-generated data is modeled differently as compared to the data obtained from other sources, such as the web and social media. The difference in the modeling of these data is based on their application. Machine-generated data can be analyzed using supply chain analytics or operational analytics, while web and social network data can be analyzed using social media analytics. Organizations need to define different business rules to manage different data models and integrated analytics solutions. Full Report @ https://www.marketsandmarkets.com/Market-Reports/aviation-analytics-market-26274177.html
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