IoT in Aerospace & Defense Market Expected to Reach USD 145.27 Billion by 2030

According to the report published by Allied Market Research, The IoT in Aerospace & Defense Market Expected to Reach USD 145.27 Billion by 2030. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Enhanced internet penetration and decreased cost of powerful sensors and controllers drive the global IoT in aerospace & defense market growth. In addition, growth in information, communication, and technology (ICT) and expenditure by governments in the several developed and the developing regions fuel the growth of the market. However, poor internet infrastructure in the developing nations and infrastructure simplification and standardization restrict the market growth. Moreover, rise in adoption of big data techniques and cloud computing and analytics is expected to offer remunerative opportunities for expansion of the market during the forecast period.

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The global IoT in aerospace & defense market size was valued at $38.67 billion in 2020, and is projected to reach $145.27 billion by 2030, growing at a CAGR of 14.4% from 2021 to 2030.

The IoT in aerospace & defense market is segmented on the basis of component, deployment model, connectivity technology, application, and region. By component, the market is divided into hardware, software, and services. By deployment model, the market is divided into cloud and on-premise. On the basis of connectivity technology, the market is categorized into cellular, Wi-Fi, satellite communication, and radio frequency. On the basis of application, the market is divided into fleet management, inventory management, equipment maintenance, security, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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In terms of component, hardware segment dominated the IoT in aerospace & defense market size during the forecast period. The rising demand for IoT devices, low cost hardware requirements, and need of numerous sensors and chips for smart devices drive the growth of the hardware market for IoT in A&D. The enhanced security for IoT devices such as content protection, malware detection, authentication, and theft deterrence are key factors which are expected to create opportunities in the IoT in aerospace & defense market.

Cellular segment accounted for the highest revenue in IoT in aerospace & defense market. The major factors influencing cellular connectivity in IoT in A&D market are evolution of Machine-to-Machine (M2M) technology, evolution of long term evolution (LTE), and optimized utilization of available cellular network.

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Region-wise, the IoT in aerospace & defense market size was dominated by North America in 2020, and is expected to retain its position during the forecast period, due to the presence of a large number of LTE subscribers in the U.S. and Canada. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to rise in number of number of subscribers in key regional markets such as China, India, Japan, and South Korea.

The global IoT in aerospace & defense market analysis includes major players, such as AeroVironment, Inc., AT&T Intellectual Property, Elbit Systems Ltd., FreeWave Technologies, Inc., General Atomics, Honeywell International Inc., Northrop Grumman, Teledyne FLIR LLC, Radisys, and Textron Systems. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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COVID-19 Impact Analysis :

The Internet of things in aerospace & defense market witnessed significant growth in past few years and continued to grow during outbreak of the COVID-19 pandemic. In addition, the growing acceptance of data gathered through smart devices during the lockdown to improve aviation fuel consumption and additional costs also expands the prospects of the market. Furthermore, during the pandemic situation, emergency calling, mission-critical communications to protect responder personnel or situational awareness, mission-critical logistics support, public warning systems, and automated emergency response are the five major applications of IoT in aerospace & defense.

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