Aerospace Artificial Intelligence Market to Reach Valuation of USD 6.02 Billion by 2030 – the Growing Use of AI-Based Technologies in the Aerospace Sector Drives the Market

In terms of revenue, the Global Aerospace Artificial Intelligence Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 44.5% from 2023 to 2030.

Artificial intelligence (AI) has the potential for delivering substantial benefits for the aerospace sector. By incorporating AI technologies like machine learning, computer vision, and natural language processing, manufacturers can streamline production processes for different components and improve airport safety measures. AI advancements can also revolutionize customer service, smart maintenance, product design, pilot training, and threat identification across various sectors.

Major aircraft manufacturers such as Airbus S.A.S and Boeing have recognized the importance of AI and have already introduced AI-based products and research initiatives. Additionally, these companies have invested significantly in AI start-up firms through their venture arms to develop innovative AI-driven solutions. For example, engineers at Boeing are utilizing artificial intelligence to enhance the efficiency of precision automation equipment used in aircraft assembly in South Carolina. Airbus has also recently launched Algym and Skywise solutions, which are expected to bring great value to aerospace companies.

Furthermore, the market is expected to be driven during the forecast period due to the growing use of AI-based technologies in the A&D sector and the rising investments to develop and incorporate AI and machine learning (ML) into various end-user sectors. Nonetheless, the initial stages of development and implementation of a new technology often present technical and operational challenges that hinder the adoption of AI-based technologies.

Key Highlights from the Report

• Based on Offering, the Software segment dominates the Aerospace Artificial Intelligence market owing to the rapid emergence and investments in the development of AI-based software.
• Based on Technology, the Machine Learning segment accounted for the substantial growth of the market in 2022 owing to the rising demand for big data analytics and the growing need for collecting data.
• Based on the Application, the Smart Maintenance segment mentioned the most significant market growth in 2022 owing to the need for effective and affordable maintenance procedures.
• Based on region, North America holds the significant market share within the Aerospace Artificial Intelligence market in 2022 owing to the presence of well-established air transport infrastructure.

Market Dynamics

Airport authorities worldwide have significantly increased security measures in response to growing threats. Artificial intelligence systems are being utilized to address safety concerns and enhance airport efficiency. The UK government invested approximately $2 million in February 2018 to develop AI systems that improve safety and reduce wait times at the busiest airports in the country. The US Transportation Security Administration introduced AI-powered computed tomography scanners at significant airports in 2018 to strengthen security. These scanners are capable of detecting threats. AI can also be employed to enhance security in non-checkpoint areas of airports. Many airports are implementing advanced solutions to bolster safety, such as the Oakland International Airport, which selected the Evolv Edge physical threat detection system in July 2019. This system combines facial recognition, millimetre-wave technologies, and cameras to screen individuals passing through a movable security gate. Compared to conventional X-ray scanners, it can scan up to 900 individuals in an hour.

North America led the Aerospace Artificial Intelligence market in 2022 due to the presence of a well-established air transport infrastructure in the region and increasing investments in the adoption of advanced digital and novel technologies. The region's high demand for air travel and an increasing number of airs travellers are expected to attract significant investments in AI technology at airports and aircraft. North America has been a pioneer in the adoption of AI-based technology in the aviation sector because to the growth in international flight travel in the US and Canada, which is being driven by the globalization of corporations. The market in North America is further boosted by the airline companies' investments in adopting AI technologies to improve customer service, streamline operations, and increase profitability. 

The Global Aerospace Artificial Intelligence Market is Segmented as follows

• Offering
  • Software
  • Hardware
  • Services
• Technology
  • Machine Learning
  • Natural Language Processing
  • Computer Vision
  • Context Awareness Computing
• Application
  • Customer Service
  • Smart Maintenance
  • Manufacturing
  • Training
  • Flight Operations
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Aerospace Artificial Intelligence Market is

General Electric Company (U.S.), Spark Cognition (U.S.), Iris Automation Inc. (U.S.), Airbus S.A.S. (Netherlands), Thales Groups (France), SITA (Switzerland), Intel Corporation (U.S.), The Boeing Company (U.S.), Microsoft Corporation (U.S.), International Business Machines Corporation (U.S.) 

The Global Aerospace Artificial Intelligence Market Scope can be Tabulated as below