Big data analytics refers to the analysis of large volumes of structured and unstructured data to derive actionable information. Data helps provide a better experience, making the aerospace & defense customer part of the value chain by understanding what they want. Aerospace & defense organizations, including militaries and air transport service providers, are using data analytics for predictive maintenance, vehicle and performance tracking, weather forecasting, route planning, and to increase reliability, improve arrival times (on-time percentages), streamline and automate processes, increase efficiencies, and save money.
Data analytics helps the aerospace & defense industry optimize resources and business processes while promoting new business opportunities. The commercial aerospace industry is undergoing significant change, compelling aerospace OEMs to seek new ways to serve the marketplace. The new and largely unexploited asset OEMs can now harness and optimize data.
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Today’s aircraft are highly instrumented, and the average flight can produce between 500 and 1,000 gigabytes of data. The aim of the companies operating in this ecosystem is to extract the maximum commercial value out of these large volumes of data.
For insights that can be crafted into saleable, revenue-producing services, there is a need for big data and advanced analytics to assist the next generation of pilots, mechanics, dispatch managers, flight attendants, and other participants to quickly deliver the knowledge and recommended solutions. Big data analytics is used for predictive maintenance in aerospace & defense, which is expected to drive market growth.
On the basis of platform, the market has been segmented into solution, technology, application, and deployment mode. Big data analytics has the potential to transform operations management and optimize them for better and faster decision-making. For instance, aerospace & defense companies can use big data analytics to plan program management activities or to forecast new opportunities to reduce costs in the supply chain.
The global big data analytics in the aerospace & defense market is estimated to register a CAGR of over 4.6% during the forecast period of 2019 to 2024.
Based on application, the market has been divided into defense, commercial aerospace, and space. Organizations worldwide including The Boeing Company, the US Air Force, and Southwest Airlines are extracting insights from data to build a better future.
The market values and forecast are derived using the MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
The key players in the global big data analytics in the aerospace & defense market are Cyient (India), Accenture (Ireland), Airbus Defense and Space (Munich), IBM (US), Teradata Corporation (US), Amazon (US), Microsoft Corporation (US), Google (US), Cisco Systems (US), SAS Institute (US), and SAP SE (Germany).
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