IoT in Aerospace & Defense Market is projected to reach $145.27 billion by 2030, growing at a CAGR of 14.4% | Valuates Reports

IoT in Aerospace & Defense Market

The global iot in aerospace & defense market size was valued at $38.67 billion in 2020, and is projected to reach $145.27 billion by 2030, growing at a CAGR of 14.4% from 2021 to 2030.

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The internet of things (IoT) in aerospace and defense refers to the usage of networked smart devices with real-time data cooperation. IoT in A&D enables the aerospace and defense sector achieve optimal operating efficiency of the supplements with different characteristics such as predictive maintenance, data analytics, and smart surveillance, thanks to its connection and real-time data sharing.

Enhanced internet penetration and decreased cost of powerful sensors and controllers drive the global IoT in aerospace & defense market growth. In addition, growth in information, communication, and technology (ICT) and expenditure by governments in the several developed and the developing regions fuel the growth of the market. However, poor internet infrastructure in the developing nations and infrastructure simplification and standardization restrict the market growth. Moreover, rise in adoption of big data techniques and cloud computing and analytics is expected to offer remunerative opportunities for expansion of the market during the forecast period.

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The IoT in aerospace & defense market is segmented on the basis of component, deployment model, connectivity technology, application, and region. By component, the market is divided into hardware, software, and services. By deployment model, the market is divided into cloud and on-premise. On the basis of connectivity technology, the market is categorized into cellular, Wi-Fi, satellite communication, and radio frequency. On the basis of application, the market is divided into fleet management, inventory management, equipment maintenance, security, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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In terms of component, hardware segment dominated the IoT in aerospace & defense market size during the forecast period. The rising demand for IoT devices, low cost hardware requirements, and need of numerous sensors and chips for smart devices drive the growth of the hardware market for IoT in A&D. The enhanced security for IoT devices such as content protection, malware detection, authentication, and theft deterrence are key factors which are expected to create opportunities in the IoT in aerospace & defense market.

Cellular segment accounted for the highest revenue in IoT in aerospace & defense market. The major factors influencing cellular connectivity in IoT in A&D market are evolution of Machine-to-Machine (M2M) technology, evolution of long term evolution (LTE), and optimized utilization of available cellular network.

Region-wise, the IoT in aerospace & defense market size was dominated by North America in 2020, and is expected to retain its position during the forecast period, due to the presence of a large number of LTE subscribers in the U.S. and Canada. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in number of number of subscribers in key regional markets such as China, India, Japan, and South Korea.

The global IoT in aerospace & defense market analysis includes major players, such as AeroVironment, Inc., AT&T Intellectual Property, Elbit Systems Ltd., FreeWave Technologies, Inc., General Atomics, Honeywell International Inc., Northrop Grumman, Teledyne FLIR LLC, Radisys, and Textron Systems. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

The report focuses on growth prospects, restraints, and analysis of the global IoT in aerospace & defense market trend. The study provides Porter's five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, on the global IoT in aerospace & defense market share.

Top Impacting Factors

Enhanced Internet Penetration

Predictive maintenance approaches are being used by defense organizations globally to improve efficiency and reduce maintenance costs. The drive to improve the safety and efficiency of armed forces has made great progress because of the widespread deployment of Internet of Things (IoT) technology. As Internet is such an important component of the IoT, increased internet penetration across many businesses and countries, such as Asia-Pacific, boosts the market for IoT devices. Furthermore, the growing popularity of IoT devices in the consumer sector prompts numerous original equipment manufacturers (OEMs) to develop low-cost, high-performance sensors and controllers. The OEM industry is spurred by rise in the IoT trend. IoT is easily adopted in aerospace and military technologies because of the low cost of sensors and controllers.

Growth in Information, Communication, and Technology

IoT, cloud, and DevOps have massive effects on the IoT industry. Real-time equipment tracking, inter-equipment tracking, remote updates, and predictive maintenance are just a few instances of how technologies have advanced. Battlefield awareness, proactive equipment maintenance, warfighter health monitoring, remote training, and efficient inventory management are among the primary elements predicted to drive the IoT adoption in the aerospace & defense industry. Furthermore, emerging country governments boost their defense and aerospace spending, resulting in increase in demand for smart equipment and solutions in the aerospace & defense sector. The technological innovation along with efficient R&D of the developed and developing nations are key factors that fuel the growth of the IoT in aerospace & defense industry.

Key Companies:

GENERAL ATOMICS AERONAUTICAL SYSTEMS, PROX DYNAMICS, AEROVIRONMENT, ELBIT SYSTEMS, AT & T, HONEYWELL INTERNATIONAL, RADISYS, NORTHRUP GRUNMAN, TEXTRON SYSTEMS, FREEWAVE TECHNOLOGIES

By Component

• Hardware
• Software
• Services

By Deployment Mode

• On-Premise
• Cloud

By Connectivity Technology

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

By Application

• Fleet Management
• Inventory Management
• Equipment Maintenance
• Security

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