How Is Artificial Intelligence Affecting The Aircraft Industry?
The up-pacing utilization of artificial intelligence will result in $2.9 trillion of business value and 6.2 billion hours of worker productivity in the near future. Moreover, digital asset utilization is expected to increase to 8.4 billion by the year 2024.
Artificial intelligence is continuously expanding in this fast-evolving world. Tech giants all across the world are spending massive amounts on artificial intelligence, and technology is reshaping the dimensions of customer interaction, decision making, and developing workflows, and the travel industry is no exception.
From railways to automobiles, innovations are going hand in hand with automation. Ticket sales represent 74.5% of operating revenue, which means 125.2 billion. What’s more, airline passenger traffic is forecasted to increase over the next 2 decades.
Artificial intelligence can automate and streamline machinery maintenance, automate analytics, and numerous other tasks. Leading airlines are now exploring how artificial intelligence can assist in keeping up the pace of customer demand and enhance an operation’s rate of accuracy and efficiency. Let us go into more detail about the effective applications of artificial intelligence in the aircraft industry.
Revenue Management
An application of data and analytics, revenue management, sets the goal of defining how to sell the product to those who actually require it at an appropriate time with reasonable cost and by utilizing the right channel. Revenue management specialists make efficient use of artificial intelligence for determining efficient distribution channels and seat management in order to keep airlines both competitive and customer-friendly.
Konstantin Vandyshev, who is a data scientist at Transavia’s revenue management department, affirms this trend. He claims that,
“Artificial intelligence is the answer to the question “Where to fly?”, as it assists in defining air routes. Specialists perform data analysis along with decision-making on the basis of insights. Specialists and analysts can rely on such data sources while researching the demand for destinations among contrasting customer groups. ”
Passenger Identification
Hartsfield-Jackson Airport recently launched America’s very first biometric terminal. Check-in procedure before boarding is a significant task for airlines, and they can simply acquire the assistance of artificial intelligence to perform all the operations. The same technology is utilized for passenger identification to combat fraudulent activities.
In 2017, American airline company Delta Airlines took this initiative of check-in through their mobile application, and numerous airlines are upping their game in similar ways. The United States’ transportation security administration has incorporated innovative AI technology for the identification of potential threats and risk management at Phoenix Airport and LAX.
Artificial intelligence technology assists the procedure of passenger identification and makes it more accurate and efficient. Biometric identification, security scanning, and machine learning are assisting in the prediction of disruptions in airline services.
The Pandemic Is Shining A Light On The Significance Of New Technologies
During such a risk as the current crisis, as a precaution, it makes sense to store and gather all possible data related to coronavirus and its impact. This helps in the development of new AI applications that support the aviation industry. The aviation industry is particularly the most vulnerable industry in this regard. Artificial intelligence can surely provide better decision-making tools by enhancing industrial as well as operational efficiency and accuracy.
Future Forecast
The risks of real-life harm are significantly higher in the aviation industry. As the airline industry embraces numerous advantages of artificial intelligence and machine learning, it must take into account such factors as passenger comfort, threat mitigation, and operational efficiency.
Principal advisor to executive director of European Union Aviation Safety Agency, Jean-Marc Cluzeau claimed that
“The aircraft industry could see the first approvals of artificial intelligence and machine learning within an air transport category called aircraft by the year 2025 with the prospect of accumulating the utilization of this technology for commercial as well as transport aircraft by the year 2035. ”
Artificial intelligence possesses the capability of increasing airlines’ fleet availability by up to 35% and reducing labor costs by up to 10%. Hence, artificial intelligence will completely reshape the dimensions of airline operations in the near future. There is a dire need for researchers, developers, and analysts to keep up with the pace of continuously-evolving artificial intelligence for privacy and data governance, transparency, and operation enhancement.
