IoT in Defense Market Share Is Likely To Grow At A CAGR Value Of Around 9.92% By 2032

08-Apr-2024 | Facts and Factors

According to Facts & Factors, the global IoT in defense market was worth around USD 49.22 billion in 2023 and is estimated to grow to about USD 115.33 billion by 2032, with a compound annual growth rate (CAGR) of approximately 9.92% over the forecast period. The report analyzes the IoT in defense market’s drivers, restraints, and challenges and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the IoT in defense market.

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.

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Browse the full “IoT in Defense Market Size, Share, Insights Report By Component (Hardware, Software, and Services), By Connectivity Technology (Cellular, Wi-Fi, Satellite Communication, and Radio Frequency), By Deployment Mode (On-premises, and Cloud-based), By Application (Fleet Management, Inventory Management, Equipment Maintenance, Security, and Others), and By Region – Global Industry Analysis, Emerging Trends, Demand and Forecast Report 2024 – 2032”  report at https://www.fnfresearch.com/iot-in-defense-market-report

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.

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.

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.

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.

Report Scope

Report Attribute

Details

Market Size in 2023

USD 49.22 Billion

Projected Market Size in 2032

USD 115.33 Billion

CAGR Growth Rate

9.92% CAGR

Base Year

2023

Forecast Years

2024-2032

Key Market Players

Lockheed Martin, Northrop Grumman, Radisys, Raytheon Technologies, BAE Systems, Boeing Defense, Airbus Defence and Space, IBM, Microsoft, AT&T, General Atomics Aeronautical Systems, Textron Systems, Honeywell International Inc., Elbit Systems, Prox Dynamics, and Others.

Key Segment

By Component, By Connectivity Technology, By Deployment Mode, By Application, and By Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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Some of the main competitors dominating the global IoT in defense market are ; Lockheed Martin, Northrop Grumman, Radisys, Raytheon Technologies, BAE Systems, Boeing Defense, Airbus Defence and Space, IBM, Microsoft, AT&T, General Atomics Aeronautical Systems, Textron Systems, Honeywell International Inc., Elbit Systems, Prox Dynamics., and others.

Recent developments

AeroVironment and HAPSmobile have launched a joint venture with a contract for USD 65 million. The purpose of the partnership is to generate solar-powered high-altitude unmanned aircraft systems and facilitate their production.

The global IoT in defense market is segmented as follows:

By Component

  • Hardware
  • Software
  • Services

By Connectivity Technology

  • Cellular
  • Wi-Fi
  • Satellite Communication
  • Radio Frequency

By Deployment Mode

  • On-premises
  • Cloud-based

By Application

  • Fleet Management
  • Inventory Management
  • Equipment Maintenance
  • Security
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Southeast Asia
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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