Yahoo Finance At 12.2% CAGR, Global IoT in Defense Market Size & Share to Surpass USD 32 Billion by 2028: Industry Trends & Forecast Report by Facts & Factors
[221+ Pages Research Study] According to a market research study published by Facts and Factors, the demand analysis of Global IoT in Defense Market size & share revenue was valued at approximately USD 32 Billion in 2021 and is expected to reach around USD 65 Billion by 2028, at a CAGR of 12.2% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are Freewave Technologies, Northrup Grunman, At & T, Radisys, Aerovironment Inc., General Atmoics Aeronautical Sysytems, Textron Sysytems, Honeywell International Inc., Elbit Systems, Prox Dynamics, and others.
NEW YORK, United States, March 07, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “IoT in Defense Market By Application Type (Equipment Maintenance, Health Monitoring, Real-Time Fleet Management, Training & Simulation, and Inventory Management), By Element (Software, Hardware, and Services), By Accessibility (Cellular, Wi-Fi, Radio Frequency Identification, and Others) and By Region - Global and Regional Industry Outline, Market Insights, Comprehensive Analysis, Historical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global IoT in Defense Market size & share was worth around USD 32 billion in 2021 and is estimated to grow to about USD 65 billion by 2028, with a compound annual growth rate (CAGR) of approximately 12.2% over the forecast period 2022 to 2028.”
The study examines the drivers, restraints, and challenges that the IoT in defense market as well as the impact that these factors are having on demand over the forecast period. Additionally, the paper examines emerging potential in the IoT in the defense industry.
What is IoT in Defense? How big is the IoT in Defense Market?
Market Overview:
The integration of the Internet of Things (IoT) into defense, also known as Military IoT, is an endeavor to build interconnected devices capable of performing a variety of military functions or missions. Defense IoT is expected to change information collection, analysis, and flow, allowing for more intelligent interactions across humans, interfaces, and networks, ultimately improving combat decision-making. Modern military forces rely heavily on electronic networks for communication and a variety of other activities.
Furthermore, the integration of IoT into the armed forces has a wide range of military benefits, ranging from equipment maintenance to personnel monitoring to stock management. Internet of Things is being developed on a global scale, with a focus on non-military uses for personnel. IoT is a viewpoint that considers the inevitable closeness of a variety of perceptive things and objects on the planet. They can connect and work with each other to create new applications through remote and wired connections, with the end goal of achieving shared objectives.
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Global IoT in Defense Market: Growth Drivers
Rising demand to adopt advanced technologies are likely to pave the market’s growth
The need for improved national security has increased the demand for global IoT in the defense market. The defense industry of a region is seen as a valuable asset for the national territory, and it is critical that this sector be equipped with cutting-edge technology. As a result, demand for military IoT in the defense industry has been increasing at a rapid pace in recent years. National territories desperately need greater physical security on a national scale, and defense IoT plays a significant role in attaining this goal. The availability of a unified electronic manufacturing base across regions has also played an important role in the expansion of the global IoT in defense market.
The advantages of IoT in terms of high connectivity, increased security, and rapid decision-making skills are driving the IoT in defense market. Furthermore, the IoT in defense market is being driven by a growing demand for creative and dependable services. However, because of the nature of the Internet, connectivity, embedded operating systems, and backend resources, IoT objects are susceptible to cyber-attacks. Furthermore, the majority of traditional security solutions built for enterprise systems are inapplicable to IoT devices. On the other hand, massive power consumption by the IoT during battles or wars may also hinder the growth of the IoT in defense market.
Industry Major Market Players
Some of the main competitors dominating the global IoT in defense market are;
Freewave Technologies
Northrup Grunman
At & T
Radisys
Aerovironment Inc.
General Atmoics
Aeronautical Sysytems
Textron Sysytems
Honeywell International Inc.
Elbit Systems
Prox Dynamics
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IoT in Defense Market: COVID-19 Impact Analysis
The Covid-19 epidemic in 2020 had a negative influence on the economies of several countries throughout the world due to complete or partial lockdown and transportation restrictions. Defense IoT product producers, including subsystems and components, suffered considerable revenue losses. Although the use of IoT in the military for a variety of applications is becoming increasingly significant, the implementation of the lockdown caused a disturbance in the supply chain, resulting in a temporary halt in the production process. The global crisis also impacted long-term defense IoT contracts, which contributed to the global IoT in defense market's falling growth.
The lack of industrial activity, restricted project investments, and slowing economic conditions resulted in lower global demand for industrial products. The Covid-19 pandemic, on the other hand, had a short-term influence on demand for military IoT in the defense sector. In addition, firms are cooperating with technological behemoths to create and deploy digital technologies that will improve the efficiency of military operations.
Key questions answered in this report:
What is the market size and growth rate forecast for IoT in Defense industry?
What are the main driving factors propelling the IoT in Defense Market forward?
What are the leading companies in the IoT in Defense Industry?
What segments does the IoT in Defense Market cover?
How can I receive a free copy of the IoT in Defense Market sample report and company profiles?
Key Insights from Primary Research:
As per the analysis shared by our primary respondents, the IoT in Defense market is expected to grow annually at a CAGR of around 12.2% over the forecast period 2022-2028.
Through primary research, it was established that the IoT in Defense market was valued at approximately USD 32 billion in 2021 and is predicted to grow to about USD 65 billion by 2028.
Over the past several years, hardware has dominated the worldwide Iot in defense market, and this trend is predicted to continue over the forecast period.
On the basis of region, North America generated the largest amount of revenue in the global IoT in Defense market.
Report Scope
Report Attribute | Details |
Market Size in 2021 | USD 32 Billion |
Projected Market Size in 2028 | USD 65 Billion |
CAGR Growth Rate | 12.2% CAGR |
Base Year | 2021 |
Forecast Years | 2022-2028 |
Key Market Players | Freewave Technologies, Northrup Grunman, At & T, Radisys, Aerovironment Inc., General Atmoics Aeronautical Sysytems, Textron Sysytems, Honeywell International Inc., Elbit Systems, Prox Dynamics., and Others |
Key Segment | By Application Type, By Element, By Accessibility, and By Region |
Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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Segmentation Analysis In IoT in Defense Market
The global IoT in defense market is segregated on the basis of application type, element, accessibility, and region.
By application type, the market is divided into equipment maintenance, health monitoring, real-time fleet management, training & simulation, and inventory management. Real-time fleet management has the greatest market share in the global IoT in defense market.
By element, the market is classified into software, hardware, and services. Hardware has dominated the global IoT in defense market with the highest share in recent years and is expected to continue this trend over the projected period.
By accessibility, the market is divided into cellular, Wi-Fi, radio frequency identification, and others. Among these, the cellular connectivity mode is predicted to have the largest share during the forecast period because it provides more stable bandwidth correspondence for a number of audio and data real-time applications.
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Regional Dominance:
North America is expected to account for a sizable share of market revenue
North America earned the most revenue in the global IoT in defense market because of its technologically advanced infrastructure, high adoption of the internet of things (IoT), and growing demand for IoT in defense tools. Furthermore, technological advancements such as the evolution of industrial infrastructure to a smart environment and the integration of blockchain & cryptographic procedures across IoT security services are likely to propel the market in Asia-Pacific to new heights.
Asia Pacific region is expected to grow at a rapid pace throughout the projected period, owing to emerging economies such as India & China, increased urbanization, and other reasons.
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Recent developments
July 2021: Robotics Research (RR), LLC received an all-electric version of the RIPSAW® M5, known as the M5-E, from Textron Systems and Howe & Howe, Inc. This robotic vehicle was supplied in its flat-deck configuration to enable weapon integration testing at the US Army Combat Capabilities Development Command Armaments Center. The deal, which was won in the fall of 2020, resulted in a vehicle with innovative technology that provided unparalleled capability.
August 2021: The Missile Defense Futures Lab (MDFL) of Northrop Grumman Corporation has recently been established in Huntsville. MDFL, the company's missile defense division, is leading the way in developing, testing, and fielding an integrated missile defense system with speed and precision.
The global IoT in defense market is segmented as follows:
By Application Type
Equipment Maintenance
Health Monitoring
Real-Time Fleet Management
Training & Simulation
Inventory Management
By Element
Software
Hardware
Services
By Accessibility
Cellular
Wi-Fi
Radio Frequency Identification
Others
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Key Offerings:
Market Size, Share & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Application Type, by Element, by Accessibility, and by Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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