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Global AI in Aerospace Market Report, Outlook, Share, Growth, and Forecast to 2028
- May 9, 2022
- ID: SR/DA-14
- Format:Pdf
- Pages:220
Global AI in Aerospace Market By Offering (Software, Hardware, and Services), By Technology (Machine Learning, Natural Language Processing, Computer Vision, and Context Awareness Computing), Application (Virtual Assistants, Smart Maintenance, Manufacturing, Training, Surveillance, Flight Operations, Dynamic Pricing, and Others), and By Region (North America, Europe, Asia-Pacific, South America and The Middle East & Africa)-Global Forecast to 2030.
AI in Aerospace Market Overview
The global AI in Aerospace market is estimated to reach USD 5825.9 Million by 2030 with a significant CAGR of 44.5% during the forecast period of 2022-2030. It was valued at USD 473.6 Million in 2022.
The increasing usage of use of big data in the aerospace industry, rising adoption of cloud-based applications and services, and growing investments in the adoption of Artificial Intelligence (AI) in the aerospace industry are some of the prominent factors accelerating the growth of the AI in Aerospace market during the forecast period. However, the limited adoption of artificial intelligence and machine learning in aviation industries due to lack of access to high-quality data, increased dependability on simple models as compared to complex models and a lack of skilled workforce and partners to implement it effectively are expected to restrain the growth of the global AI in Aerospace market in the coming years.
What is AI in Aerospace?
Artificial intelligence (AI) in aerospace involves including services and systems such as automated baggage check-in, facial recognition, addressing customer queries, and aircraft fuel optimization, among others. Artificial intelligence (AI) is also used in ground operations, such as air traffic control and real-time support systems. Also, Artificial intelligence plays a significant role in cutting costs, reducing the design cycle time, simulation, prototyping, optimization, and maintenance. Artificial Intelligence (AI) could help aerospace companies optimize their manufacturing processes. These functions are implemented to decrease the labor intensity of the employees primarily and ensure an efficient and smooth running of certain processes in the aerospace industry.
Growth Drivers
Growing adoption of AI in Aerospace industry
The growing adoption of AI in aerospace to enhance customer services, reducing the design cycle time, simulation, prototyping, optimization, maintenance, and manufacturing will be expected to propel the growth of AI in the aerospace market across the globe. The increasing usage of AI in the aviation industry for baggage screening, passenger identification, customer support, and facial recognition is also anticipated to propel the market’s growth across the globe. AI in the aviation industry is also utilizing AI-predicted maintenance for faster identification and reporting of potential failures in real-time, predicts the repair timeline and ensures the process is smoother and faster in an aircraft. Furthermore, aerospace AI also helps increase customer satisfaction and is considered a cost-effective service as it can also provide smart maintenance, optimize fuel efficiency, improve services, and better security.
The increasing focus among various organizations on manufacturing lightweight aircraft components to reduce overall aircraft weight to minimize fuel consumption is also expected to boost the growth of the global AI in the aerospace market during the forecast period. In addition, AI also helps pilots during flights by analyzing critical data like the fuel system, system status, weather conditions, and other major parameters that can be assessed in real-time to optimize a flight path. Moreover, AI is also used to enhance pilot training facilities by providing pilots with a realistic simulation background with the help of AI-enabled simulators coupled with virtual reality systems. These simulators can also collect and analyze several data regarding training for creating personalized training data with biometrics to track an individual’s performance. These are the key factors increasing the adoption of AI in Aerospace industries across the globe.
Pre Covid-19 Impact on Global AI in Aerospace Market
The rapid growth of the aerospace industries and the growing adoption of various technological advancements in the aerospace industries to enhance the overall customer experience have stimulated the growth of the global AI in the aerospace market in the pre-COVID era. The increased adoption of artificial intelligence in the aerospace industry over conventional methods to establish a modern and technologically advanced infrastructure has also boosted the growth of AI in the aerospace market across the globe. Also, Artificial intelligence is increasingly being used to create efficient, faster and lighter parts in the aerospace industry and is increasingly applied to find innovative ways to design them, which has positively affected the growth of the product market in the pre-COVID era.
Covid-19 Impact on Global AI in Aerospace Market
The outbreak of the COVID-19 pandemic has significantly affected the growth of AI in the aerospace market across the globe. It has negatively impacted the growth of every industry, all sectors and all aspects of consumers’ lives with devastating economic and financial losses and significant uncertainties. During the early outbreak of the pandemic, various government and health organizations imposed a traveling ban, which has significantly affected the growth of the aerospace industries across the globe. Furthermore, the nationwide lockdown has also created disruptions in the supply chain of raw materials. Due to the non-availability of the workforce and the complete shutdown of manufacturing facilities, the ongoing manufacturing process has affected the ongoing manufacturing process across the globe.
Post Covid-19 Impact on Global AI in Aerospace Market
The introduction of COVID-19 vaccines and the uplifting of various travel restrictions have increased the number of travelers across the globe. The uplifting of these travel restrictions and the pandemic outbreak have changed the mindset of consumers across the globe. This change in mindset has increased traveling activities among consumers, significantly increasing the number of passengers across the globe. Furthermore, due to the pandemic, passengers increasingly prefer social distancing and contactless services, which has led to the increased adoption of Artificial Intelligence among airlines and airport services, such as facial recognition. These are the prominent factors increasing the adoption of AI in aerospace across the globe.
By Offering Segmental Analysis
Based on Offering, the global AI in the Aerospace market is segmented into software, hardware, and services. The Software segment accounted for the highest market share in the global AI in the Aerospace market in 2021 and is expected to continue this trend during the forecast period. This growth is attributable to the increasing developments in AI software for various applications such as flight operations, surveillance, and airport operations, such as facial recognition. Furthermore, the growing adoption of AI software in the designing of aircraft components and pilot training will also increase the growth of the software segment in the market. Furthermore, the hardware segment is expected to witness significant growth in the AI in Aerospace market during the forecast period.
By Technology Segmental Analysis
Based on Technology, the global AI in Aerospace market is segmented into machine learning, natural language processing, computer vision, and context awareness computing. The Machine Learning segment is expected to hold the highest market share in the global AI in Aerospace market in 2021 and is expected to continue this trend during the forecast period. This growth is attributable to its ability to collect and handle big data, along with its increased ability to perform previously impossible calculations.
By Application Segmental Analysis
Based on Application, the global AI in Aerospace market is segmented into virtual assistants, smart maintenance, manufacturing, training, surveillance, flight operations, dynamic pricing, and others. The Virtual Assistants segment is expected to hold the highest share in the global AI in Aerospace market during the forecast period. This growth is attributable to increased adoption of AI-based virtual assistants among airlines companies to improve their productivity and efficiency of pilots by reducing recurring works, such as changing radio channels, reading wind forecasts, and providing position information on requests.
By Regional Segmental Analysis
Based on region segmental analysis, the global AI in the Aerospace market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. The Asia Pacific region is expected to dominate the global AI in the Aerospace market in 2021 and is expected to continue this growth during the forecast period. The rapid expansion of the aviation industry among various emerging economies of the Asia Pacific, such as China, Japan, and India, to increase the efficiency of their aviation sector is the primary factor driving the growth of the AI in the aerospace market in the region. Furthermore, the rapidly increasing population and industrialization have also increased the number of passengers among these countries, owing to which various airlines and airport authorities are increasingly investing in the deployment of these technologies in the region.
Competitors Analysis
The companies include Intel Corporation, Nvidia Corporation, International Business Machines Corporation, Micron Technology, Inc., Samsung, Xilinx, Inc., Amazon.com, Inc., Microsoft Corporation, Airbus SE, The Boeing Company, General Electric, Thales Group, Lockheed Martin Corporation, and Garmin are the prominent players in the global AI in Aerospace market.
Key Stakeholders
- Market research and consulting firms
- Industry associations
- AI in Aerospace Solution Providers
- Local Governments
- Regulatory bodies
- Suppliers
- Retailers
Scope of the Report
| Report Attribute | Details |
|---|---|
| Revenue in 2021 | USD 473.6 Million |
| The revenue forecast in 2028 | USD 5825.9 Million |
| CAGR | 44.5% |
| Historical data | 2017 – 2020 |
| Base Year | 2021 |
| Forecast period | 2022 – 2028 |
| Region covered | North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
| Key companies Profiled | Intel Corporation, Nvidia Corporation, International Business Machines Corporation, Micron Technology, Inc., Samsung, Xilinx, Inc., Amazon.com, Inc., Microsoft Corporation, Airbus SE, The Boeing Company, General Electric, Thales Group, Lockheed Martin Corporation, and Garmin |
Market Modelling
By Offering
- Software
- Hardware
- Services
By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness Computing
By Application
- Virtual Assistants
- Smart Maintenance
- Manufacturing
- Training
- Surveillance
- Flight Operations
- Dynamic Pricing
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- The Middle East & Africa
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Report Content
- Research Strategic Development
- Market Modelling
- Product Analysis
- Market Trend and Economic Factors Analysis
- Market Segmental Analysis
- Geographical Mapping
- Country Wise Segregation
- Research Methodology
- Secondary Research
- Primary Research
- Data Triangulation
- Historical Data
- Identification of Segment
- Market Size Calculating
- Research Objective
- Executive Summary
- Market Insights
- Economic Factor Analysis
- Drivers
- Trends
- Opportunities
- Challenges
- Technological Innovation
- Competitors & Product Analysis
- Regulatory Framework for AI in Aerospace
- Company market share analysis, 2021
- Porter’s Five forces analysis
- New Investment Analysis
- PESTEL Analysis
- Impact of COVID-19 on Global AI in Aerospace Market
- Pre Covid-19 Impact on Global AI in Aerospace Market
- Covid-19 Impact on Global AI in Aerospace Market
- Post Covid-19 Impact on Global AI in Aerospace Market
- Economic Impact study on Global AI in Aerospace Market
- Economic Factor Analysis
- Global AI in Aerospace Market Overview
- Global Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- Market Share & Forecast, 2017-2028
- By Offering
- Software
- Hardware
- Services
- By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness Computing
- By Application
- Virtual Assistants
- Smart Maintenance
- Manufacturing
- Training
- Surveillance
- Flight Operations
- Dynamic Pricing
- Others
- By Region
- North America
- Europe
- Asia Pacific
- South America
- The Middle East & Africa
- By Offering
- Demand
- Global Market Size & Forecast, 2017-2028
- North America AI in Aerospace Market Overview
- North America AI in Aerospace Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- North America AI in Aerospace Market Share & Forecast, 2017-2028
- By Offering
- Software
- Hardware
- Services
- By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness Computing
- By Application
- Virtual Assistants
- Smart Maintenance
- Manufacturing
- Training
- Surveillance
- Flight Operations
- Dynamic Pricing
- Others
- By Country
- US
- Canada
- Mexico
- By Offering
- Demand
- North America AI in Aerospace Market Size & Forecast, 2017-2028
- Europe AI in Aerospace Market Overview
- Europe AI in Aerospace Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- Europe AI in Aerospace Market Share & Forecast, 2017-2028
- By Offering
- Software
- Hardware
- Services
- By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness Computing
- By Application
- Virtual Assistants
- Smart Maintenance
- Manufacturing
- Training
- Surveillance
- Flight Operations
- Dynamic Pricing
- Others
- By Country
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- By Offering
- Demand
- Europe AI in Aerospace Market Size & Forecast, 2017-2028
- Asia Pacific AI in Aerospace Market Overview
- Asia Pacific AI in Aerospace Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- Asia Pacific AI in Aerospace Market Share & Forecast, 2017-2028
- By Offering
- Software
- Hardware
- Services
- By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness Computing
- By Application
- Virtual Assistants
- Smart Maintenance
- Manufacturing
- Training
- Surveillance
- Flight Operations
- Dynamic Pricing
- Others
- By Country
- China
- India
- Japan
- Australia
- Rest of Asia Pacific
- By Offering
- Demand
- Asia Pacific AI in Aerospace Market Size & Forecast, 2017-2028
- South America AI in Aerospace Market Overview
- South America AI in Aerospace Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- South America AI in Aerospace Market Share & Forecast, 2017-2028
- By Offering
- Software
- Hardware
- Services
- By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness Computing
- By Application
- Virtual Assistants
- Smart Maintenance
- Manufacturing
- Training
- Surveillance
- Flight Operations
- Dynamic Pricing
- Others
- By Country
- Brazil
- Argentina
- Rest of South America
- By Offering
- Demand
- South America AI in Aerospace Market Size & Forecast, 2017-2028
- The Middle East & Africa AI in Aerospace Market Overview
- The Middle East & Africa AI in Aerospace Market Size & Forecast, 2017-2028
- Demand
- By Value (USD Billion)
- The Middle East & Africa AI in Aerospace Market Share & Forecast, 2017-2028
- By Offering
- Software
- Hardware
- Services
- By Technology
- Machine Learning
- Natural Language Processing
- Computer Vision
- Context Awareness Computing
- By Application
- Virtual Assistants
- Smart Maintenance
- Manufacturing
- Training
- Surveillance
- Flight Operations
- Dynamic Pricing
- Others
- By Country
- Saudi Arabia
- UAE
- South Africa
- Rest of the Middle East & Africa
- By Offering
- Demand
- The Middle East & Africa AI in Aerospace Market Size & Forecast, 2017-2028
- Competitor Analysis
- Company Description
- Financial Analysis
- Key Products
- Key Management Personnel
- Contact Address
- SWOT Analysis
- Company Profile
- Intel Corporation
- Nvidia Corporation
- International Business Machines Corporation
- Micron Technology, Inc.
- Samsung
- Xilinx, Inc.
- com, Inc.
- Microsoft Corporation
- Airbus SE
- The Boeing Company
- General Electric
- Thales Group
- Lockheed Martin Corporation
- Garmin
- Other Prominent Players
Frequently Asked Questions (FAQ):
Artificial intelligence (AI) in aerospace involves including services and systems such as automated baggage check-in, facial recognition, addressing customer queries, and aircraft fuel optimization, among others. Artificial intelligence (AI) is also used in ground operations, such as air traffic control and real-time support systems.
The global AI in Aerospace market is estimated to reach USD 5825.9 Million by 2030 with a significant CAGR of 44.5% during the forecast period of 2022-2030. It was valued at USD 473.6 Million in 2022.
The increasing usage of use of big data in the aerospace industry, rising adoption of cloud-based applications and services, and growing investments in the adoption of Artificial Intelligence (AI) in the aerospace industry are some of the prominent factors accelerating the growth of the AI in Aerospace market during the forecast period.
The limited adoption of artificial intelligence and machine learning in aviation industries due to lack of access to high-quality data, increased dependability on simple models as compared to complex models and a lack of skilled workforce and partners to implement it effectively are expected to restrain the growth of the global AI in Aerospace market in the coming years.
Companies like Intel Corporation, Nvidia Corporation, International Business Machines Corporation, Micron Technology, Inc., Samsung, Xilinx, Inc., Amazon.com, Inc., Microsoft Corporation, Airbus SE, The Boeing Company, General Electric, Thales Group, Lockheed Martin Corporation, and Garmin are the prominent players in the global AI in Aerospace market.
