Integration of Artificial Intelligence (AI), IoT, Blockchain, Augmented Reality (AR), and big data analytics by MROs, growth in aviation and airline industry along with strong adoption of MROs by aviation sector to maximize aircraft availability efficiently manage repair and maintenance operations with minimal costs drive the digital MRO market growth at 13.41% CAGR, finds, OG analysis, forecast of 2020-2026.
Furthermore, increasing adoption of Software as a Service (SaaS) and rising demand for 3D printed parts and robotic inspection boost the digital MRO market growth opportunities and size.
MROs are significantly penetrating market growth among all the end-users, key manufacturers of MROs are investing in latest technologies to deliver solutions to smooth operational efficacy, reduce overall maintenance cost and downtime. Hence, increasing demand for software solutions to boost operational efficiency in the digital MRO market.
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In addition, emergence of airline industry with strong goal to replace aviation maintenance systems with digital aviation MRO software drives the digital MRO market value and size.
However, adoption of digital MRO technologies is limited by high procurement cost and insignificant budgets of MRO software suite, conditions of standard, and cybersecurity challenges and remains hindrances for the digital MRO market growth.
Key technology types of digital MRO capitalizing market growth opportunities during estimated period
On the basis of technology, artificial intelligence is set to grow at a faster pace during the forecast period 2020 to 2026 driven by increasing demand for part failure analysis, predictive maintenance, and troubleshooting. Accordingly, market providers are investing in these services. For example, key market player, Capgemini, SAP engaged to advance AI-powered software to increase the efficiency of workflow.
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Furthermore, blockchain technology across the aviation industry is emerging across digital MRO market growth with potential to offer better visibility and traceability in the supply chain. Recently, GE Aviation Digital Group and Microsoft Azure team to develop a blockchain to track parts in GE engines.
North America to drive major revenue for digital MRO market size and growth
Based on regional perspective, the digital market growth across Americas is driven by increasing number of aircraft orders, presence of small and medium MROs and airlines, as well as rapid digital transformation of MROs.
Strong adoption of various advanced technologies such as digital twin, blockchain, artificial intelligence to optimize complex repair and maintenance tasks positively impacts the North American market.
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Strategic alliances and contracts are observed across key market players to capitalize on market share and value
Collaborations, agreements are in focus by key market participants to strengthen the digital MRO market share and expand service portfolio. For instance, in 2019, Capgemini and Airbus signed a contract to develop and propose the Skywise platform’s data services to airlines.
In 2019, IFS received a contract from Revima to drive Revima’s international expansion and support its complex maintenance operations.
Furthermore, key market players are entering contracts with airline companies to explore market growth opportunities. For instance, in 2019, Lufthansa Technik signed a contract with JetBlue Airways to offer engineering consulting service, Maintwise. In addition, in 2018, Honeywell International signed contract with Hainan Airlines for Honeywell’s GoDirect Connected Maintenance service to repair and maintain auxiliary power units (APUs).
Key companies including Boeing, Ansys, SAP, Capgemini, General Electric (GE), Honeywell, Hexaware, International Business Machines (IBM), IFS, and Lufthansa Technik participate to aid in growth of digital MRO market share.
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