According to our latest study on " Artificial Intelligence in Defense Market to 2028 – COVID-19 Impact and Global Analysis – by Component, Technology, Platform, Application, and Geography," the market was valued at US$ 6,917.12 million in 2022 and is expected to reach US$ 13,153.34 million by 2028; it is anticipated to register a CAGR of 11.7% from 2023 to 2028.
The artificial intelligence in defense market across the globe experienced the threat of cyberattacks. For instance, in September 2019, SolarWinds, a US-based technology company, got hacked and the US government’s sensitive data got revealed. Another incident occurred in October 2020, the FBI and the US Cyber Command declared that a North Korean group hacked think tanks, and government entities information. Therefore, existing cybersecurity technology falls short to tackle advanced cyber threats. The above-mentioned SolarWinds hack incident was disclosed when a cybersecurity provider FireEye, was probing one of its own hacks. Such incidents create the rising need for advanced cybersecurity capabilities. Thus, the AI-based cybersecurity solutions can be deployed by analyzing and correlating data from various sources that can detect cyberattacks. This represents significant opportunities for the artificial intelligence in defense market.
Furthermore, with the rising awareness regarding quantum computing and AI technologies due to increasing demand of artificial intelligence in defense market, the government across worldwide is focused on enhancing its defense capabilities with advanced technologies. In December 2021, the Indian Army opened a new quantum computing laboratory and an AI center at the Military College of Telecommunication Engineering, Mhow (M.P). These centers were built to carry out research to develop advanced technologies for military forces. Technological developments with the help of quantum computing and AI will provide more accurate and precise activities, further contributes its adoption in the military forces. Thus, the incorporation of quantum computing in artificial intelligence is anticipated to create lucrative opportunities for the artificial intelligence in defense market during the forecast period.
The COVID-19 pandemic has resulted in economic turmoil across North America in the first two quarters of 2020, owing to subsequent lockdowns and the high number of COVID-19 cases, especially in the US. A decline in economic growth directly impacted the logistics supply chain across the region.
The defense sector in North America reported steady growth in 2020, as countries in the region did not reduce their defense budget and remained committed to enhance their defense capabilities. According to the SIPRI, North America spent US$ 763,389.8 million on the military in 2019, and the spending increased to US$ 809,723.4 million in 2020. The lack of sufficient raw materials due to supply chain disruptions hindered the operations of the artificial intelligence in defense market growth.
The artificial intelligence in defense market is segmented on the basis of Component, Platform, Application, and Geography. Based on component, the market is segmented into Hardware, Software, and Services. Based on Technology, the market is segmented into Advanced Computing, Al Systems, Learning and Intelligence. Based on Platform, the market is segmented into Land, Air, and Naval. Based on Application, the market is segmented into Cyber Security, Battlefield Healthcare, Logistics & Transportation, Warfare Platform, and Others.
The top 5 global artificial intelligence in defense market players include Fujitsu, Lockheed Martin, Honeywell International, Safran, and Raytheon Technologies Corporation in 2021. The positioning of these “Five Key Players” is derived by giving weightage to the following key performance parameters: overall revenue, segment revenue, geographical reach, customer base, new solution/service launches, market initiatives, investment in technology up-gradation, R&D investments, mergers & acquisitions, and other market-related activities. Various other notable artificial intelligence in defense market players profiled in the global report are IBM Corporation, Leidos, Charles River Analytics, Inc., General Dynamics Information Technology Inc, Shield AI, SparkCognition, Inc., and Thales Group.
Key Findings of The Artificial Intelligence in Defense Market Study
The adoption of robotics solutions in the military helps improve the accuracy of strikes against enemy positions, reduces collateral damage, and provides real-time situational awareness. Artificial intelligence and robotics play crucial roles in many defense applications such as intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) activities. Robots in the military include drones, armored vehicles, missile boats, and more. In addition, replacing humans with robots on the battlefield will reduce the loss of human lives in wars, which is expected to propel the adoption of robots on the battlefield this will be the driving factor for the adoption of artificial intelligence in defense market. Further, unmanned ground vehicles (UGVs) and unmanned underwater vehicles (UUVs) use artificial intelligence and can independently complete a pre-programmed mission. UUVs use artificial intelligence in mine detection operations in seawater. UGVs use artificial intelligence for surveillance operations. Therefore, artificial intelligence is highly used in developing advanced technologies, including defense robots, which will be a major trend of the artificial intelligence in defense market growth in future.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@premiummarketinsights.com