Europe Artificial Intelligence in Defense Market Advancements with 11.3% of CAGR by 2028 - Leidos, Lockheed Martin Corporation, Thales Group

The Europe Artificial Intelligence in Defense Market is expected to grow from US$ 1,498.71 million in 2021 to US$ 3,169.95 million by 2028; it is estimated to grow at a CAGR of 11.3% from 2021 to 2028.

Over the next several decades, artificial intelligence (AI) is predicted to play a key role in defining the competitiveness and productivity of European countries, with early adopters gaining enormous social, economic, and geopolitical benefits. Unlike the US and China, European countries are punching considerably below their weight while having key advantages such as a robust industrial foundation and leading AI research and expertise. The fragmentation of the digital market in the EU, challenges in recruiting human resources and attracting foreign investments, and a lack of commercial competitiveness are all contributing to the development.

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As global tensions have persisted over the last few years, various affected nations plan and take measures to improve and recapitalize the defense status. Threats are continually evolving, i.e., from the conventional land-based to hybrid warfare threats. To address security threats and tackle terrorism, governments of several nations have already started to increase their defense budgets. According to Forbes data of April 2021, military spending grew to nearly US$ 2 trillion in 2020, a 2.6% increase in real terms in 2019. The growth in spending came in a year where global GDP contracted 4.4% due to the COVID-19 pandemic, with just five countries accounting for 62% of total expenditure.

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Major Key players covered in this report:

BAE Systems plc.
General Dynamics Corporation
IBM Corporation
Leidos
Lockheed Martin Corporation
Raytheon Technologies Corporation
Thales Group

Europe Artificial Intelligence in Defense Market Segmentation

Europe Artificial Intelligence in Defense Market - By Component

Hardware
Software
Services

Europe Artificial Intelligence in Defense Market - By Technology

Advanced Computing
AI Systems
Learning and Intelligence

Europe Artificial Intelligence in Defense Market - By Platform

Land
Air
Naval

Europe Artificial Intelligence in Defense Market - By Application

Cyber Security
Battlefield Healthcare
Logistics and Transportation
Warfare Platform
Others

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Owing to travel restrictions in European countries, the movement of people from one place to another was reduced drastically during the COVID-19 pandemic. The outbreak has heavily impacted economies across the region. Governments imposed lockdowns to curb the spread of the virus, which resulted in the shutdown of several industries. The supply and demand for military weapons continued to grow as government spending for the improvement of defense systems remained unaltered in 2020 and 2021. However, the lack of raw materials due to interruption of the supply chains led to the shuttering of production facilities, which slightly affected the market growth in 2020, especially due to the decreased manufacturing of artificial intelligence hardware systems.

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