Global Aviation Blockchain Market.
Global Aviation Blockchain Market is expected to be valued at USD 1,686.15 Million by 2026, registering a 21.8% CAGR between 2020 and 2026. The need for enhanced transparency and traceability is primarily driving the growth of the market. Furthermore, reduced costs and transactional complexities are driving the growth of the global market.
Increase in the need for advanced data storage system
Growth Opportunities in the Global Aviation Blockchain Market
- Airports segment is expected to record the highest growth in the market: The airports segment accounted for the largest market share and is expected to register the highest CAGR during the review period. The increase in the use of airport IoT solutions for efficient operations visualized safety, and hyper-personalized customer experiences have increased the use of blockchain to store data generated from IoT solutions.
- The airlines segment is expected to record higher growth during the forecast period. This can be attributed to the increasing adoption of inflight entertainment systems and the rising demand for connected aircraft is driving the growth of the market.
- Cargo & baggage tracking segment is expected to register the highest growth in the market: The cargo & baggage tracking segment is expected to record the highest CAGR during the review period. The increasing air passenger traffic has increased the need for efficient baggage tracking solutions, which is expected to boost the demand for blockchain.
- The supply chain management segment is expected to record higher CAGR during the forecast period. Blockchain offers the ability to track any digital or physical product throughout its lifecycle. Thus, the use of blockchain in supply chain management is expected to increase in the forecast period.
- Civil & commercial segment accounted for the largest market share in 2019: The civil & commercial segment is expected to record the higher CAGR during the forecast period. There has been a notable increase in the demand for new aircraft for civil aviation over the last few years. Moreover, the deployment of advanced in-flight entertainment and connected systems in the new aircraft is expected to increase the requirement for blockchains.
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- Aeron Labs (Canada)
- AVINOC Ltd (China)
- IBM (US)
- Infosys (India)
- Insolar Technologies (Switzerland)
- Microsoft Corporation (US)
- Moog Inc. (US)
- Olistics (Switzerland)
- Quillhash Technologies Pvt. Ltd (India)
- Skybuys (Australia)
- Sweetbridge, Inc. (US)