A new research from global professional services firm Accenture has revealed that deployment of digital technologies could help aerospace companies unlock £18bn in value in the next ten years.

The entire aerospace industry could also unlock value equivalent to 21% of its gross value added (GVA), if it makes investments in digital technologies.

According to the research, new sources of revenue could support the growth of the industry by 9% and help generate £8bn in new revenue over the next decade.

“Aerospace companies must look at how they reinvent operating models, production and value chains.”

Seeing e participation of 931 executives from 21 countries, the research revealed that the industry could also reduce costs by more than £10bn and pass on £3bn in cost savings directly to consumers.

Only 13% of the respondents stated that their businesses have become more efficient and bigger as a result of their digital investments, while 80% want new efficiencies, new growth and new experiences, and 64% of the respondents feel that failure to leverage the components of digital value will lead them to struggle for survival in the future.

Accenture Digital managing director Ben Salama said: “Most aerospace companies we work with recognise that digital technologies can drive transformation and growth, but many aren’t yet realising this potential.

“This research quantifies the potential prize for industry, individuals and society if they get this right.

“The solution is what we call Industry X.0.It’s an action plan for embracing technological change and profiting from it. More than just transforming into digital businesses, aerospace companies must look at how they reinvent operating models, production and value chains.”

In order to conduct the research, Accenture has employed a methodology developed in collaboration with World Economic Forum, which seeks to understand the value of digital transformation, for both industry and society.

The research has recognised various ways for the digital technologies to transform the sector and improve productivity, such as big data analytics that can provide a better understanding of in-flight use and operation so processes can be calibrated.