IoT in Aerospace & Defense Market Insights 2020: Key Growth Factors and Opportunity Analysis by 2027

According to a new report published by Allied Market Research, the global IoT in aerospace & defense market was valued at $19,175 million in 2016, and is projected to reach at $40,950 million by 2023, growing at a CAGR of 11.8% from 2017 to 2023. The software segment is anticipated to witness the highest growth rate during the forecast period.

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North America was the highest revenue contributor in the global IoT in aerospace & defense market in 2016, due to its advanced technical aspects and high adoption of IoT. In addition, the enhanced internet penetration, decreased cost of powerful sensors & controllers, bandwidth & connectivity, growth in information, communication & technology, expenditure by governments in the several developed and the developing regions, including North America, Europe, and Asia Pacific, drive the market growth. In addition, Asia-Pacific is anticipated to witness a significant growth rate during the forecast period, owing to emerging economies, such as China and India, increase in urbanization, and other factors. At present, emerging markets such as China, Brazil, and India, have doubled their defense expenditure as compared to the earlier investment.

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In 2016, the hardware segment accounted for the highest share in the market, while the software segment is anticipated to witness the highest growth rate from 2017 to 2023, owing to overall cost reduction due to automation of the manufacturing process to deliver a better experience with preventive maintenance.

The key players profiled in the IoT in Aerospace & Defense market study are AeroVironment, Inc., AT & T, Elbit Systems, Freewave Technologies, General Atomics Aeronautical Systems, Honeywell International, Inc., Northrup Grunman, Prox Dynamics, Radisys and Textron Systems. These players have adopted competitive strategies, such as geographical expansions, mergers & acquisitions, new product launches, and partnerships & collaborations, to augment the growth of the global IoT in aerospace & defense market.

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KEY FINDINGS OF THE STUDY

• The hardware segment accounted for the highest share in the global IoT in aerospace & defense industry in 2016, growing at a CAGR of 72.9% from 2017 to 2023.
• The software segment is projected to witness the highest growth rate of 13.5%.
• North America generated the highest share of $8,637 million, in terms of revenue, in 2016 for IoT in Aerospace & Defense market

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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