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Services segment projected to grow at a higher CAGR from 2020 to 2025
Based on solution, the cloud segment is anticipated to grow at a higher CAGR during the forecast period. The services segment includes services that are provided by MRO software developers to maintain and operate the installed MRO software efficiently. Frequent upgrades of software as per the maintenance requirements by end users are expected to drive the services market.
Cloud segment projected to grow at a higher CAGR from 2020 to 2025
Based on deployment type, the cloud segment is anticipated to grow at a higher CAGR during the forecast period. Cloud-based systems digitally maintain records in the form of manuals, maintenance logs, flight plans, aircraft maintenance tracking reports, record books for adherence to airworthiness regulations, and service bulletins. These systems also provide fast and inexpensive management of different types of maintenance data, offer real-time access to spare parts inventories, and send alerts for maintenance tasks to MROs.
Subscription model segment projected to grow at a higher CAGR from 2020 to 2025
Based on pricing model, the subscription model segment is anticipated to grow at a higher CAGR during the forecast period. Users of MRO software widely adopt the subscription model due to its advantages of low cost and flexibility of use. The upfront cost of subscription-based software is typically lower than that of the ownership model. In addition, subscriptions generally are renewed monthly or annually, which encourages the software provider to demonstrate the ongoing value of the software and build a relationship with the customer.
Maintenance management segment projected to grow at highest CAGR from 2020 to 2025
Based on function, the maintenance management segment is estimated to grow at the highest CAGR during the forecast period. Maintenance management software enable the monitoring of aircraft components and provide real-time data for performance monitoring. The data from airline operators help MRO facilities make arrangements for future planned maintenance, including labor management and spare parts management. MRO software systems integrate maintenance, planning, execution systems, and workforce management systems along with dashboards and reporting tools that are used at mid-level and management levels, thus helping in improving line, heavy, and engine maintenance of aircraft.
MROs segment projected to grow at a higher CAGR from 2020 to 2025
Based on end user, the MROs segment is anticipated to grow at a higher CAGR during the forecast period due to the high spending on installations of aircraft health monitoring software globally. In addition, replacement of old MRO software systems with advanced digitalized software solutions, and IT infrastructure modernization programs are expected to drive the MROs segment.
Asia Pacific MRO software market in aviation projected to grow at highest CAGR from 2020 to 2025
Based on region, the Asia Pacific region is expected to witness substantial growth during the forecast period. An increase in passenger traffic is the primary reason for the increased demand for maintenance technicians, and thereby, MRO software, especially in countries such as India, China, Japan, and Singapore. The increase in air passengers from Asia Pacific is a result of improvements in the economic status of the middle-class population and the introduction of low-cost carriers. According to Boeing Commercial Outlook 2019, there will be more than 17,390 aircraft deliveries by 2038 in Asia Pacific owing to the rise in passenger traffic. This will lead to a surge in demand for maintenance technicians in the region. According to Boeing Pilot & Technician Outlook, more than 266,000 new maintenance technicians will be required in the Asia Pacific region by 2038. With the rise in demand for maintenance technicians, there will be a rise in demand for MRO software during the forecast period to enhance maintenance operations.
The MRO software market in aviation has been gaining traction over the past few years due to the presence of several established companies as well as startups. Some of the major players in the MRO software market in aviation are HCL Technologies Limited (India), SAP SE (Germany), International Business Machines Corporation (IBM) (US), Ramco Systems Limited (India), IFS AB (Sweden), Oracle Corporation (US), Boeing (US), Infor (US), Trax (US), Swiss AviationSoftware (Switzerland), IBS Software (India), Rusada (Switzerland), Communications Software Limited (UK), Flatirons Solutions, Inc. (US), Aviation Intertec Services (Canada), BytzSoft Technologies Pvt. Ltd. (India), Tracware Limited (UK), FLY Online Tools (US), Aerosoft Systems Inc. (US), Lufthansa Technik AG (Germany), GE Aviation (US), and Sopra Steria (France).
News Also Covered: https://www.prnewswire.com/news-releases/mro-software-market-worth-8-0-billion-by-2025–exclusive-report-by-marketsandmarkets-301030258.html
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