Aerospace Artificial Intelligence Market Forecasts to 2028 - Global Analysis By Offering (Hardware, Software and Services), Technology (Natural Language Processing, Machine Learning, Context Awareness Computing and Computer Vision), Application (Smart Mai

Aerospace Artificial Intelligence Market Forecasts to 2028 - Global Analysis By Offering (Hardware, Software and Services), Technology (Natural Language Processing, Machine Learning, Context Awareness Computing and Computer Vision), Application (Smart Maintenance, Customer Service and Other Applications) and Geography

According to Stratistics MRC, the Global Aerospace Artificial Intelligence Market is accounted for $746.97 million in 2022 and is expected to reach $5970.38 million by 2028 growing at a CAGR of 41.4% during the forecast period. For the aerospace sector, artificial intelligence (AI) has a great deal of potential. AI implementation in the aerospace industry may enable aircraft manufacturers to reorganise the production of various components and reduce a number of airport safety concerns.

According to GlobalData’s Technology Foresights, which plots the S-curve for the aerospace and defence industry using innovation intensity models built on over 262,000 patents, there are 180+ innovation areas that will shape the future of the industry.

Market Dynamics:

Driver:

Increasing Fuel Efficiency using Artificial Intelligence

Fuel used by aircraft annually equates to billions of gallons. Due to the COVID-19 pandemic, fuel consumption drastically decreased in 2020; however, as air traffic increases, consumption is anticipated to rise over time. Many businesses are already using 3D printing technology to make lightweight components in an attempt to reduce costs brought on by the rise in fuel consumption. Additionally, using artificial intelligence, aerospace companies can increase the fuel efficiency of their aircraft. The highest fuel consumption occurs during an aircraft's climb phase. AI designs can help in the analysis of fuel consumption data by generating climb phase profiles for each aircraft model and pilot by monitoring the climb phase of various aircraft and the aircraft operations of various pilots.

Restraint:

High Cost of Adoption of AI

Another aspect that is expected to contribute to the low adoption of AI models in the aerospace industry is their high cost. For instance, to manage customer inquiries, an airline must invest thousands of dollars in the deployment of a chatbot. Small airline companies would find it extremely difficult to invest in AI technologies, creating a barrier to their adoption.

Opportunity:

Rising Use of AI to Ensure Operational Efficiency and Maintenance of Airplanes

Pilots can evaluate air pressure, altitude, and speed owing to the numerous sensors on their aircraft. AI models can help identify odd behaviour in aircraft parts so that computed sensor parameters can be used more efficiently. For instance, the sensors in turbines can gather the necessary data on temperature, air pressure, and rotational speed. AI models can gain knowledge about typical turbine performance using this information. These data are also used by AI models to ascertain the proper operation of turbines and warn concerned staff of potential issues.

Threat:

Stringent Airline Regulations in Aerospace

Although using AI models in the aerospace sector may be very beneficial, there are also particular risks. The aerospace industry is governed by strict laws and regulations. These requirements must be accompanied by those pertaining to airport security, aircraft design, ground operations, and other aspects. Therefore, organisations must create systems that adhere to all international standards if they want to adopt AI in the aerospace industry. The global aerospace industry will need more time to implement AI as a result.


Covid-19 Impact:

Global governments were forced to impose strict lockdowns and impose travel bans for the majority of 2020 as a result of the COVID-19 outbreak. This caused a sharp decline in air travel demand and hindered the global adoption of artificial technology for aerospace applications. Additionally, nationwide lockdowns compelled factories that make aerospace and AI-related parts to halt production entirely or partially. The COVID-19 pandemic's negative effects have caused delays in global activities and initiatives aimed at creating innovative and reliable aerospace artificial intelligence solutions.

The software segment is expected to be the largest during the forecast period

Due to the rise in the use of AI software to aid businesses in manufacturing, predictive maintenance of aircraft, and pilot training, the software segment is predicted to have the largest market share during the forecast period. Artificial intelligence software is a type of computer programme made to mimic human intelligence by analysing a variety of data patterns and insights. The three main components of AI software are the virtual assistant, machine learning, and speech and voice recognition. In order to provide users with the essential usability they need to streamline business operations more effectively, AI and machine learning are used together. A number of aerospace businesses are using AI software to create cutting-edge solutions that streamline and efficiently perform multiple tasks.

The machine learning segment is expected to have the highest CAGR during the forecast period

The machine learning segment is expected to have lucrative growth during the projection period, as it is concerned with creating programmes that improve in accuracy over time without being programmed. It contains algorithms that can build systems by comprehending input and output data. Additionally, airlines collect and analyse flight data for aircraft type and mass, route distances and heights, and weather conditions using AI systems with built-in machine learning algorithms.

Region with largest share:

During the forecast period, the aerospace artificial intelligence market in North America hold the largest revenue share due to the region's rising airport investments in the U.S. and Canada, as well as the adoption of A.I. technologies by airlines. Furthermore, implementation of A.I. technologies in aerospace engineering is also anticipated to increase in the region, owing to major aerospace players like The Boeing Company and AI startups like Sparkcognition. Moreover, integrating A.I. technologies with aerospace systems was first completed in the United States and Canada. However, the aerospace artificial intelligence market is expected to grow as a result of increased company investments and government initiatives to promote the use of AI technologies in the airline industry.

Region with highest CAGR:

Due to an increase in initiatives to promote the adoption of AI in the aerospace and defence sectors, the Europe region is expected to experience the highest CAGR during the forecast period. Furthermore, European countries with developed aerospace industries include the UK, France, Germany, and Russia, which are among the world's most technologically developed countries. Additionally, it is anticipated that the region's widespread adoption of A.I. technologies will cause the global market to grow exponentially.

Key players in the market

Some of the key players in Aerospace Artificial Intelligence market include IRIS Automation Inc., SITA, Airbus S.A.S., Intel Corporation, The Boeing Company, Thales Group, General Electric Company, International Business Machines Corporation, Sparkcognition, Microsoft Corporation, Google LLC, Alibaba Group Holdings Limited, Amazon Web Services, Inc, Baidu Inc, Verizon Communications Inc, Facebook Inc, Twitter Inc and Hulu LLC.

Key Developments:

In May 2022, Microsoft partnered with Volocopter to build an aerospace cloud system. The system will address the nascent cloud computing requirements for electric vertical takeoff and landing aircraft, UAM, and autonomous aviation.

In April 2022, TruWeather Solutions teamed up with Iris Automation for ground-based weather surveillance for uncrewed aircraft. This meshed network will provide operators with real-time integrated communications, collision avoidance, and micro-weather data.

Offerings Covered:
• Hardware
• Software
• Services

Technologies Covered:
• Natural Language Processing
• Machine Learning
• Context Awareness Computing
• Computer Vision

Applications Covered:
• Smart Maintenance
• Customer Service
• Training
• Manufacturing
• Flight Operations
• Virtual Assistants
• Surveillance
• Dynamic Pricing
• Other Applications

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements