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Artificial Intelligence in Military Market Report 2024 - AI in Military Market Growth, Demand, And Statistics
Artificial Intelligence in Military Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Artificial Intelligence in Military Market 2024 Key Insights:
• 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%.
• Increased Spending On Defense
• Focus On Technological Advancements For Developing New Products
• North America was the largest region in the artificial intelligence in military market in 2023
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