Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global aviation blockchain market likely to propel due to the blockchain reduced costs and transactional complexities and help in increased transparency and traceability
The global aviation blockchain market size was valued at USD 398.37 Million in 2019 and projected to reach USD 1744.82 Million by 2027, registering a CAGR of 17.43% during the forecast period 2020-2027. The primary factors are growing demand for air travel around the globe to address the rising air passenger traffic and boosting greenfield & brownfield airport projects. Additionally, the surge in the applications of blockchain to reduce maintenance costs improved passenger experience, improved traceability & transparency of operations, and reduction in transactional complexities will spur the growth of the global aviation blockchain market in the projected periods. Moreover, the growing demand for blockchain to the removal of the risk of fraud, fast transaction settlements, and establishment of consortium and association are vital factors expected to boom the growth of the global aviation blockchain industry.
Airlines have a significant responsibility to protect passenger information, flight manifests, and information of all flight members. Blockchain technology is highly resistant to hacker attacks and can be accessed through authorized access to provide a lower risk solution for storing data and sharing information. Furthermore, the upsurge in demand for blockchain to provide a real-time snapshot of the condition from the assembly line to the retirement of the fleet will augment the aviation blockchain industry in the next few years. Flight data problem-passengers often get conflicting information because the data is stored on different islands. Blockchain technology provides the only true source of information for flight data; it can save passengers a lot of time, effort, and money. Also, the increasing usages of blockchain technology in the aviation industry for superior protection against cyber threats, tracing defense contracts, and creating secure government portals are anticipated to influence the growth of the aviation blockchain market in the forecast span time.
Deployment Type Overview in the Global Aviation Blockchain Market
Based on the deployment type, the global aviation blockchain market classified into Public, Private, and Hybrid. The Hybrid segment likely to lead the market by 2027, owing to hybrid facilitate the operations of airlines & airports, which, in turn, will resolve multiple data management issues along with security.
Function Overview in the Global Aviation Blockchain market
Based on function, the global aviation blockchain market bifurcates into Record-Keeping and Transactions. The record-keeping segment witnessed the largest market share in 2019 and will dominate by 2027. It is owing to it provides details of flight changes or cancellations and ensure that all data regarding the status of engines or other components are up-to-date and safely shared by all parties involved.
Application Overview in the Global Aviation Blockchain Market
Based on application, the global aviation blockchain market segregated into smart contracts, passenger identity management, frequent flyer programs, supply chain management, aircraft maintenance, and cargo & baggage tracking. The passenger identity management projected to lead the market by 2027. It is due to blockchain help in storing passenger information for biometrics and id tracking/management.
End-User Overview in the Global Aviation Blockchain Market
Based on end-user, the global aviation blockchain market categorized into Airports, Airlines, MRO, Manufacturers, and Lessors. The Airports segment will capture a higher market share by 2027, owing to the growing demand for air travel around the world leads to the rise to air traffic.
Regional Overview in the Global Aviation Blockchain Market
By geography, the Global Aviation Blockchain Market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America held a higher market share in 2019 and will continue its dominance by 2027. It is attributable to the presence of major airports in this region, along with the growing adoption of blockchain by airlines, airports, and MRO service providers in this region.
Global Aviation Blockchain Market: Competitive Landscape
Companies such as Microsoft Corporation, IBM, Zamna Technologies, Aeron Labs, Winding Tree, Volantio Inc, Filament, Accenture PLC, Infosys, Insolar Technologies, Leewayhertz Technologies, and Moog Inc. are the key players in the global aviation blockchain market.