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.

https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-military-market-41793495.html

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.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=41793495

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.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.