Aviation Blockchain Market

Global Aviation Blockchain Market Size (2023 to 2028)

The global aviation blockchain market is expected to be worth 627.64 Million USD in 2023. It is expected to grow at a CAGR of 22.10% during the forecast period and reach a value of 1703.30 Million USD by 2028.

An increase in the need for advanced data storage systems is one of the major driving factors of the growth rate of the aviation blockchain market. Another major driving factor of the Aviation Blockchain market was enhanced transparency and traceability. Reduced costs and transactional complexities are some of the growth-supporting factors in the market of Aviation Blockchain revenue rate. Another major growth driving factor of the Aviation Blockchain market was the increase of multiple applications of blockchain. Increasing investments by companies from emerging economies such as India, Brazil, and China for new product innovation, as well as public safety and growing use of the Internet of Things, boost the growth of the aviation blockchain market. Integration of blockchain with other upcoming aviation technologies is one of the factors that propel the growth of the market of Aviation Blockchain revenue rate during the forecast period. Reduced complexity in transactions and improved passenger experience are some of the major driving factors of the Aviation Blockchain market. The increasing government initiatives to digitalize business processes are also one of the major driving factors that propel the growth of the aviation blockchain market revenue rate.

High maintenance costs are one of the major restraints that hinder the growth of the aviation blockchain market. Another major restraint that is affecting the growth of the aviation blockchain market is the competition from various key players. Stringent government regulations are also one of the major restraints that hinder the growth of the Aviation Blockchain market.

Impact of COVID-19 on the global aviation blockchain market:

COVID-19 has negatively impacted the development of market growth. Disruptions in the supply chain were the main reason for the downfall of the market shares. However, the world is slowly becoming normal with some preventive measures. This shows that the market shares rise enormously within no span.

REPORT COVERAGE:

This research report on the global aviation blockchain market has been segmented and sub-segmented into the following categories.

Aviation Blockchain Market - By End market:

• Airports
• Airlines
• MRO
• Manufacturers
• Lessors

Among these segments, the airline's segment holds the major share of the market among the others due to the accurate view of an aircraft configuration, and maintenance could help reduce costs.

Aviation Blockchain Market - By Application:

• Passenger identity management
• Cargo & baggage tracking
• Flight & crew data management
• Frequent flyer programs
• Smart contract
• Airline revenue sharing leasing
• Supply chain management

Among these segments, the passenger identity management segment holds the major share of the market.

Aviation Blockchain Market - By Deployment:

• Public
• Private
• Hybrid

Among these segments, the private deployment segment holds the major share of the market.

Aviation Blockchain Market - By Function: 

• Record keeping
• Transactions

Among these segments, the record-keeping segment holds a major share of the market than the other segments.

Aviation Blockchain Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The Aviation Blockchain market is elaborated in various regions all around the world, such as North America (US, Mexico, Canada, and the rest of North America), Asia Pacific region (Japan, China, India, Australia, and the rest of Asia Pacific), and European region (Germany, Spain, France, Italy, UK, and rest of Europe).

North America region holds the major share of the market due to factors such as the increasing adoption of technology by airlines and airports in the region, especially in some of the emerging economies such as the United States and Canada. Furthermore, increasing investments and development by the major key players in some of the emerging economies, such as the US and Canada, is also one of the major driving factors that propel the growth of the aviation blockchain market in the North American region. This North American region is expected to hold the dominance of the market during the forecast period.

Asia Pacific region holds the second-largest share of the aviation blockchain market owing to the integration of blockchains with other upcoming aviation technologies. Furthermore, increasing investments by companies from emerging economies such as India, Brazil, and China for new product innovation are some of the factors that are helping the aviation blockchain market grow further in the Asia Pacific region.

The European region is expected to increase the aviation blockchain market shares owing to the increase in the need for advanced data storage systems, and growing government initiatives to digitalize business processes propel the growth of the market in Europe.

KEY MARKET PLAYERS:

Some of the key market players in the Aviation Blockchain market are Winding Tree (Switzerland), Volantio Inc (US), Filament (US), Infosys (India), Microsoft Corporation (US), IBM (US), Zamna Technologies (UK), Aeron Labs (Belize), Insolar Technologies (Switzerland), LeewayHertz Technologies (US), and Moog Inc. (US).