Press release
Artificial Intelligence in Military Global Market Report 2024: Key Players, Demand Patterns And Forecasts 2033
Artificial Intelligence in Military Market
The Business Research Company offers in-depth market insights through Artificial Intelligence in Military Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The artificial intelligence in military market size has grown rapidly in recent years. It will grow from $8.45 billion in 2023 to $9.86 billion in 2024 at a compound annual growth rate (CAGR) of 16.6%. The growth in the historic period can be attributed to rise in budget allocations, rise in cybersecurity concerns, increasing data availability, rise in threats, economic growth.
The artificial intelligence in military market size is expected to see rapid growth in the next few years. It will grow to $17.65 billion in 2028 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to geopolitical tensions, rise in research and development, growing military and defense sector, rising government support, rising industrial automation. Major trends in the forecast period include industry partnerships, human-machine teaming, dual-use technologies, cognitive electronic warfare, swarm technology.
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Market Segmentation:
The main offerings of artificial intelligence in military are hardware, software, and services. Hardware refers to the computer's tangible components that store and run the written instructions provided by the software. The different technologies include machine learning, natural language processing, context-aware computing, computer vision, intelligent virtual agent (IVA) or virtual agents, and others that involve several platforms such as land, naval, and airborne. The different installations include new procurement and upgradation that are used in information processing, simulation and training, warfare platform, threat monitoring, situational awareness, cyber security, and other applications.
Major Driver - Increased Spending On Defense
Increased spending on defense is driving the growth of artificial intelligence in military market going forward. Artificial intelligence refers to the simulation of human intelligence in machines that are programmed to work like humans and spoof their actions. Most governments have set up specialized departments or organizations with the specific purpose of developing new capabilities as well as planning, launching, and integrating AI capabilities into military equipment. For instance, in April 2022, according to the Stockholm International Peace Research Institute (SIPRI), a Sweden-based international research institute on arms control, arms transfers and non-proliferation, in 2021, total global military spending was expected to increase by 0.7% in real terms to $2113 billion. This was the seventh year in a row that spending increased. Military R&D funding in the United States increased by 24% between 2012 and 2021, while China, the world's second-largest spender, allocated an estimated $293 billion to its military in 2021, a 4.7% increase over 2020. China's military spending has increased for the past 27 years. Therefore, increased t spending on defense is driving the growth of artificial intelligence in military market.
Competitive Landscape:
Major companies operating in the artificial intelligence in military market include Charles River Analytics Inc., BAE Systems PLC., Northrop Grumman Corporation, RTX Corporation, Lockheed Martin Corporation, Thales Group, Harris Corporation, International Business Machines Corporation, Rafael Advanced Defense Systems, Microsoft Corporation, Oracle Corporation, Amazon Web Services Inc., SAS Institute, Meta Platforms Inc., SAP SE, Salesforce Inc., Baidu Inc., SoarTech, Google LLC, NVIDIA Corporation, Intel Corporation, General Dynamics Corporation, Honeywell Aerospace, Pratt & Whitney, Rolls-Royce Holdings plc, General Electric Aviation, Safran S.A., Israel Aerospace Industries, Spirit AeroSystems Inc., Triumph Group Inc., Boeing Co., Airbus SE, Leonardo S.p.A., L3Harris Technologies Inc., Elbit Systems Ltd., Rheinmetall AG, Collins Aerospace, Kongsberg Gruppen
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Top Trend - Focus On Technological Advancements For Developing New Products
Technological advancement is a key trend gaining popularity in artificial intelligence in military market. Major players operating in the artificial intelligence in military market are concentrating their efforts on creating innovative technologies to strengthen their position. For instance, in July 2022, Raytheon Technologies, a US-based aerospace, and defense company partnered with a US-based company, C3 AI's application platform to deliver next-generation artificial intelligence (AI) and machine learning (ML) capabilities for the Tactical Intelligence Targeting Access Node (TITAN) program of US Army. TITAN will ingest data from high-altitude and space using terrestrial and aerial sensors to provide targetable data and situational awareness.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Intelligence in Military Market Characteristics
3. Artificial Intelligence in Military Market Trends And Strategies
4. Artificial Intelligence in Military Market - Macro Economic Scenario
5. Artificial Intelligence in Military Market Size And Growth
…..
27. Artificial Intelligence in Military Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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