Global Aviation Blockchain Market 2020 is projected to be valued at USD 1.68 billion by 2026, registering a 21.8% CAGR over the review period (between 2020 and 2026).
The aerospace & defence industry is supported by blockchain technologies to achieve a secure and well-connected supply chain. In the defence industry, the emergence of large & highly complicated supply chains fuels the need for this technology, further promoting the growth of the aviation blockchain industry. Due to the increased accountability and traceability and numerous applications of blockchain in the aviation sector, the global aviation blockchain market has reported strong growth over the past few years. In addition, declining rates and the complexity of transactions are some of the factors driving demand development. In addition, blockchain technology is combined with the IoT to provide an improved supply chain of openness and productivity that is expected to accelerate the growth of the global blockchain aviation sector.
However, it is expected that the absence of legislation and universal practises and gradual convergence and inability to reform the aviation industry would impede business development.
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The market has been segmented by end market, into airlines, airports, and MRO. The airports segment accounted for the largest market share, and during the analysis period the highest CAGR is expected to be registered. During the forecast period, the airline segment is expected to show higher growth. This can be attributable to the growing proliferation of inflight entertainment systems, and industry growth is driven by the rising demand for connected aircraft. The MRO segment expected to witness the highest growth rate during the forecast period.
By application , the market was segmented into cargo and luggage monitoring, flight and crew data processing, processing of passenger information, supply chain management, smart contracts, and maintenance of aircraft. During the evaluation period, the freight & baggage monitoring category is anticipated to report the highest CAGR. Growing air passenger traffic has raised the need for efficient solutions for baggage tracking, which are projected to fuel blockchain demand. During the forecast period, the supply chain management segment is expected to show a higher CAGR. In the forecast timeframe, the usage of blockchain in supply chain management is therefore expected to grow.
The industry has been vertically segmented into civil, industrial and military divisions. The higher CAGR is expected to be reported by the civil & commercial segment during the forecast period. In recent years, there has been a substantial rise in demand for new civil aviation aircraft.
In the aviation blockchain market, North America dominates. Due to the involvement of influential players, such as IBM, Microsoft Corporation, Moog Inc., and Sweetbridge, Inc., and strong investment by them in the growth of blockchain technology, this pattern is expected to continue throughout the forecast era.
In Europe, the rising adoption by military forces of UAVs for tactical missions is projected to drive the development of the European market during the review period.
During the forecast period, the Asia-Pacific region is expected to display a strong CAGR. Increasing demand for new aircraft and increasing defence spending are projected to fuel market growth in countries such as India and China.
The rise in defence spending by countries like Saudi Arabia , the UAE and Israel is driving the development of the Middle East & Africa market.
In Latin America, the use of UAVs for intelligence collection on drug trafficking and rebel groups, deforestation surveillance, and illicit migration management has been growing, which is expected to accelerate the development of the aviation blockchain industry.
The eminent players are 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), and Sweetbridge, Inc. (US), among others.