Global IoT in Aerospace & Defense Market Expected to Reach $40,950 Million by 2023 - Allied Market Research

Key factor that drives the growth of the IoT in aerospace & defense market, includes enhanced internet penetration and decrease in cost of powerful sensors and controllers. 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 developing nations and infrastructure simplification and standardization restrict the market growth. Moreover, adoption of big data techniques and cloud computing & analytics is expected to offer remunerative opportunities for expansion of the IoT in aerospace & defense market forecast.

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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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Region-wise, the IoT in aerospace & defense market was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to rapid migration from Code Division Multiple Access (CDMA) and Wideband Code Division Multiple Access (WCDMA)/High Speed Packet Access (HSPA) based networks. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to countries such as South Korea and Japan engaged in early deployment of LTE.

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.

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 manufacturing process to deliver a better experience with preventive maintenance.

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The Internet of things in aerospace & defense market is projected to prosper in the COVID-19 situation owing to various government, public, and other organization adopting work from home culture for their employees. The IoT provides numerous benefits to various organizations in this pandemic situation, such as improving standards of corporate governance and increasing efficiency of workforce for providing services in emergency cases. Moreover, with the launch of 5G technology in the midst of the COVID-19, the demand for IoT is expected to boost, owing to the presence of faster and safer data collection and transfer technology.

Key Market Players:

► AeroVironment, Inc.

► AT & T

► Elbit Systems

► Freewave Technologies

► General Atomics Aeronautical System

► Honeywell International, Inc.

► Northrup Grunman

► Prox Dynamics

► Radisys

► Textron Systems

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