Authored By: Sarah
02 Jul 2024

 Aerospace Artificial Intelligence Market Size to grow by USD 4694.7 million between 2024-2028

According to a research report “ Aerospace Artificial Intelligence Market” by Component (Software, Hardware, Services) End-user (Machine learning, Natural language processing, Computer vision, Context awareness computing) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 4694.7 million, at a CAGR of  43.6% during the forecast period. In the rapidly expanding aerospace industry, air traffic management has become a critical concern as the number of flights continues to rise. Aerospace Artificial Intelligence (AI) solutions offer a promising response to this challenge, optimizing air traffic flow, reducing congestion, and enhancing the overall efficiency of air transportation systems. According to recent data, international air traffic increased by 68.9% compared to March 2022, with all markets experiencing strong growth, particularly in the Asia-Pacific region. This growth has resulted in a significant increase in international revenue passenger kilometers, up 81.6% over March 2019 levels, and a 10.1 percentage point increase in load factor. AI technologies can analyze data related to flight routes, weather conditions, and air traffic to recommend more fuel-efficient routes, leading to cost savings and reduced environmental impact. These advancements are essential as the industry navigates the complexities of managing increasing air traffic while minimizing operational costs and environmental impact.

Browse market data tables, figures, and in-depth TOC on “Aerospace Artificial Intelligence Market” by Component (Software, Hardware, Services) End-user (Machine learning, Natural language processing, Computer vision, Context awareness computing) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By Component, the Software segment is projected to dominate the market size in 2024

Machine Learning (ML) plays a pivotal role in the aerospace industry by optimizing flight systems through data analysis. ML algorithms process sensor data, weather conditions, and historical flight data to enhance fuel efficiency, minimize emissions, and boost aircraft performance. These algorithms learn from various flight scenarios, adapting to improve fuel consumption, reduce environmental impact, and ensure optimal aircraft functionality. ML also predicts equipment failure by analyzing sensor readings, usage patterns, and historical maintenance data. For instance, Boeing Co.'s safety analytics tool, launched in May 2023, utilizes advanced mathematical models and ML to filter extensive data, identifying potential hazards in aircraft and airline operations, and fortifying safety culture post-two fatal 737 Max crashes.

By End-user, Machine learning  segment is expected to hold the largest market size for the year 2024

In the aerospace industry, Artificial Intelligence (AI) software plays a pivotal role in developing and controlling autonomous systems for unmanned aerial vehicles (UAVs), drones, and spacecraft. These advanced systems utilize AI algorithms for critical functions such as navigation, obstacle detection and avoidance, and real-time decision-making. For instance, Airbus SE's Air Superiority Tactical Assistance Real-Time Execution System (ASTRES) is an AI software project aimed at digitizing human-level experience to support operators in tactical coordination tasks within the Future Combat Air System (FCAS) framework. Additionally, AI software is integrated into flight control systems to optimize performance by analyzing sensor data and adjusting flight parameters in real-time, thereby improving fuel efficiency, reducing emissions, and enhancing overall flight safety.

North America is forecasted to hold the largest market size by region in 2024

The aerospace industry in North America is projected to experience significant growth in the adoption of Artificial Intelligence (AI) technologies during the forecast period. Aerospace companies are actively pursuing the integration of AI to streamline operations and automate various processes, including manufacturing and maintenance. Advanced AI technologies, such as machine learning and robotics, are essential tools in the development of innovative manufacturing processes, including additive manufacturing (3D printing), which optimize the production of aircraft components and structures. AI's predictive capabilities enable airlines and maintenance crews to proactively schedule repairs and replacements based on data analysis from sensors and other sources, thereby minimizing downtime and enhancing overall efficiency.

The Aerospace Artificial Intelligence Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Advanced Micro Devices Inc.
  • Airbus SE
  • Deutsche Telekom AG
  • General Dynamics Corp.
  • General Electric Co.
  • Honeywell International Inc.
  • Indra Sistemas SA
  • Infosys Ltd.
  • Intel Corp.
  • International Business Machines Corp.
  • Iris Automation Inc.
  • Lockheed Martin Corp.
  • Microsoft Corp.
  • Northrop Grumman Corp.
  • NVIDIA Corp.
  • Raytheon Technologies Corp.
  • SITA
  • SparkCognition Inc.
  • Thales Group
  • Shield AI
.

For insights on company offerings- Request a sample report!

Research Analysis Overview

The Aerospace Artificial Intelligence (AI) market is experiencing significant growth due to the integration of AI technologies in various applications across the aerospace sector. One of the primary areas of application is air traffic control, where AI models are used for time series analysis of flight data to identify data patterns and make real-time decisions. In customer services, virtual assistants with voice recognition capabilities are being used to handle queries and provide information to passengers. AI software is also being used for pilot training, providing computer vision-based feedback to help improve skills. Big data analytics is another key area where AI is being utilized to extract valuable insights from vast amounts of data. Human intelligence is still essential, but AI is enhancing its capabilities, making flight operations more efficient and effective. Machine learning algorithms are being used to improve AI models, making them more accurate and reliable. The future of the Aerospace AI market looks bright, with endless possibilities for innovation and improvement.

Market Research Overview

The Aerospace Artificial Intelligence (AI) market is experiencing significant growth due to the increasing demand for air connectivity and air travel. Air transport infrastructure is leveraging AI to enhance air travel experiences through virtual assistants and machine learning segments. Virtual assistants are revolutionizing customer services by handling check-in, security instructions, and customer queries, while machine learning algorithms are used for time series analysis of flight data, wind forecasts, and position information. The services segment of the market includes AI applications in air traffic control, airport operations, and surveillance. AI is used for observing tasks such as language, speech, and vision recognition, enabling efficient communication between air traffic controllers and pilots. AI software is also used for big data analytics, helping airlines optimize their operations and improve customer satisfaction. The software segment includes AI hardware like chips, AI hardware for pilot training, and AI software for voice recognition, speech recognition, and natural language processing (NLP). AI is also used in smart maintenance, storage, computing, networking, and artificial neural networks for operational efficiency. The aerospace sector is also focusing on AI for safety concerns, such as threat detection using scanners and AI models for prototyping and airline regulations. The market is expected to continue growing, driven by the need for operational efficiency, safety, and customer satisfaction in the commercial aviation industry.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

Read News Read Less
Interested in this report?
Get your sample now!
Technavio