18 November 2019
Visiongain has published a new aviation report entitled MRO Software in Aviation Market Forecast Report 2019-2029.
The MRO Software market is estimated to witness a Compound Annual Growth Rate (CAGR) of 3.9 per cent from 2019 to 2029.
There are several factors that are having a profound, driving effect on the market, most notably an upward trend in predictive, prescriptive, and condition-based maintenance and a higher demand for upgrading legacy management information systems.
Visiongain anticipates that global investment and consolidation will be modest over the next decade. The market’s stable and good health is due to the factors listed above as well as the presence of many established companies, such as Boeing, HCL Technologies, SAP, IBM, Ramco Systems, IFS, Oracle Corporation, Infor, TRAX and IBS.
The senior Aviation Analyst said: "The Global MRO Software in Aviation market is expected to generate sales of USD 4.36 billion in 2019.
"Digitising processes with artificial intelligence and utilising the ‘internet of things’ to gain an advantage in predictive maintenance are significant factors that will likely contribute to the acceleration of this market’s growth over the next few years.
"Indeed, by 2029, the MRO Software market will have surpassed the six billion-pound mark, achieving a total sales figure of USD 6.41 billion.
"Having said this, there are also several market restraints that present a challenge to this industry – such as the slow implementation of pollution control norms."
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