AI takes flight up in the friendly skies.
The global airline industry is back in business after two years of stagnation.
In 2022, global airline revenues shot up 44% to $727 billion compared to 2021, according to the International Air Transport Association. The IATA expects revenues to climb significantly higher in 2023.
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That’s good news for an industry that needed a boost. Now that profits are starting to roll in, airlines are looking at the long haul and are specifically targeting how artificial intelligence can make life easier for pilots, engineers, customer service representatives, and in particular, the flying public.
According to a comprehensive research report by Market Research Future (MRFR), “AI In Aviation Market the AI in aviation market “is predicted to thrive substantially during the assessment era from 2022 to 2030 at a healthy CAGR of approximately 39.10% to attain a valuation of around $5.47 Billion by the end of 2030.
Airlines Are Already Highly Active With AI
Delta Airlines (DAL) – Get Free Report is levering AI to create the first biometric terminal at Atlanta International Airport. Swiss International Air saved $5.4 million last year using AI to increase operational efficiency. And Lufthansa is deploying AI models to better understand the robust wind flow directions that blow through Switzerland and lead to delayed or canceled flights in central Europe. Early efforts show a 40% uptick in accurately forecasting wind patterns.
Industry partners, like Austria-based Flightkeys, use AI to evaluate operational procedures in more than 380,000 flights per day, as a way to help with everything from ticket sales to cockpit flying decisions.
“It’s so complicated to find an optimum route when the systems in the aircraft are not capable of doing this,” Flightkeys co-founder and former pilot Raimund Zopp told Bloomberg. “You need a system on the ground collecting a lot of data and then trying to find the minimum-cost solution,” he explained. “There are so many constraints and parameters that need to be considered and you have to apply AI-based machine learning to correctly apply these constraints.”
Aviation experts expect 2023 to be a launching point for artificial intelligence and the airline sector.
AI can handle “everything from how to actually schedule my people in a more efficient way, to understanding the weather conditions and being able to use that to predict when planes are going to land, and how much fuel they’re going to use,” said Warren Barkley, senior director of product management at Google. A.I. technology, in a Fortune interview. “AI has the ability to look at hundreds of millions of data points and take factors that it never thought of before, or never could be used before, to predict what’s going to happen.”
Adding AI to the mix already looks like a winner for the airline sector, which should mean a better flying experience for pilots and the public.
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This story was originally published April 24, 2023, 12:48 PM.
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