Aviation Industry To Go Faster With Real-Time Data Analytics, Notes TMR

According to a recent research report released by Transparency Market Research, the global commercial avionics systems market is expected to show a fast rate of increment in its competitive index between all the players that are already established in it. Additionally, the entry cost for players into carrier systems is low, making the global commercial avionics systems market a very attractive one for new entrants. The market is projected to reach $31.07 billion by 2024, expanding at a Compound Annual Growth Rate (CAGR) of 3.5% from 2016 to 2024. At the end of 2016, the global commercial avionics systems market is expected to reach $25.34 billion.

"Technological advancements in the aviation industry are playing a big role in the growth of the global commercial avionics systems market. Of the many improvements made in the recent past within this industry, concepts such as the glass cockpit and the massive room for improvements in in-flight entertainment are some of the key factors promoting the growth of the global commercial avionics systems market, said one analyst wit TMR. "The top driver for the market, however, is the intense demand for real-time data analytics from the aviation industry. This is especially prominent in the developed economies from North America and Europe, where the aviation industry is advanced enough to incorporate such technologies. Real-time data analytics can prove to be invaluable for the industry as it allows for a much quicker rate of data processing upon which necessary actions can be taken. The impact of this driver is expected to remain very high for the coming years."

One of the leading problems faced by players from the global commercial avionics systems market is the reluctance shown by clients in terms of taking on the modern systems due to a higher threat of cyber-attacks, according to the report. The high need for internet connectivity for commercial avionics systems allows for a greater window of opportunity for malicious activities. This scare has especially been restrictive for developed economies after aviation industry-based terrorist attacks that have occurred in the past two decades. At the same time, the global commercial avionics systems market also has to manage the sheer complexity of its value chain which includes end users that make low profits from adopting these expensive systems, the constantly increasing fuel prices, and a high maintenance cost of the systems.

The analyst said that the aviation industry is currently doing all it can to make sure modern implementations such as commercial avionics systems take full effect despite whatever issues they hold for now. The U.S. FAA, for instance, is in constant pursuit of improving the national aviation industry and does it through the implementation of programs such as NextGen Avionics. Similar scaled programs are being implemented in other parts of the developed economies, providing a concrete foundation for the global commercial avionics systems market to improve upon.

(Source:Transparency Market Research news release. Image from file) 

FMI: www.transparencymarketresearch.com/commercial-avionics-systems-market.htm