Artificial Intelligence in Defense Market Trends Growth Future Demand Analysis and Forecast by 2028

The "Artificial Intelligence in Defense Market" was valued at US$ 6,917.12 million in 2022 and is expected to reach US$ 13,153.34 million by 2028; it is expected to register a CAGR of 11.7% from 2023 to 2028.

As global geopolitical tensions have persisted over the last few years, various affected nations plan and take measures to improve and recapitalize their defense budget and strategies. Changes in the modern warfare system have been urging governments across the world to allocate high funds for respective military forces. Budget allocation enables military forces to procure advanced technologies and equipment from domestic and international manufacturers.

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Companies Profiled in this report includes:

• BAE Systems Plc
• International Business Machines Corp
• Leidos Holdings Inc
• Lockheed Martin Corp
• Raytheon Technologies Corp
• Charles River Analytics, Inc. 187
• General Dynamics Information Technology, Inc
• Shield AI
• SparkCognition Inc
• Thales SA

Also, soldier and military vehicle modernization practices are increasing across numerous countries. Owing to the growing need to strengthen military forces with advanced technologies, armaments, artilleries, and vehicles, defense forces across the world are investing substantial amounts. A continuous urge to deploy new technologies in combat and noncombat operations by the defense forces is boosting defense spending worldwide along with that technology in artificial intelligence in defense market mainly provides robotic assistance on the battlefield, which will enable forces to maintain or expand warfighting capacity without increasing manpower.

Businesses are rapidly embracing advanced Artificial Intelligence in defense solutions and services to reduce unforeseen production delays and gain a competitive advantage. Several macroeconomic factors globally created a severely hostile environment for businesses. The COVID-19 pandemic caused severe disruptions, which led to huge losses for several industry verticals. Political factors in Europe, the Middle East, and South America negatively affected different industry verticals in various ways. Severe economic downturns in several countries decreased consumer spending on discretionary or optional goods. Concerning such factors, enterprises are taking up different measures to remain competitive by reducing capital expenditure. Such initiatives enable company to capture artificial intelligence in defense market share.

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Artificial Intelligence in Defense Market Segmentation:

By Component:
• Hardware
• Software
• Services

By Technology:
• Advanced Computing
• AI systems
• Learning and Intelligence

By Platform:
• Naval
• Land
• Air

By Application:
• Cyber Security
• Battlefield Healthcare
• Logistics and Transportation
• Warfare Platform

Hence, enterprises are adopting technologies that can reduce their production downtime and support continuous manufacturing activities. Availing Artificial Intelligence in Defense can aid organizations in reducing costs while maintaining a competitive edge. Studies claim that an offshore oil and gas company can use Artificial Intelligence in Defense solutions to reduce downtime by 20%, leading to a production increase of more than 500,000 oil barrels annually. Such advantages are expected to boost the artificial intelligence in defense market growth during the forecast period.

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This release was published on openPR.