USD 770 million
Aviation Blockchain Market Size, Share, Growth Analysis, By Function(Record Keeping, and Transactions), By Application(Cargo and Baggage Tracking, Passenger Identity Management), By End User(Airlines, Airports) - Industry Forecast 2024-2031
Report ID:
SQMIG20R2040 |
Region:
Global |
Published Date: April, 2024
Pages:
203
|
Tables:
91 |
Figures:
72
Aviation Blockchain Market Insights
Global Aviation Blockchain Market size was valued at USD 770 million in 2022 and is poised to grow from USD 940.56 million in 2023 to USD 4661.73 billion by 2031, growing at a CAGR of 22.15% in the forecast period (2024-2031).
Aviation blockchain is a shared ledger that can be used for tracking, transactions, and building trust with clients or business peers. Increasing popularity of blockchain technology and the rapidly expanding aviation industry are estimated to be key factors driving the demand for aviation blockchain over the coming years. Growing air traffic, emphasis on optimization of airline operations, and the growing need for transparency in the aviation industry are other factors that could promote the adoption of aviation blockchain solutions in the future. Rising proliferation of digital technologies in the air industry is estimated to create new opportunities for aviation blockchain providers over the coming years. Use of blockchain technology can also improve flight data security and further boost the airline industry's growth in the long run.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Airlines
Fastest Growth
Airports
Growth Rate
22.15% CAGR
Global Aviation Blockchain Market ($ Bn)
Country Share for North America Region (%)
Global Aviation Blockchain Market By End User ($ Bn)
Global Aviation Blockchain Market By End User (%)
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Aviation Blockchain Market Segmental Analysis
The global aviation blockchain market is segmented based on function, application, end user, and region. In terms of function, the market is segmented into record keeping and transactions. In terms of application, the market is segmented into cargo and baggage tracking, passenger identity management, flight and crew data management, supply chain management, and others. In terms of end user, the market is segmented into airports, airlines, and others. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Application
The cargo and baggage tracking segment is projected to account for a dominant share of the global aviation blockchain market. Integration of aviation blockchain allows for transparency in the supply chain management, which facilitates the easy tracking of cargo and baggage. Air freight management is being revolutionized by the growing use of aviation blockchain for cargo and baggage tracking applications.
Meanwhile, the use of aviation blockchain for passenger identity management is slated to rise at a robust CAGR across the forecast period. Travellers can have better control over their data by keeping their identities on the blockchain, which has been proven to be much safer and secure as compared to regular web-based solutions.
Analysis by End User
Airlines account for a major chunk of the global aviation blockchain market share at present and are expected to continue with a similar stance through 2031. Increasing emphasis on improving airline crew and passenger safety by automating several tasks and ensuring the best possible airline experience. Deployment of blockchain by airlines can also help them improve their passenger compensation practices in case of cancellations or inconvenience.
Use of aviation blockchain in airports is slated to increase at a rapid pace across the forecast period and beyond. Growing emphasis on increasing baggage and cargo tracking capabilities to reduce losses is a key factor promoting the demand for aviation blockchain in this segment. Rising availability of different aviation blockchain solutions to improve airport’s operational efficiency will also drive market growth.
Global Aviation Blockchain Market By End User, 2023 (%)
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Aviation Blockchain Market Regional Insights
North America accounts for a massive revenue share of the global aviation blockchain market owing to the presence of key airline companies and aircraft manufacturers in this regio. Canada and the United States are estimated to be the leading countries for aviation blockchain providers in this region. Growing acceptance of blockchain solutions among the general populous of this region will also create new opportunities for aviation blockchain market players over the coming years. High number of air travelers in this region will also contribute to the global as well as regional aviation blockchain market development going forward.
The increase in disposable income of people in the Asia Pacific is what allows this region to become the fastest-expanding regional market in the world. Growing number of air travelers, rising adoption of blockchain technology, and increasing emphasis on increasing the aviation experience are other factors that could bolster the demand for aviation blockchain over the coming years. China, India, and Japan are estimated to spearhead aviation blockchain demand outlook in the Asia Pacific region on the back of rising tourism activity in this region.
Global Aviation Blockchain Market By Region, 2024-2031
- Largest
- Fastest
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Aviation Blockchain Market Dynamics
Drivers
Demand for Transparency and Traceability
- Deployment of aviation blockchain helps in maintaining a tamper-free record of aviation practices and improves the traceability of different aviation aspects, which fulfils the demand for enhance transparency and traceability thereby driving market growth as well.
Operational and Cost Benefits
- Use of aviation blockchain will help airlines and airports enhance their operations, which in turn will improve their profits and reduce operational costs. Aviation industry can improve its overall efficiency by deploying different aviation blockchain solutions and boost market development along the way.
Restraints
Standardization Issues
- Not all aviation blockchain platforms can be standardized as different aspects of the aviation industry have different requirements and compliance standards. Therefore, creation of a standard aviation blockchain solution is not possible, which could slow down aviation blockchain market growth potential.
Regulatory Compliance
- Regulatory bodies such as FAA (Federal Aviation Administration) regulations, EASA (European Union Aviation Safety Agency) standards, and ICAO (International Civil Aviation Organization) have different mandates and aviation blockchain solutions will have to comply with them all. Creating such a solution that is compliant with all these norms is slated to be a major challenge for market players going forward.
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Aviation Blockchain Market Competitive Landscape
Aviation blockchain market is fragmented in nature and this means it provides opportunities for new companies to enter the market and establish themselves. However, the massive business presence of leading companies could create challenges for new entrants in the market. Integration of advanced technologies to provide additional features could be a key trend that aviation blockchain companies can capitalize on across the forecast period and beyond. Aviation blockchain market players can capitalize on the growing acceptance and popularity of blockchain technology to maximize their revenue generation potential.
Top Player’s Company Profiles
- INTERNATIONAL BUSINESS MACHINES (IBM) CORPORATION
- INFOSYS LIMITED
- Insolar Technologies
- Filament
- Moog Inc.
- Safeflights Inc. (14bis Supply Tracking)
- Winding Tree
- Microsoft Corporation
- Quillhash Technologies Pvt. Ltd,
- Volantio Inc.
- LeewayHertz
- Sweetbridge Ltd.
- Aeron Labs
- Olistics
- ZAMNA TECHNOLOGIES LIMITED
- AVINOC Ltd.
Recent Developments
- In April 2022, Block Aero Technologies Holdings Inc., a leading name in the aviation blockchain space, announced that it had received strategic investment from JALUX Inc. The companies intend to promote digital transformation in aviation space.
- In May 2023, All Nippon Airways (ANA), the leading airline company in Japan, announced the launch of its new NFT marketplace. Loyalty points and rewards in the aviation industry offer immense scope for the growth of NFT marketplaces.
- In August 2023, Google became one of many other companies to sign up for the sustainable aviation fuel program started by the collaborative effort of Shell Aviation and American Express Global Business Travel (Amex GBT). This is a new blockchain-enabled service.
Aviation Blockchain Key Market Trends
Integration of Advanced Technologies: Aviation blockchain providers should target the integration of advanced technologies such as artificial intelligence, IoT, and machine learning to optimize their product efficiency and offer more advanced features. Aviation blockchain companies can leverage the use of advanced technologies to maximize their profitability and optimize resource allocation as well.
Aviation Blockchain Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, the rapidly expanding aviation industry on the back of growing number of air travelers around the world is projected to bolster the demand for aviation blockchain over the coming years. However, lack of standardization and compliance issues are estimated to impede aviation blockchain market growth across the forecast period. North America is slated to hold sway over global aviation blockchain demand owing to the presence of key airline companies and high adoption of blockchain technologies. Aviation blockchain companies can focus on integrating advanced technologies with their offerings to maximize their revenue generation potential in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 770 million |
| Market size value in 2031 | USD 4661.73 billion |
| Growth Rate | 22.15% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Aviation Blockchain Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Aviation Blockchain Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Aviation Blockchain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Aviation Blockchain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Aviation Blockchain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Aviation Blockchain Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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