Digital MRO Market is expected to project a notable CAGR of 11.2% in 2030.
Digital MRO Market to surpass USD 1,820 billion by 2030 from USD 586 million in 2018 at a CAGR of 11.2% throughout the forecast period, i.e., 2019-30. The growing digitalization activities among MROs, increasing Software-as-a-Services (SaaS) penetration across the aviation industry, and the increasing need to enhance the maintenance, repair & overhaul of existing aircraft are the key drivers contributing to the growth of the Global Digital MRO market
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Digital MRO Market: Segments
Artificial Intelligence segment to grow with the highest CAGR of XX.X% during 2019-30
Digital MRO Market is segmented by technology as Predictive Maintenance, AR/VR, 3D Printing, Blockchain, Artificial Intelligence, Robotics, Big Data Analytics, Digital Twin and IOT. The greater market share of XX% in 2018 was accounted by predictive maintenance segment of the Digital MRO market owing to easy adoption of predictive maintenance tools into various indigenous and non-indigenous operating systems. Various industry participants and IT industries are integrating predictive maintenance tools with their overall software suite/offering, positively catering to the segment. Moreover, artificial Intelligence segment is expected to grow at a higher CAGR during the forecast period owing to the growing adoption of artificial intelligence due to the increase in demand for predictive maintenance, troubleshooting, and analysis of the previous failures.
Digital MRO Market: Market Dynamics
Increasing digitalization activities among MROs
The convergence of artificial intelligence and technical developments and the Internet of Things with current operations speeds up processes and dramatically decreases the time and costs of operations. The need of the hour in the aviation industry is more production within a short timeframe.
High cost of MRO software suites
Airlines and MROs are focused on growing investments in the procurement of MRO software for advanced aviation. Before making procurement decisions, however, a proper understanding of core MRO functionalities is needed. Feasibility analysis, which takes several months, is required to introduce aviation MRO software. Many tier 2 and tier 3 MROs have small implementation technology budgets that serve as a barrier to the adoption of MRO aviation applications.
Digital MRO Market: Regions
Digital MRO Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Digital MRO Market in North America held the largest market share of XX.X% in the year 2018 and will continue its lead through the forecast period due to the presence of large and medium-sized MROs as well as airlines in this area is attributed to the rising number of deliveries of aircraft. Moreover, the growing digital transformation of MRO and MRO services and the introduction of various revolutionary technologies such as AI, IoT, 3D printing and digital twins to manage and optimize challenging maintenance and repair tasks continue to drive market growth. By integrating technical advances into the product portfolio, the presence of major players such as Microsoft and Google would fuel the growth of the industry. Increased R&D company disbursements will increase market growth across the region.
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