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MRO Software Market Size, Share & Industry Analysis, By Solution (Point Solution, Enterprise Resource Planning (ERP) Solution), By Deployment (Cloud, On-Premises), By End-user (MROS, Airlines) and Regional Forecast, 2019-2026
Increasing air travel will be one of the central factors driving the globalMRO softwaremarket growth during the forecast period. According to the World Air Transport Statistics (WATS) released by the International Air Transport Association (IATA), airlines worldwide carried 4.1 billion passengers and made 280 million additional trips in 2017 compared to 2016, with Asia-Pacific dominating with a 36.3% share.
Furthermore, research conducted by Airbus finds that in the next 20 years, air traffic will grow by 4.3% annually, necessitating the addition of 39,200 passenger and cargo aircraft. The main force behind this exponential rise in air travel is the sharp expansion of the middle class, especially in India and China, which is experiencing increasing income and is, therefore, creating a massive market for commercial passenger carriers. Such speedy growth in aircraft fleet is giving rise for efficient management solutions, which bodes well for the MRO software market.
List of Prominent Players Profiled:
Implementation of Internet of Things (IoT) Solutions to Enhance Market Potential
Maintenance, Repair, and Overhaul (MRO) is essentially an Enterprise Resource Planning (ERP) software solution largely employed in the aviation industry to facilitate efficient fleet management through streamlining of maintenance operations. MRO software offers a variety of benefits such as automation of maintenance and repair schedules, eschewing the need for excessive paperwork, increasing productivity, and effective management of work orders.
These advantages are being further accentuated due to the integration of IoT technologies such as Artificial Intelligence (AI), which are broadening the MRO software market size. For instance, Rolls-Royce is in the process of developing a bug-sized robot that will make routine maintenance checks more convenient and eliminate the need to remove the engine during these checks. Furthermore, Augmented Reality (AR) technology is being considered as the solution to meet the deficiency of aviation experts.
The above information is shared by Fortune Business Insights™ in its new report, titled “MRO Software Market Size, Share and Industry Analysis, By Solution (Point Solution, Enterprise Resource Planning (ERP) Solution), By Deployment (Cloud, On-Premises), By End-user (MROS, Airlines) and Regional Forecast, 2019-2026”. The report additionally provides:
Browse Report Summary:
Robust Aviation Manufacturing Sector to Fuel the Market in North America
North America is poised to lead the MRO software market share during the forecast period owing to the existence of a massive aircraft fleet in the US. Besides this, rapid adoption of advanced manufacturing and management tools coupled with increasing funding for RandD will the feed market growth in the region. Asia-Pacific will emerge as the fastest growing region in this market, according to the MRO software market report. This will be primarily on account of the exponential rise in aircraft fleet and establishment aircraft repair centers in China and Singapore.
Technological Exchange Partnerships to Stimulate Competition
Major companies in this market are entering into partnerships with different entities to expand their geographic presence and broaden their operational horizons. Some players are engaged in acquiring smaller companies, which is emerging as one of the leading MRO software market trends. For instance, IBM acquired Oniqua Holdings in July 2019 to widen its MRO product offerings.
Key Industry Developments:
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Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit COVID-19 Impact Affects MRO Software Market Globally in 2020