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Digital Battlefield Market Report 2024 - Digital Battlefield Market Share, Opportunities, And Forecast
Digital Battlefield Market
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According to The Business Research Company's, The digital battlefield market size has grown rapidly in recent years. It will grow from $51.3 billion in 2023 to $60.96 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to growth of modern warfare and security threats, communication and data sharing needs, intelligence and surveillance requirements, cybersecurity concerns, and defense budget allocations.
The digital battlefield market size is expected to see rapid growth in the next few years. It will grow to $122.16 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to geopolitical tensions, multi-domain operations, enhanced cyber resilience, sensor fusion and situational awareness, and increasing military modernization programs
. Major trends in the forecast period include artificial intelligence (ai) and machine learning, 5g and advanced connectivity, unmanned systems and drones, hypersonic weapons development, and adaptive defense strategies .
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Market Drivers and Trends:
Increasing inclination towards cloud services in military and defense is expected to propel the growth of the digital battlefield market going forward. Cloud services are network-based virtualized resources designed to offer quick, inexpensive access to applications without requiring internal hardware or infrastructure, and they offer advantages such as a flexible and secure cloud environment, highly redundant networking, and many others. Cloud services in the military and defense are used to gather, process, and analyze intelligence resource data and provide security for battlefield intelligence. For instance, according to the United States Department of Defense (DOD), a branch of the US government responsible for the nation's defense, in 2022 the department of defense allocated $ 798 million to the US army to spend on cloud services in the fiscal year 2022. Also, in June 2021, the total US defense information technology and cyberspace activities budget overview for the fiscal year 2022 reached $ 83,091.3 million. Therefore, an increasing inclination toward cloud services in the military and defense is driving the growth of the digital battlefield market.
Technological advancements have emerged as a key trend gaining popularity in the digital battlefield market. Major players operating in the digital battlefield sector are focused on implementing advanced technologies to expand their market share. For instance, in June 2022, L3Harris Technologies Inc., a US-based aerospace and defense company, launched an infrared instrument integrated with infrared space technology to capture high-resolution imagery and battlefield information from space. The benefit of the device is that it can track a target of interest continuously, along with sensitivity and target discrimination, at a lower cost. It is part of a wide-field-of-view satellite that will also help to inform future space-based missile defense missions and designs.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
BAE Systems plc, Northrop Grumman Corporation, Raytheon Technologies Corporation, Lockheed Martin Corporation, Thales Group, L3Harris Technologies Inc., Elbit Systems Ltd., General Dynamics Corporation, Leonardo S.P.A, Israel Aerospace Industries, Saab AB, ATOS SE, Airbus S.A.S., Rheinmetall AG, Honeywell Aerospace, Pratt & Whitney, Rolls-Royce Holdings plc, Safran S.A., Spirit AeroSystems Inc., Triumph Group Inc., United Technologies Corporation, International Business Machines Corporation, Microsoft Corporation, Amazon Web Services Inc., Google LLC, Oracle Corporation, Cisco Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Development LP, Intel Corporation, Advanced Micro Devices Inc., Samsung Electronics Co. Ltd., Huawei Technologies Co. Ltd., Ericsson AB, Nokia Corporation, Collins Aerospace
Digital Battlefield Market 2024 Key Insights:
• The digital battlefield market size is expected to see rapid growth in the next few years. It will grow to $122.16 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%.
• Increasing Adoption Of Cloud Services In Military And Defense Drives Digital Battlefield Market Growth
• Cutting-Edge Technology Drives Evolution In The Digital Battlefield Market
• North America was the largest region in the digital battlefield market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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