The Aerospace Artificial Intelligence Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Aerospace Artificial Intelligence Global Market Report 2024, The aerospace artificial intelligence market size is expected to see exponential growth in the next few years. It will grow to $3.32 billion in 2028 at a compound annual growth rate (CAGR) of 37.9%. The growth in the forecast period can be attributed to increasing demand for autonomous systems, growing need for predictive maintenance, increasing adoption of AI in aircraft design and manufacturing, increasing use of AI for aircraft inspection and testing, growing demand for ai-powered supply chain management solutions. Major trends in the forecast period include AI in urban air mobility, 5g and AI integration, blockchain for AI security, ai-driven sustainability, resilient AI systems, AI in space resource exploration.
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.
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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
Major companies operating in the aerospace artificial intelligence market are focusing on strategic collaboration to provide reliable services to customers. A strategic collaboration is a partnership formed between two or more entities to achieve specific goals that would be difficult or impossible to reach individually. For instance, in June 2023, Pratt & Whitney, a US-based company manufacturing AI-based solutions for airplanes, collaborated with Awiros, an India-based artificial intelligence startup company, to launch Percept. Percept is an AI-based aircraft engine analysis tool that runs on the Awiros Video Intelligence Operating System (OS). Its cloud-based interface enables users to shoot pictures and videos of aircraft engines using their mobile devices while receiving real-time updates on their availability. This facilitates faster and more cost-effective turnover of rented engine assets. Instead of having an inspector examine an engine and verify it part by component, Percept automates the examination, saving over 90% of the time.
The aerospace artificial intelligence market report table of contents includes:
1. Executive Summary
2.Aerospace Artificial Intelligence Market Characteristics
3.Aerospace Artificial Intelligence Market Trends And Strategies
4.Aerospace Artificial Intelligence Market analysis
5.Aerospace Artificial Intelligence Market Size And Growth
6.Aerospace Artificial Intelligence Segmentation
7.Aerospace Artificial Intelligence Regional And Country Analysis
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27.Aerospace Artificial Intelligence Competitive Landscape And Company Profiles
28.Aerospace Artificial Intelligence Key Mergers And Acquisitions
29.Aerospace Artificial Intelligence Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Microsoft Corporation
- Raytheon Technologies Corp.
- The Boeing Company
- Lockheed Martin Corp.
- General Electric Company
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The AI in Aerospace and Defense Market report is part of our ecosystem of thematic investment research reports, supported by our “thematic engine”.
About our Thematic Research Ecosystem - AI is still in its infancy, despite the R effort that has been expended on it over the years, and in a decade’s time, today’s “state of the art” will seem rudimentary and simplistic.
Therefore, when looking at potential winners in this theme, it is as important to gauge their ability to innovate over the long-term as it is to evaluate the current state of their AI offerings.
Scope -The has developed a unique thematic methodology for valuing technology, media and telecom companies based on their relative strength in the big investment themes that are impacting their industry.
Whilst most investment research is underpinned by backward-looking company valuation models, The’s thematic methodology identifies which companies are best placed to succeed in a future filled with multiple disruptive threats.
To do this, The tracks the performance of the top 600 technology, media and telecom stocks against the 50 most important themes driving their earnings, generating 30,000 thematic scores.
