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5G In Defense Market Key Players, Market Analysis, Share, Trends And Forecast To 2033
5G In Defense Market Share
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According to The Business Research Company's, The 5G in defense market size has grown exponentially in recent years. It will grow from $0.22 billion in 2023 to $0.37 billion in 2024 at a compound annual growth rate (CAGR) of 69.1%. The growth in the historic period can be attributed to demand for enhanced connectivity, advanced command and control systems, increased emphasis on network security.
The 5G in defense market size is expected to see exponential growth in the next few years. It will grow to $3.05 billion in 2028 at a compound annual growth rate (CAGR) of 69.6%. The growth in the forecast period can be attributed to deployment of unmanned systems, enhanced battlefield surveillance, secure communication for military personnel, interoperability with legacy systems. Major trends in the forecast period include enhanced situational awareness through augmented reality, cybersecurity measures for 5G networks, collaboration with private 5G network providers, 5G-enabled training and simulation.
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Market Drivers and Trends:
The increasing use of autonomous systems and connected devices is expected to propel the growth of 5G in the defense market during the forecast period. Autonomous systems and connected devices encompass self-operating technologies and interconnected hardware capable of communication and data exchange. Autonomous systems and connected devices enhance defense capabilities through rapid data transmission, real-time decision-making, and synchronized operations enabled by the high-speed, low-latency features of 5G networks. For instance, in September 2022, according to a report published by Ericsson, a Sweden-based telecommunications company, the global IoT connections reached 13.2 billion connections in 2022 and are expected to increase by 18% to 34.7 billion connections by 2028. Therefore, the increasing use of autonomous systems and connected devices will propel the 5G in the defense market.
Major players operating in the industry are undertaking strategic collaborations for developing new technologies for the defense sector. Companies are focusing on developing technologies such as 5G new radio (NR) and cellular vehicle-to-everything (C-V2X) technology, which has a high demand for the 5G in the defense market. For instance, in February 2021, Leonardo, an Italy-based company specializing in aerospace, defense, and security and O2, a UK-based telecommunications service provider, announced a partnership to investigate the use of 5G private networks in the defense and security market. Leonardo Scotland-based innovation and technology incubator center will work with O2 to highlight the benefits of 5G technology. O2 plans to offer a secure 5G private network as well as a variety of industry 4.0 applications for the evaluation. Moreover, the Norwegian military is experimenting with 5G technologies, including advanced and demonstration programs, including the 5G-VINNI project, which integrates and tests modern and stable speech and data systems in the defense slice. Many of these initiatives are being carried out in partnership with commercial stakeholders and companies.
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Major Key Players of the Market:
Samsung Electronics Co. Ltd., AT&T Inc., Huawei Technologies Co. Ltd., Raytheon Technologies Corporation, Lockheed Martin Corporation, Qualcomm Technologies Inc., General Dynamics Corporation, Northrop Grumman Corporation, Honeywell International Inc., Telefonaktiebolaget LM Ericsson, BAE Systems plc, Nokia Corporation, NEC Corporation, Thales Group Inc., Leonardo S.p.A., L3Harris Technologies Inc., Booz Allen Hamilton Holding Corporation, CACI International Inc., Elbit Systems Ltd., Saab AB, Rohde & Schwarz GmbH & Co. KG, Curtiss-Wright Corporation, QinetiQ Group plc, LIG Nex1 Co. Ltd., Ultra Electronics Holdings plc, Kratos Defense & Security Solutions Inc., Comtech Telecommunications Corp., Wind River Systems Inc., Gilat Satellite Networks Ltd., Ligado Networks LLC
5G In Defense Market 2024 Key Insights:
• The 5G in defense market size is expected to see exponential growth in the next few years. It will grow to $3.05 billion in 2028 at a compound annual growth rate (CAGR) of 69.6%.
• Rising Autonomous Systems And Connected Devices Fuels 5G In Defense Market
• Strategic Collaborations Driving Technological Advancements 5G In Defense Market
• North America was the largest region in the 5G in defense market in 2023
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