Digital MRO Market
The Digital MRO Market is anticipated to expand at a faster CAGR during the forecast period (2020-2027).
The factors driving the growth of Digital MRO Market increasing use of Software-as-a Services (SaaS) in the aviation industry, digitalization of Maintenance Repair and Overhaul (MRO) activities in the commercial triplets and growing emphasis on reducing the maintenance costs. According to the report published by Bloomberg, the of Global Software as a Service (SaaS) Market was valued around USD 225.6 billion in 2020 and is predicted to reach USD 436.9 billion by the end of 2025, growing at a CAGR of 12.5% over the forecast, which will boost the Digital MRO Market size in the approaching years. Moreover, the growing adoption of advanced technologies such as Artificial Intelligence (AI), Internet of Things (IoT) and Big Data, growing popularity of connected aircrafts, rising awareness amongst end-users about the benefits of palm oil and increasing application of 3D Printing to perform MRO operation, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, technological advancements in Digital MROs, rising disposable incomes and rapid urbanization, are further contributing towards market growth.
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However, the growth of Digital MRO Market is hindered due to high acquisition cost of integrated MRO software suits.
The major players operating in the market are Hexaware Technologies, IFS, IBM Corporation, SAP SE, Capgemini SE, General Electric, Ramco Systems, Lufthansa Technik AG, Ansys, Inc., The Boeing Company and Honeywell International, Inc., among others.
Technology: Segment Analysis
Based on Technology, the Artificial Intelligence segment is projected to grow at a significant CAGR during the forecast period. The increasing investments by airline for developing Artificial Intelligence based solutions because it reduces the need for routine maintenance, is the major factor responsible for the segment’s growth.
End-User: Segment Analysis
As per the Global Digital MRO Market Research Report, the OEMs segment is anticipated to expand at a remarkable CAGR over the forecast period attributed to growing adoption of advanced technologies such as Artificial Intelligence (AI) and blockchain by major corporations.
Regional: Segment Analysis
According to the Digital MRO Market Trends, the North American region is predicted to capture the largest market share during he forecast period. Rapid growth in the aviation industry, digitalization of MROs, presence of the leading players such as The Boeing Company and IBM Corporation, rising population growth rates and high per capita incomes, are some of the important factors augmenting the market growth in North America.
Market Segmentation
Global Digital MRO Market by Technology
- Predictive Maintenance
- AR/VR
- 3D Printing
- Blockchain
- Artificial Intelligence
- Robotics
- Drones
- Robots
- Big Data Analytics
- Digital Twin
- Internet of Things
Global Digital MRO Market by Application
- Inspection
- Performance Monitoring
- Predictive Analysis
- Part Replacement
- Mobility & Functionality
Global Digital MRO Market by End-User
- Airlines
- Small Airlines
- Medium Airlines
- Large Airlines
- MROs
- Small MROs
- Medium MROs
- Large MROs
- OEMs
- Aircraft OEMs
- Engine OEMs
Global Digital MRO Market by Region
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
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Global Digital MRO Market The GMI Research predicts that the Digital MRO Market will rise over the forecast period.
This is mainly because of the ongoing extension across the aerospace industry, growing endorsement across emerging nations as a result of adaptation potential, monetary balance, and trained workforce.Request a FREE Sample of Digital MRO Market.Introduction of the Digital MRO Market Maintenance, Repair, and Operations (MRO) is a process to sustain, reinstate, and keep elements in operational condition.
In other words, with the advent of digitalization, numerous technologies have been integrated into the MRO, such as artificial intelligence, 3D printing, and big data analytics.
Key Players of Market:The Boeing CompanyAnsys, Inc.SAP SECapgemini SEHoneywell International, Inc.General ElectricHexaware TechnologiesIFSRamco SystemsIBM CorporationLufthansa Technik AGDigital MRO Market DynamicsAccelerating seepage of Software-as-a Services (SaaS), rapid digitalization across MROs, and the augmenting need to enhance, restore, sustain, and overhaul existent aircraft are strengthening the growth of the global digital MRO market.
In addition, the growing endorsement of digital MRO by airline operators to decrease their yearly functional cost, improve their aftermath service, modernization in their supply chain, and offer a superior experience to customers will further proliferate the market share.
However, the inflated disposition cost of the digital MRO software suite and lack of common data conventions are restraining the Digital MRO market Size.Technology Segment DriversBased on the Technology, Artificial Intelligence is contemplated to bolster at a faster CAGR during the forecast period.
