(I-BusinessNews.Com, September 18, 2020 ) According to the new market research report the Aviation Blockchain Market is projected to grow from USD 421 million in 2019 to USD 1,394 million by 2025, at a CAGR of 22.1% during the forecast period. The increased transparency and traceability and improved passenger experience are some of the major factors driving the growth of the aviation blockchain market.
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By end market, the airlines segment is estimated to lead the aviation blockchain market in 2019.
The airlines segment is estimated to lead the aviation blockchain market in 2019. Aircraft being stationed on the ground for a longer period is a major concern for the airline as they operate within a limited profit margin and thus, it can incur operational losses. The accurate view of an aircraft configuration and maintenance could help reduce costs and losses related to downtime and unplanned maintenance. Thus, these losses can be avoided by leveraging blockchain technology.
By application, the passenger identity management segment is projected to grow at the highest rate during the forecast period.
The passenger identity management segment is estimated to grow at the highest CAGR during the forecast period. The use of biometrics in the aviation industry for passenger processing offers opportunities to gather data for airlines and airports. Storing passenger information on blockchain for biometrics and ID tracking/management can allow airlines and airports to enhance their security. The majority of passengers carry a smartphone with them, which will easily enable them to plug in airline apps for baggage tracking, alerts, and request personalized services.
The aviation blockchain market in North America is projected to grow at the highest CAGR during the forecast period.
The aviation blockchain market in North America is projected to grow at the highest CAGR during the forecast period. North America is the most advanced region in terms of technology adoption and infrastructure. Increasing the adoption of technology by airlines and airports in this region is one of the major factors impacting the growth rate of this region. The presence of key market players and major airports are the main factors driving the growth of the North American aviation blockchain market.
Key Market Players
Some of the major players in the aviation blockchain market include Microsoft Corporation (US), IBM (US), Zamna Technologies (UK), Aeron Labs (Belize), Winding Tree (Switzerland), Volantio Inc (US), Filament (US), Infosys (India), Insolar Technologies (Switzerland), LeewayHertz Technologies (US), and Moog Inc. (US). These players provide blockchain platforms and solutions to various aviation companies.
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