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Aviation Blockchain Market; by Application Type (Flight Parts Tracking, Parts Health Monitoring, Smart Contract Frequent Flyer Programs, Cargo & Baggage Tracking, Passenger Identity Management, Inventory Management, Aircraft Maintenance and others); By End User(Military and Civil & Commercial);By End Market (Lessors, Airlines, MRO, Manufacturers, Airports); And By Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2029
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.
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.
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 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 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.
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.
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.
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.
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