Military IoT Market Research Report: Information by Component (Hardware, Software), by Technology (Wi-Fi, Cellular, Satellite Communication), by Application (Training & Simulation, Health Monitoring), and by Region — Global Forecast till 2023
The global military IoT market is estimated to register a CAGR of nearly 11% during the forecast period from 2018 to 2023.
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Market Scenario
Military IoT utilizes devices, such as GPS and satellite communication, to provide real-time reporting to military commanders. The real-time data provided by military IoT enables users to plan military operations and take optimal decisions. Additionally, it provides various benefits such as situational awareness and information on equipment health, enabling users to experience enhanced safety.
Factors such as the growing demand for enhanced situational awareness and decreased cost of controllers and sensors are propelling the market growth. Stringent government regulations related to defense personnel security is also expected to boost the market growth. However, poor internet connectivity in developing nations may hamper the market growth.
Based on component, the software segment is anticipated to witness the highest CAGR over the forecast period. Software enables army personnel in receiving real-time location information and is compatible with various communication devices, such as radios. On the basis of technology, the Wi-Fi segment is anticipated to witness the highest CAGR over the forecast period owing to benefits offered such as enhanced connectivity, flexibility and easy installation of the device.
On the basis of application, the training & simulation segment is anticipated to grow at the highest CAGR over the forecast period. Factors such as increasing adoption of wearable devices by armed forces for training purposes is driving the segment growth. Additionally, military IoT utilizes live streaming cameras and motion sensors to provide live training data. The data assists commanders in keeping track of army forces performance. Therefore, the segment is anticipated to grow at the highest CAGR over the forecast period.
North America is estimated to account for the largest share during the review period. Presence of prominent players such as Honeywell International, Inc., and Northrop Grumman Corporation is expected to bolster the market growth. Furthermore, the growing use of battlefield management systems by the US Army is driving the market growth as these systems utilize IoT and offer enhanced situational awareness and target acquisition capabilities to defense personnel. However, Asia-Pacific is expected to grow at the fastest CAGR over the forecast period, owing to increasing defense expenditure in emerging economies, such as India and China. Additionally, technological advancements in the region are expected to propel the market growth.
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Key Players
The key players in the global military IoT market are Honeywell International, Inc. (US), Northrop Grumman Corporation (US), AeroVironment, Inc. (US), FreeWave Technologies, Inc. (US), AT&T Inc. (US), General Atomics (US), FLIR Systems, Inc. (US), Textron Systems (US), Reliance Industries Limited (India), IBM Corporation (US), Bombardier (Canada), SAP SE (Germany), Forescout Technologies Inc. (US), and General Electric (US).
Research Methodology
The market numbers and forecast derived were the outcomes of our disciplined research methodology that includes secondary research, primary interviews, followed by data triangulation and validation from our in-house data repository and statistical modeling tools.
Secondary Research
In this process, the data collection was done through various secondary sources, which included annual reports, SEC filings, journals, government association, aerospace & defense magazines, white papers, corporate presentations, company websites, some paid databases, and others.
Primary Research
In this process, both the demand side and supply side parties were involved in extracting genuine facts and insights about the market forecast, production, trend, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain have been approached to obtain key information.
Report Key Insights
- Market Sizing, Forecast, and Analysis: Detailed coverage on market segment and its sub-segments
- Regional / Country Trend and Forecast: Detailed analysis on North America, Asia-Pacific, Europe, Middle East & Africa, and Latin America, along with key countries in each of the regions
- Market dynamics intelligence: Market drivers, opportunities, trends, restraints, Porter’s five forces, supply chain & value chain analysis
- Technology Trend, Regulatory Landscape, and Patent Analysis Outlook
- Competitive Intelligence: Market share analysis, financial analysis, product benchmarking, strategic developments including JVs, Product Launch, and M&A
- Regional attractiveness and related growth opportunities
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