Aviation Blockchain Market Overview
The Aviation Blockchain Market size accounted for USD 0.65 Billion in 2023 and is estimated to account for 0.98 Billion in 2024. The Market is expected to reach USD 4.85 Billion by 2034 growing at a compound annual growth rate (CAGR) of 22.55% from 2024 to 2034. The Aviation Blockchain Market involves the application of blockchain technology within the aviation industry to enhance security, transparency, and efficiency across various operations. Blockchain can be used for secure data sharing, fraud prevention, and streamlining processes such as ticketing, baggage tracking, and maintenance records. It offers decentralized and immutable records, reducing the risk of data tampering and improving trust between stakeholders, including airlines, manufacturers, and regulatory bodies. The market is driven by the need for increased operational efficiency, enhanced safety, and the growing adoption of digital technologies in aviation.
Global Aviation Blockchain Market Synopsis
Global Aviation Blockchain Market Dynamics
The major factors that have impacted the growth of Aviation Blockchain are as follows:
Drivers:
⮚     Innovation and Adoption of Digital Technologies
The increasing adoption of digital technologies in aviation is another significant driver. Airlines and airports are continuously exploring new ways to improve passenger experience, streamline operations, and enhance safety. Blockchain fits into this broader trend of digital transformation by offering innovative solutions that can be integrated with other emerging technologies such as IoT (Internet of Things) and AI (Artificial Intelligence), further enhancing the capabilities of aviation systems.
Restraint:
- Data Privacy and Security Concerns
While blockchain is touted for its security, concerns around data privacy and security remain a restraint in its adoption in the aviation sector. The transparency of blockchain, where all transactions are recorded and accessible to all participants in the network, raises concerns about the exposure of sensitive data, particularly personal and financial information of passengers.
Opportunity:
⮚     Improving Passenger Identity Management
Blockchain technology can revolutionize passenger identity management by providing a secure, decentralized way to store and verify personal information. With blockchain, passengers could control their own digital identities, sharing only the necessary information with airlines, airports, and border control authorities. This could streamline check-in, boarding, and security processes, reducing wait times and enhancing the overall travel experience.
Aviation Blockchain Market Segment Overview
By Deployment
Based on the Deployment, the market is segmented based on Public, Private, Hybrid. the Private deployment segment dominates as it offers greater control, security, and customization tailored to the specific needs of aviation stakeholders.
By Function
Based on Function, the market has been divided into Record-keeping, Transactions. the Record-keeping segment dominates due to its critical role in maintaining secure, immutable, and transparent records across various aviation operations.
By Application
Based on the Application, the market has been divided into Passenger Identity Management, Cargo & Baggage Tracking, Flight & Crew Data Management, Frequent Flyer Programs, Smart Contract, Travel Insurance, E-ticketing & Ticket Tokenization, Aircraft Refueling, Airline Revenue Sharing, Leasing, Supply Chain Management, Parts Tracking, Parts Health Monitoring, Inventory Management, Aircraft Maintenance. Supply Chain Management dominates as it offers significant benefits in enhancing transparency, efficiency, and security across the aviation supply chain.
By End-Market
Based on End-Market, the market has been divided into Airports, Airlines, MRO, Manufacturers, Lessor. the Airlines segment dominates due to its extensive use of blockchain for ticketing, loyalty programs, and operational efficiency.
Global Aviation Blockchain Market Regional Analysis
Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Aviation Blockchain, followed by those in Asia-Pacific and Europe.
Aviation Blockchain North America Market
The North American region holds a dominant position in the Aviation Blockchain market. In North America, the aviation blockchain market is experiencing significant growth due to increased investments in digital transformation and the need for enhanced security and efficiency in aviation operations. Key factors driving this growth include the adoption of blockchain for improving supply chain transparency, reducing fraud, and optimizing aircraft maintenance records.
Aviation Blockchain Asia Pacific Market
The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Aviation Blockchain industry. In the Asia-Pacific region, the aviation blockchain market is expanding rapidly, fueled by the region’s booming aviation industry and increasing focus on technological advancements. Countries like China, India, and Japan are leading the adoption of blockchain to enhance operational efficiency, streamline supply chain management, and improve safety and compliance.
Competitive Landscape
The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Avinoc LTD, Filament, IBM, Infosys, and Insolar Technologies are some of the leading players in the global Aviation Blockchain Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.
Key Market Players:
- Avinoc LTD
- Filament
- IBM
- Infosys
- Insolar Technologies
- Olistics
- Skybuys
- Sorablocks
- Volantio Inc
- Aeron Labs
Key Development:
IBM & Maersk: While not solely aviation-focused, their joint venture TradeLens using blockchain continues its expansion, recently adding Air Canada as a member.
Scope of the Report
Global Aviation Blockchain Market, by Deployment
- Public
- Private
- Hybrid
Global Aviation Blockchain Market, by Function
- Record-keeping
- Transactions
Global Aviation Blockchain Market, by Application
- Passenger Identity Management
- Cargo & Baggage Tracking
- Flight & Crew Data Management
- Frequent Flyer Programs
- Smart Contract
- Travel Insurance
- E-ticketing & Ticket Tokenization
- Aircraft Refueling
- Airline Revenue Sharing
- Leasing
- Supply Chain Management
- Parts Tracking
- Parts Health Monitoring
- Inventory Management
- Aircraft Maintenance
Global Aviation Blockchain Market, by End-Market
- Airports
- Airlines
- MRO
- Manufacturers
- Lessor
Global Aviation Blockchain Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Austalia
- Malaysia
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of Middle East & Africa
| Parameters | Indicators |
|---|---|
| Market Size | 2033: $4.85 Billion |
| CAGR | 22.55% CAGR (2023-2033) |
| Base year | 2022 |
| Forecast Period | 2023-2033 |
| Historical Data | 2021 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Deployment, Function, Application, End-Market |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East, Africa |
| Key Vendors | Avinoc LTD, Filament, IBM, Infosys, Insolar Technologies, Olistics, Skybuys, Sorablocks, Volantio Inc, Aeron Labs |
| Key Market Opportunities | Integration of blockchain with other upcoming aviation technologies |
| Key Market Drivers | Enhanced transparency and traceability. Multiple applications of blockchain. Reduced costs and transactional complexities |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Aviation Blockchain market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Aviation Blockchain market historical market size for the year 2022, and forecast from 2021 to 2034
- Aviation Blockchain market share analysis at each product level
- Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Aviation Blockchain market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
