Aviation Blockchain Market Size
Aviation Blockchain Market to surpass USD 1.2 billion by 2030, which is valued at USD 0.5 billion at a compound annual growth rate of 11.3%
A Blockchain is a decentralized system that removes central data threats. Blockchain technology plays a significant role in ensuring a transparent, visible, and well-linked supply chain for the aerospace and defense industry. The existence of large and complex supply chains increases the demand for the defense sector's technology, which in effect boosts the development of the aviation blockchain industry. Also, the blockchain can be a possible and promising solution for the safe accumulation of aircraft maintenance accounts & records, thereby bringing much-needed transparency into information exchange. In the private or public blockchain can be stored service records and diaries, production data and details, product information, and other in-depth information on the aircraft.
Market Highlights
Aviation Blockchain Market is expected to project a CAGR of 11.3% during the forecast period, 2021-2030
This growth is anticipated due to increasing mergers and acquisitions across various sectors which will create a worldwide demand for aviation blockchains. Due to improved transparency and accountability and many blockchain applications in the aviation industry, strong growth in the global aviation blockchain market has been reported in recent years. Also, decreased costs and transactional challenges lead to market growth.
Aviation Blockchain Market: Segments
The passenger identity management segment is anticipated to register 11.3% of the volume share and is expected to grow at the highest CAGR.
Global Aviation Blockchain Market is segmented by Application type into Flight Parts Tracking, Parts Health Monitoring, Smart Contract Frequent Flyer Programs, Cargo & Baggage Tracking, Passenger Identity Management, Inventory Management, Aircraft Maintenance, and others the use of biometrics for passenger screening in the aviation industry provides the ability to collect data for airlines and aviation. The storage of passenger information for biometrics and ID tracking/management can improve the safety of airlines and airports. Most passengers use a smartphone to quickly connect baggage tracking features, alerts, and customized services to their aviation.
The military segment accounted for 11.3% of the global volume in 2019 and is anticipated to grow at the highest CAGR.
The Global Aviation Blockchain market is segmented by end-use into Military Civil & Commercial. The use of aerial unmanned (UAV) vehicles by military agencies worldwide to track, border control, surveillance, identification, missile detection, and satellite communication drives the military segment.
The airline segment accounted for 11.3% of the global volume in 2019 and is anticipated to grow at the highest CAGR.
The Global Aviation Blockchain market is segmented by end market into Lessors, Airlines, MRO, Manufacturers, Airports In 2019, the aviation blockchain market is expected to dominate the airline market. Aircraft stationed on the base for a longer time are of great concern to the aviation business as they work under a small profit margin, and thus operating losses can occur. A clear picture of the layout and maintenance of an aircraft can minimize downtime and unplanned maintenance costs and losses. Therefore, blockchain technology can be used to prevent these losses. The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.
Global Aviation Blockchain Market: Market Dynamics
Driver
Better transparency and application in the military to increase growth
Blockchain technology is a distributed data network that allows the industry to monitor and locate various components in a new, elegant, and secure manner while preventing forgeries and improving maintenance capabilities. Also, this technology offers solid security with tamper-resistant data where all product information is encoded. Also, Blockchain technology is incorporated into IoT, which is expected to drive the worldwide air travel blockchain market to improve transparency and productive supply chain. Military men also use aircraft blockchain for drone management. These drones offer a large variety of purposes and opportunities, especially when the flight is too slow, unsafe, or seemingly unsafe. The U.S. Transportation Department has said that it uses blockchain technology to enrich and enhance UAV safety, flight licensing, access management, and air traffic. Blockchain technology is now commonly used in the military field to explore and illustrate defense-related contracts, agreements, indentures, and shipments with depletion in organizational uncertainty.
Restraint
Lack of standardization to hamper the market growth
Lack of legislation and universal standards, slow integration, and a reluctance to adapt is expected to impede market growth in the aviation industry.
Global Aviation Blockchain Market: Regions
In terms of technology and infrastructure, North America is the most developed region. Increasing airline's and airports' use of technology in this area is one of the key factors that influence the area’s development. The involvement of key players on the markets and major airports is essential to the development of the blockchain aviation industry in the region.
Global Aviation Blockchain market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa
Global Aviation Blockchain Market: Key Players
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Microsoft Corporation
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Zamna Technologies
- Winding Tree
- Filament
- Insolar Technologies
- Moog Inc.
- IBM
- Aeron Labs
- Infosys
- Other prominent players
Global Aviation Blockchain market report also contains analysis on:
Aviation BlockChain Market Segments:
- By Application type:
- Flight Parts Tracking
- Parts Health Monitoring
- Smart Contract Frequent Flyer Programs
- Cargo & Baggage Tracking
- Passenger Identity Management
- Inventory Management
- Aircraft Maintenance
- others
- By Industry Vertical:
- Military
- Civil & Commercial
- By End market:
- Lessors
- Airlines
- MRO
- Manufacturers
- Airports
- Aviation Blockchain Market Dynamics
- Aviation Blockchain Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
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