Military IoT Market
Military IoT Market Is Projected to Account for USD 17.72 Billion By 2024, Registering A CAGR Of 10.64% During the Forecast Period (2020 To 2030).
Due to the evolving nature of warfare and the increased use of IoT in battlefield management systems (BMS) for special operations, the global Military IoT Market is rising at a substantial pace. The main factors for market growth are the increasing use of IoT in BMS for special operations and the changing nature of warfare. Demand for military IoT in the global market has been growing due to the need for better national defence. Consumer appetite has been promoted by the existence of a seamless defence sector that constantly imbibes new principles and security mechanisms. In the development of the global military IoT sector, the need for military monitoring and operational intelligence across geographic regions has also played a central role. Therefore, in recent years, demand for military IoT in the defence industry has risen at a stellar rate. The last decade has seen fundamental improvements in the defence sector's infrastructural capability.
This trend has paved the way for IoT technology to become prominent in defence, aviation, and naval operations. The region-wide involvement of a seamless electronic manufacturing base has also played a key role in the development of the global IoT military market. There is no doubt now about the growth in the years to come of a strong and well-developed defence industry. This element, in turn, would provide a catalyst for the development of the global IoT military industry.
However, data storage concerns and cybersecurity risks can hamper business development.
The global Military IoT Market has been segmented based on technology, component, application, and region.
Based on technology, the market has been classified as Wi-Fi, cellular, RFID, and others. the Wi-Fi segment is expected to register a CAGR of 11.53% during the forecast period.
By component, the market has been categorized as hardware, software, and services.
Based on application, the market has been segmented into training and simulation, health monitoring, real-time fleet management, inventory management, equipment maintenance, and others.
Military IoT Market Players is FLIR Systems Inc. (US), Forescout Technologies, Inc. (US), AT&T Inc. (US), Northrop Grumman Corporation (US), Honeywell International Inc. (US), BAE Systems (UK), FreeWave Technologies, Inc. (US), Harris Corporation (US), IBM Corporation (US), Thales Group (France), SAP SE (Germany), and Lockheed Martin Corporation (US).
By region, the global military IoT market has been segregated into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America.
During the forecast period, the military IoT market in North America is projected to report a CAGR of 10.85 percent. Factors such as high military spending and the increasing acceptance of IoT systems by the government and defence bodies in the region are driving the growth of the market in North America. In addition, the increasing use by the US Army of IoT-based systems and components for overseas operations in countries like Iraq and Syria is boosting the region's market growth. In Canada, the Canadian government's growing investment in information technology for the military is stimulating business demand.
During the evaluation era, Europe is expected to be a major market for military IoT systems. At a CAGR of 10.57 percent during the projected period, the regional market is projected to hit USD 4,612.7 million by 2024.
During the review period, Asia-Pacific is forecast to be a key regional sector. The market in the region is poised to reach USD 4.60 billion by 2024, exhibiting a CAGR of 11.67% during the forecast period.
Military IoT Market: Information by Component (Hardware, Software and Services), Technology (Wi-Fi, Cellular, RFID and others), Application (Training and Simulation, Health Monitoring, Real-Time Fleet Management, Inventory Management, Equipment Maintenance and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and Latin America) - Forecast till 2030
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