With 33.3% CAGR, Artificial Intelligence (AI) in Military Market Growth to Surpass USD 38.8 billion

This report analyzes the AI in military market from 2023 to 2028. It discusses various industry and technology trends currently prevailing in the AI in military market along with the factors that drive, restrain, and challenge market growth globally. The AI in military market is projected to grow from USD 9.2 billion in 2023 to 38.8 billion by 2028, at a CAGR of 33.3%. Factors such as the development of specialized AI Chips, growing government spending on defense to improve AI capabilities, and increasing focus on advanced C4ISR capabilities are driving the market growth.

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Based on offering, the hardware segment is expected to lead the AI in military market in 2023. This segment has been classified into processor, memory, and network. Intense competition between established companies and start-ups in the military artificial intelligence market has propelled the development of hardware and software platforms to run machine learning algorithms and programs. Key companies involved in the development of hardware for AI systems include NVIDIA (US), Intel (US), Cray (US), Thales (France), Xilinx (US), and Samsung Electronics (South Korea).

Based on application, the surveillance & situational awareness segment witness significant growth during 2023-2028. Intelligence, surveillance, and reconnaissance (ISR) are some of the major areas that have been receiving investment in military AI. This is due to the ability of AI systems to autonomously gather intelligence via sensors and drones in the terrestrial domain as well as in space. Situational awareness refers to the understanding and interpretation of an operational scenario and possible threats to obtain tactical and strategic targets. Currently, human analysts physically go through aerial data to gather actionable intelligence. Using AI systems will automate this task, improving efficiency and enabling timely decisions.

Based on technology, Context aware computing is anticipated to grow at highest CAGR during 2023-2028. Context awareness is fundamentally about making sense of the environment, situation, or status using data from sensors and then acting accordingly in autonomous ways using artificial intelligence. Context-aware computing is a system architecture trend targeting integrated - and subsequently interoperable - devices, databases, and services to comprehensively capture, represent, communicate, integrate, query, and further users' large context. In simple words, it involves the gathering of information from the immediate surrounding about places, objects, and people and studying the situation, and later decide what action to be taken or followed. All defense organizations are investing heavily in AI systems for situational awareness due to increased spending and the advanced intelligence they provide.

Based on platform, Land segment is projected to drive at highest growth rate during the forecast period.

The land segment covers military fighting vehicles (MFVs), unmanned ground vehicles (UGVs), weapon systems, headquarters & command centers, and dismounted soldier systems. To improve combat capabilities and defend international borders during external disputes, governments have been increasing their investments in the defense sector. This, along with improvements in artificial intelligence, has led to the development of new technologies and defense equipment to strengthen military operations.

Based on Installation Type, the new installation segment held largest share in 2023. The procurement and installation of new artificial intelligence-supported systems for military applications offer the advantage of capitalizing on the potential of all hardware and software components integrated within it as they are already mission-tested for critical parameters such as real-time surveillance & navigation and command, control, and communication capabilities in rough terrains.

Based on region, the North America region is estimated to lead the market in 2023. This region includes US and Canada. The increasing defense budget and the constant adoption of AI technologies is expected to drive the market growth in North America.

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Major players operating in the AI in military market include Lockheed Martin Corporation (US), Raytheon Technologies Corporation (US), Northrop Grumman Corporation (US), BAE Systems PLC (UK), and Thales Group (France). These companies have wide range solution offerings and reliable manufacturing facilities as well as strong distribution networks across key regions, such as North America, Europe & Asia pacific. These companies have solutions and services with wider applications, a larger product footprint, significant market share and broader geographical use cases. They have established a strong market presence, reputable products with strong business strategies.

News also Covered: https://www.prnewswire.com/news-releases/artificial-intelligence-ai-in-military-market-worth-38-8-billion-by-2028---exclusive-report-by-marketsandmarkets-301836391.html

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This release was published on openPR.