Internet of Things (IoT) is a combination of operational technology and information technology connected via virtual intelligence to send, control and receive data with / without human intervention. The technology helps simplify human efforts and reduces the need for manual intervention. The data generated from machine to machine (M2M) has a wide range of applications, but is often seen as a way to determine the state and health of things - lifeless or living. The use of IoT solutions and services will add a new dimension to the whole digital transformation of the airline process.
Increasing investment in the concept of smart airports and increasing acceptance of cloud-based IoT services and solutions are key factors in the growth of the global IoT market. In addition, airlines are transitioning to IoT-enabled ecosystems and infrastructure to improve efficiency, improve connectivity and speed of communication, and lower operating costs, thereby increasing the company's productivity. Increasing applications of IoT solutions and services at both smart and active airports are helping to drive the growth of additional products and services for customers, further fueling the growth of the global IoT market. In addition, the use of IoT-based sensors helps in data analysis and tracking during the flight. These are other factors driving forward the growth of the global IoT market.
Key factors hindering the growth of the global IoT aviation market are high deployment costs and the complexity of interoperability. In addition, concerns about the security and confidentiality of data, as well as the lack of standard rules, are further factors that hinder the growth of the global IoT aviation market.
The personalization of connected devices, increased investment in the development of assistive technologies such as communication systems, mobility solutions and the support of visual impairments and hearing disabilities for persons with disabilities will drive the growth of the global IoT market for the next five years. In addition, growing investment in connectivity solutions for on-board services over the forecast period is expected to provide lucrative opportunities for key stakeholders.
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