Aviation Blockchain Market Projected to Have a CAGR of 22.5% from 2020 to 2027 -- Fior Markets

The global aviation blockchain market is expected to grow from $420 million in 2019 to $2.12979 billion by 2027, at a CAGR of 22.5% during the forecast period 2020-2027 according to a new study conducted by Fior Markets.

North America is expected to dominate the market and show the highest growth rate during the forecast period. The rising technological advancements in the aviation sector is expected to drive the market growth. The massive investments in the infrastructural advancements and development of blockchain will fuel the growth of the market. The existence of the leading players globally in the region, along with the major airports, will boost the market growth significantly. The Asia-Pacific region is also expected to show a high growth rate due to the rising demands for airplane and increasing expenditure in the defense sector. India and China are the leading countries driving the market growth.

Some of the leading players of the globe include IBM, Accenture PLC, Microsoft Corporation, Insolar Technologies, Zamna Technologies, Loyyal Corporation, Winding Tree, Aeron Labs, Filament, LeewayHertz Technologies, Infosys, and Moog Inc. The companies are focusing on collaborations, joint ventures, mergers and acquisitions for technological progress and completion of a large number of missions. The companies are also adopting research and development to come up with innovative launches. In 2019, Microsoft Azure and GE Aviation came into a strategic partnership for improving the supply chain by active tracing of blockchain.

This study delivers a comprehensive analysis of the end-market, application, deployment, function, and regions. On the basis of end-market, the product can be segmented into airlines, airports, MRO, lessors, and manufacturers. The airlines are expected to dominate the market and show a high growth rate during the forecast period. For reducing the turnaround time of the aircraft and increasing frequency of trips, blockchain reduces the time and costs required for unplanned maintenance, thereby fueling the market growth. The airports segment dominates the market due to strong facilitation of tracking location of cargo and passenger bags. On the basis of application, the market can be divided into supply chain management, smart contracts, cargo & baggage tracking, and aircraft maintenance. The supply chain management segment is expected to grow at the highest rate during the forecast period. The ability of blockchain technology to provide the efficient support and visibility of entire life cycle helps in effective management of the supply chain. On the basis of deployment, the market can be divided into private, public, and hybrid. On the basis of function, the market can be divided into transactions and record-keeping.

The rapid increase in the demand for air travel due to a rise in the number of passengers is expected to drive market growth. The benefits of blockchain, such as reduced unplanned and downtime maintenance costs, increase in the plane value, improvement in productivity of the worker, enhanced transparency, and better customer experience, are expected to boost market growth. The existence of a very complex and large supply chain in the defense sector will increase the demand for aviation blockchain to ensure a well-connected and transparent supply chain.