Aviation IoT Market Market Size

Aviation IoT Market size was over USD 7.5 billion in 2023 and is set to reach USD 104.9 billion by the end of 2036, witnessing around 22.5% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of aviation IoT is estimated at USD 9.1 billion.     

The market is rising at a rapid pace as most airlines and airports are seeking IoT technologies to help improve overall operational efficiency, safety, and passenger service. The incorporation of advanced sensors, analytics, as well as automation in the processes of aviation, drives growth in this sector. Governments are also contributing their share to the growth of the aviation IoT market through smart airport initiatives and regulatory frameworks, ensuring incentives for adopting these IoT technologies. For example, in May 2023, the European Union launched a €1.2 billion program to modernize airport infrastructure across member states with a strong focus on IoT and AI integration to enhance safety and operational efficiency.

Companies in the aviation IoT market are getting more innovative to claim a larger share of the growing business. Some forward strides include the strategic coalition of GE Aviation with Verizon, announced in April 2021, for a new IoT platform providing real-time data transmission across airports using 5G connectivity. The platform looks forward to bettering ground operations through high-speed, low-latency communication among the plethora of IoT devices, thereby enhancing efficiency and safety within airport environments. The collaboration represents the push toward deploying the latest technology to satisfy the complex needs of contemporary aviation.