World News: 10:45 GMT Wednesday 11th September 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Sept. 11, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.
The digital MRO market is projected to grow from USD 1.0 billion in 2019 to USD 4.7 billion by 2030, at a CAGR of 14.6% from 2019 to 2030.
The increasing digitalization of MRO to increase efficiency and reduce aircraft downtime is the key factor which is expected to fuel the growth of the digital MRO market. However, limited budgets which restrain the adoption of MRO hurdle the growth of this market.
Digital Maintenance, Repair, and Overhaul (MRO) includes digitalization of MROs. It includes cloud- or system-based software used to coordinate, monitor, and improve all processes related to aircraft maintenance, repair, and overhaul. Digital MRO software comprises various functions that include aircraft handling, safety & security services, workforce management, sales & marketing, and hangar operations, which are enhanced with the use of analytics. The software majorly utilizes the Internet of Things (IoT), Artificial Intelligence (AI), Blockchain, and Big Data analytics on the historical and real-time generated data. Such data helps in predictive maintenance to reduce cost and aircraft downtime.
Digitalization of MRO activities leads to the increasing usage of software, point solutions, and robotics by end users, such as MRO service providers and airlines. The increasing demand for the replacement of legacy management information systems with digital aviation MRO software is projected to drive the growth of the market.
However, limited budgets for software and IT infrastructure, and lack of common data standards among different entities in the aviation MRO industry are hindering the market growth. Issues associated with quality credentials are acting as a challenge to the growth of the market as the aviation industry follows various regional and country-wise guidelines regarding the airworthiness of aircraft.
Key players operating in the digital MRO market include Boeing (US), IBM (US), IFS (Sweden), Ramco Systems (India), Oracle (US), Rusada (Switzerland), SAP (Germany), Swiss AviationSoftware (Switzerland), and Traxxall (US).
These companies have adopted the contracts, collaborations, agreements, and new product launches strategies to strengthen their positions in the digital MRO market.
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Globe Newswire: 10:45 GMT Wednesday 11th September 2019
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