In-Flight Entertainment Market to Touch US$6.4 Billion Due to Advanced Technologies & Long Flight Durations
Competition in the global in-flight entertainment market is likely to increase in the coming years, as key players in the market are providing advanced entertainment services to passengers, observes Transparency Market Research in its recent report. Manufacturers in this market are developing products that are cost-effective and high safety. Key players are engaged in launching new products and product expansion.IN-FLIGHT Entertainment
They are also focusing on integrating new business development strategies to gain a larger share in the global market. Rising competition among these players and increasing focus on adopting new strategies is expected to expand the growth potential in this market in the forthcoming years. Some of the key players in the market are ViaSat, Inc., Panasonic Avionics Corporation, Global Eagle Entertainment, Honeywell International, Inc., and Zodiac Aerospace.
As per the TMR report, the global in-flight entertainment market is likely to exhibit an excellent growth rate of 12.7% over the forecast tenure between 2017 and 2022. During this period, the market valuation is expected to reach US$6.4 bn by 2022, progressing from US$3.5 bn earned in 2017.
In terms of components, the demand for in-flight entertainment hardware has significantly grown in the past few years and is projected to hold a larger share of the market. This segment is expected to beg a value of US$3.4 bn by the end of the forecast period. Based on geography, North America might lead the global in-flight entertainment market soon due to rapid growth in international and domestic travel. However, Asia Pacific is also expected to contribute significantly in this market due to rapid economic development taking place in emerging economies such as India and China.
Rapid Growth in International Travel to Boost In-Flight Entertainment
Globally, traveling on flights has increased at a significant rate in the past couple of years. Increasing international and domestic travel, business tours and medical travel have seen skyrocketing growth from the start of this decade. In addition, advancements in connectivity technologies, growing preference for air travel, and supportive policies to use personal electronic devices onboard further augmented demand in the in-flight entertainment market.
Moreover, the adoption of advanced technology has played a crucial role in expanding the growth in the in-flight entertainment market, as aircraft carriers are now integrated with video and audio devices. The presence of newer airliners with modern equipment and state-of-the-art infrastructure has also provided a fillip in this market.
Concerns Related To Data Security to Challenge Market Growth
The global in-flight entertainment market is anticipated to grow at a significant rate in the projected tenure, but there are some challenges associated that might strictly the market to grow at its full potential. One of the major concerns is related to the privacy of data that is being collected through wireless communication and connectivity services. Another challenge is related to the high cost of using networking technologies and connectivity hardware. However, key stakeholders in the market are making persistent efforts to overcome these challenges by introducing advanced and new techniques, but until then these factors will barricade the smooth growth of this market.
