2021 Advantages of Using IoT in Defense Market
IoT in defense offers situational awareness during disputes or wars, helps in effective maintenance of defense vehicles & artilleries, and assists in monitoring the health of warfighter. In addition to this, the internet of things or IoT facilitates remote training & simulation and allows real-time fleet management activities.
According to the research report issued by Facts and Factors, the global IoT in Defense market is predicted to be valued at approximately USD 21,212 million in 2018 and is expected to reach a value of around USD 56,565 million by 2027, at a CAGR of around 11.51 % between 2019 and 2027.
Growing concerns pertaining to the health of defense personnel will drive the market growth
IoT systems help in making the soldier alert through providing of heath & monitoring services. It enables proficient and end-to-end soldier health systems. Apart from this, large-scale acceptance of IoT not only helps in monitoring the health of the soldier but also provides an alarming signal to the base camp clinics in order to keep them informed about the health of the defense personnel like soldiers or army persons. All these factors are likely to contribute notably towards the IoT in defense market surge during the forecast period.
Furthermore, security is the key issue that is required to be addressed at each level of IoT ranging from cloud-based control systems to network infrastructure. Moreover, with weapon ownership, surveillance, intrusion, and targeting systems having a mission & life-threatening impacts, security is the key aspect for the firms and hence they create as well as deploy defense services by using IoT systems. This, in turn, will promulgate the business scope over the forecast period. However, huge power usage by IoT in the case of wars or battles can prove as a detriment to the growth of the IoT in Defense market during the period from 2019 to 2027. Nevertheless, the growing acceptance of IoT in tactical systems will offer new growth avenues for the market over the forecast timeline. This, in turn, helps in minimizing the negative impact of hindrances on market growth over the period from 2019 to 2027.
Some of the major players in the business include AeroVironment, Inc., Textron Systems, AT & T, Elbit Systems, Thales Group, Radisys, Freewave Technologies, SAP SE, Honeywell International, Inc., Northrup Grunman, Prox Dynamics, and Wind River Systems.
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Software to lead the component segment over the forecast period
The segmental growth during the period from 2019 to 2027 is credited to the need for reducing the overall costs and increasing mechanization of the hardware process.
Equipment maintenance segment to dominate the application landscape by 2027
The growth of the segment over the forecast timeline is attributed to the high acceptance of IoT in equipment maintenance along with a massive allocation of firms for equipment maintenance activities.
North America to contribute a major chunk of the market revenue share by 2027
The market growth in the North American region is attributed to advancements in technologies and large-scale acceptance of IoT in defense sector in countries like the U.S. Furthermore, the presence of robust defense infrastructure in counties like the U.S. will further boost the regional market growth trends over the forecast timeframe.
