(Aviation-NewsWire.Com, July 09, 2020 ) The report "Aviation Blockchain Market by End Market (Airports, Airlines, MRO, Manufacturers, Lessors), Application (Smart Contracts, Supply Chain Management, Aircraft Maintenance, Cargo & Baggage Tracking), Deployment, Function, Region - Global Forecast to 2025" is projected to grow from $421 million in 2019 to $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.
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.
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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