Overview and Scope
Aerospace artificial intelligence (AI) refers to artificial intelligence technology used to manage complexity, increase production, and solve disruptions in the aerospace industry. Aerospace artificial intelligence assists in aircraft maintenance, factory automation, fuel monitoring and efficiency, and aircraft design and manufacturing.
Sizing and Forecast
The aerospace artificial intelligence market size has grown exponentially in recent years. It will grow from $0.65 billion in 2023 to $0.92 billion in 2024 at a compound annual growth rate (CAGR) of 42.1%. The growth in the historic period can be attributed to increase in fuel efficiency by the use of artificial intelligence (ai), ongoing developments and increased investments, utilization of AI for tasks, growing demand for unmanned aerial vehicles, increasing focus on improving air traffic management.
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Segmentation & Regional Insights
The aerospace artificial intelligence market covered in this report is segmented –
1) By Offering: Software, Hardware, Services
2) By Technology: Machine Learning, Natural Language Processing, Computer Vision, Context Awareness Computing
3) By Application: Customer Service, Smart Maintenance, Manufacturing, Training, Flight Operations, Other Applications
North America was the largest region in the aerospace artificial intelligence market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aerospace artificial intelligence market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for air travel is expected to propel the growth of the aerospace artificial intelligence market in the coming years. Air travel is the process of moving from one location to another utilizing flying objects such as aircraft, helicopters, air balloons, or any other kind of vehicle capable of continuous flight. Air travel integrates aerospace artificial intelligence to improve flight management, maintenance prediction, and autonomous systems in the aviation industry, therefore increasing safety, efficiency, and passenger experience. For instance, in March 2023, according to the United States Bureau of Transportation Statistics, a US-based of national transportation, the US airlines handled 194 million extra travelers in 2022 compared to 2021, a 30% increase annually. Further, in 2022, US airlines transported 853 million travelers (unadjusted), an increase from 658 million in 2021 and 388 million in 2020. Therefore, the growing demand for air travel is driving the growth of the aerospace artificial intelligence market. Therefore, the growing demand for air travel is driving the aerospace artificial intelligence market.
Key Industry Players
Major companies operating in the aerospace artificial intelligence market report are Microsoft Corporation, Raytheon Technologies Corp., The Boeing Company, Lockheed Martin Corp., General Electric Company, Airbus S.A.S., International Business Machines Corporation (IBM), Intel Corporation, Northrop Grumman Corp., NVIDIA Corp., BAE Systems plc, Infosys Ltd., Thales Groups, L3Harris Technologies, Inc., Textron Systems, Dassault Systèmes SA, Embraer SA, Indra Sistemas SA, Kongsberg Gruppen, Honeywell Aerospace, Curtiss-Wright Corporation, Meggitt PLC, SITA, Kratos Defense & Security Solutions, AeroVironment, PAL Aerospace, Shield AI, Spark Cognition, Iris Automation Inc.
The aerospace artificial intelligence market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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